CFPB Allows Short-Term Forbearances As Part Of Reforms

Law360, New York (June 24, 2013, 7:12 PM EDT) -- The Consumer Financial Protection Bureau on Monday issued a series of modifications and clarifications to its landmark mortgage rules, including allowing mortgage servicers to engage in short-term forbearance agreements with borrowers and expanding exemptions for small banks.

The CFPB announced rules aimed at reshaping the mortgage landscape in January, saying at the time that it would tweak them in order to make implementation easier for banks, lenders, servicers and other market participants. Monday's announced changes and clarifications were the CFPB's latest attempt to address concerns in...
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