New rules issued for foreclosures

Federal officials issued new rules for mortgage servicers Thursday aimed at protecting homeowners facing foreclosure.

Since the housing crisis began, many mortgage servicers have been ill-equipped to handle the flood of delinquent loans, the Consumer Financial Protection Bureau said, according to CNN.

“In too many cases, it has led to unnecessary foreclosures,” CFPB director Richard Cordray told CNN. “Our rules ensure fair treatment for all borrowers and establish strong protections for those…

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