The government
stakeholders involved in the various pandemic related forbearance programs appear
to be directing their full attention to their upcoming expirations. Ginnie
Mae earlier announced a new class of mortgage-based securities (MBS) to absorb
loans that have been modified to return them to performing status. Now the Consumer
Financial Protection Bureau (CFPB) has announced amendments to the federal
mortgage servicing regulations to “help protect mortgage borrowers from
unwelcome surprises as they exit forbearance.” CFPB said the temporary
special safeguards will help ensure borrowers sufficient time to explore their
options before facing foreclosure. These options include loan modifications and
selling their homes. The rules cover loans on principal residences, generally
exclude small servicers, and will take effect on August 31, 2021.


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