This week Senator Elizabeth Warren (D-Mass.) made a speech on the Senate floor praising the Consumer Financial Protection Bureau's ("CFPB") new slate of mortgage rules. She noted that the CFPB rules will make "our whole economy will be safer," and address many of the problems with the mortgage servicing industry. Banks and lawyers need to familiarize themselves with the CFPB's new rules on loan collection and foreclosure processes. For example, the article reports that under the CFPB rules, banks that collect loan payments will have to wait until a borrower is at least 120 days delinquent on his or her loan to initiate a foreclosure proceeding. This is a major change from some banks' and lawyers' current practice, and just the type of new rule banks and lawyers need to become familiar.
Full story in The Huffington Post: Elizabeth Warren: New Mortgage Rules 'Protect Consumers From Being Tricked'
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