The Consumer Financial Protection Bureau is seeking comments on a set of proposed rules designed to protect consumers from "robo-signing" and the foreclosures it caused. The federal agency states these new rules are a result of the foreclosure crisis and will effect how mortgage servicers do business.
The proposals would create new rules under the Real Estate Settlement Procedures Act (RESPA) and the Truth and Lending Act (TILA) that requires extensive record keeping and mandates to offer consumers alternatives to foreclosure.
Members of the public have until October 9th 2012 to comment on the rules.
Lisa Scanlon, CSA