This story appeared in Bank Digest.
Senate Banking Committee members have sent a letter to CFPB Director Kathleen Kraninger regarding what they term as the agency’s failure to use its authority to ensure that borrowers are aware of the mortgage relief options they are legally entitled to during the COVID-19 pandemic. The Senators’ cite the recently released Fannie Mae’s National Housing Survey, which found that 56 percent of borrowers surveyed that made less than $50,000 were not familiar with the mortgage relief options under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The letter accused the Bureau of not meeting its duty and authority “to take actions that ensure families can stay in their homes and prevent a series of irreversible foreclosures” and “coddling the largest banks and mortgage servicers while doing virtually nothing to help borrowers.”