Cordray Promises Mortgage Insurance, ARM Rules Soon

Law360, New York (March 6, 2012, 7:10 PM EST) -- The mortgage servicing industry will confront within the next 12 months new rules on property insurance required by banks, adjustable rate mortgages and clarity in billing statements, the nation's top consumer financial protection watchdog said Tuesday.

Consumer Financial Protection Bureau Director Richard Cordray told a meeting of the National Association of Attorneys General in Washington that over the next year, the agency would put forward rules governing when banks can force homeowners to purchase insurance if their existing policies lapse and would require mortgage servicers to...
To view the full article, register now.