A new mortgage rule aims to speed modifications and slow foreclosures

June 28, 2021 | The New York Times Federal officials on Monday finalized a rule intended to slow down what they fear will be a looming wave of pandemic-related foreclosures by making it easier for lenders to modify borrowers’ loan terms and by adding additional hurdles before lenders can seize homes.

The Consumer Financial Protection Bureau said that around 3 percent of residential mortgage borrowers are now at least four months in arrears — the point at which most foreclosure processes are allowed to begin.

“We have never before seen this many borrowers so far behind on their mortgages,” Dave Uejio, the bureau’s acting director, said. Read more here.