U.S. Rep. Maxine Waters (D-CA) is urging leaders within the Biden Administration to extend their moratoria on foreclosures until the Consumer Financial Protection Bureau (CFPB) can finalize its pandemic recovery mortgage servicing rule.
Further, Waters, chair of the House Financial Services Committee, is calling on the CFPB to strengthen and finalize its mortgage servicing rule to protect homeowners better.
“I commend CFPB for its attention to mortgage servicing issues at such a critical time, as many borrowers’ forbearance periods are set to expire as early as September 2021,” Waters wrote to members of Biden’s cabinet. “Although vaccinations have increased protections against the coronavirus itself, measures addressing systemic financial risks remain to be seen in the fallout of the pandemic crisis…As we saw in the last recession, any lapse in foreclosure protections at this time stands to threaten the housing stability and wealth-building opportunities for generations of households of color.”
The letter was sent to Marcia Fudge, Secretary of the U.S. Department of Housing and Urban Development (HUD); Thomas Vilsack, Secretary of the U.S. Department of Agriculture (USDA); Denis McDonough, Secretary of the U.S. Department of Veterans Affairs (VA); Dave Uejio, Acting Director of the Consumer Financial Protection Bureau (CFPB); and Mark Calabria, Director of the Federal Housing Finance Agency (FHFA).