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.
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.
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.