State Actions Still Needed to Prevent Unnecessary Foreclosures
Published: March 4, 2013
Joint Recommendations from CRL and Consumers Union
States have yet to recover from the foreclosure crisis that has stripped trillions of dollars from homeowners and devastated local communities across the nation. Industry analysts estimate that 6 million borrowers remain at risk of foreclosure. States are in a strong position to prevent unnecessary foreclosures, stabilize local housing markets and protect homeowners from mortgage servicing abuses. Through practical enhancements to the standards set by the Consumer Financial Protection Bureau (CFPB) and California’s Homeowner Bill of Rights, states can help borrowers get full and fair consideration for loan modifications before losing their homes to foreclosure.