- The Consumer Financial Protection Bureau is widely expected to go public Friday with proposed rules that banks are already reviewing.
- The rules would require action within 30 days on applications from mortgage holders for financial help and would bar foreclosure actions until a decision was made on the help request.
- Some expect that banks, five of which dominate the loan-servicing market, will be less interested in that business because it will be less profitable.
From the article:
Rules proposed for the mortgage-servicing industry, coming after a $25 billion legal settlement, could further erode the profits banks make from the business of collecting loan payments, pushing the job to more specialized firms. ...