Feds propose prohibiting US foreclosures until 2022

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The Consumer Financial Protection Bureau (CFPB) on Monday proposed banning foreclosures until 2022 as many families risk facing losing their homes as federal protections during the pandemic expire.

“We’ve seen a shocking increase in housing insecurity, with millions living precariously and months behind on mortgages or rent,” acting CFPB Director Dave Uejio said during a news conference, CBS News reports.

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The CFPB’s proposal involves preventing foreclosure by providing a pre-foreclosure review period for those behind on their mortgage that would restrict loan servicers from starting foreclosures until 2022.

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The number of homeowners behind on their mortgage has doubled since the pandemic began, CBS News reports. Of the 3 million behind on their mortgage payments, around 2.1 million are at least 90 days behind.

thehill.com/homenews/administration/546588-feds-propose-prohibiting-us-foreclosures-until-2022

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