Richard Cordray, director of the Consumer Financial Protection Bureau, and Edward DeMarco, acting director of the Federal Housing Finance Agency, will work together with the lending industry to implement new mortgage regulations that will help guard against another foreclosure crisis. The pledge came during the Mortgage Bankers Association's 100th annual conference.
Set to take effect in less than three months, the rules are designed to ensure borrowers have enough money to repay their mortgage loans and seek to end the risky lending practices blamed for helping to trigger the Great Recession. "We're all in this together," Cordray declared at the event. "Our oversight of the new mortgage rules in the early months will be sensitive to the progress made by those lenders and servicers who've been squarely focused on making good faith efforts to come into substantial compliance on time."