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Published: January 2021

Immediate action needed to help keep families in their homes

As millions of Americans face continued hardship from the COVID-19 pandemic, advocates wrote to the Consumer Financial Protection Bureau (CFPB) to urge the Bureau to keep individuals and families in their homes. Advocates recommended specific steps the Bureau can take to help borrowers avoid foreclosure, including homeowners without federally-backed mortgages. They asked that the CFPB focus on implementing quick policies during this current crisis, rather than embarking on a larger disaster-related rulemaking, leaving time to analyze best practices and measure how well the policies adopted during this crisis worked to save homes.

As the coronavirus pandemic continues to wreak havoc on millions of Americans and the economy, advocates recommended specific steps the Consumer Financial Protection Bureau can take that will help homeowners avoid foreclosure. Some of the recommendations include the creation of a Homeowner Advocate office and encouraging all financial regulatory agencies to work together on setting industry standards regarding forbearance availability and post-forbearance options, among others.  

Lead Organization

National Consumer Law Center (NCLC)

Other Organizations

Americans for Financial Reform Education Fund | Center for Community Progress | Center for Responsible Lending | Consumer Action | Consumer Federation of America | National Association of Consumer Advocates | National Association for Latino Community Asset Builders | National Community Reinvestment Coalition (NCRC) | National Consumer Law Center (on behalf of its low-income clients) | National Council of Asian Pacific Americans (NCAPA) | National Fair Housing Alliance | National Housing Law Project | National Housing Resource Center | Prosperity Now | U.S. PIRG

More Information

For more information, please visit NCLC.

Download PDF

Immediate action needed to help keep families in their homes   (Ltr_CFPB_COVID_Relief_012821.pdf)

 

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