The Consumer Financial Protection Bureau (CFPB) is looking to overhaul the mortgage servicing industry, arguing that the problem-plagued sector is unaccountable and opaque.
The CFPB announced Monday that it was mulling rules to reform that industry, which has been hotly criticized because as foreclosures mounted, so did evidence of shoddy business practices.
“For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress,” said CFPB Director Richard Cordray. “It’s time to put the ‘service’ back in mortgage servicing.”
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