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Inside Washington (03/07/2012)
  • WASHINGTON (3/8/12)--Within the next year the Consumer Financial Protection Bureau (CFPB) will issue new mortgage-servicing rules concerning better information disclosure for consumers, force-placed insurance and hybrid, adjustable-rate mortgages, CFPB Director Richard Cordray said Tuesday. The CFPB will issue rules to prevent servicers from charging for force-placed insurance unless there is a reasonable basis to believe that borrowers have failed to maintain their own insurance, Cordray said in a speech at the National Association of Attorneys General annual meeting. Consumers will be notified months ahead of their first interest-rate adjustment, and they will receive a disclosure of their new monthly payment, along with any available options to head off the higher rate, such as refinancing and renegotiation of loan terms, he said. "By comprehensively assessing large collectors, as well as many of the bank creditors who originate the debt, supervision would allow us to understand and address the systemic problems posing risks to consumers," Cordray said. "By proactive coordination among federal and state law enforcement, we can help Americans dig themselves out of the residue of this financial crisis, without being plagued by the indignity of illegal debt collection tactics" …


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