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On April 5, the Consumer Financial Protection Bureau
( CFPB ) proposed amendments to Regulation X with the
effect of preventing foreclosure on certain residential mortgage
loans until January 1, 2022.
1 With a proposed effective
date of August 31, 2021, this action would apply not only to
federally backed mortgage loans, but to all mortgage loans secured
by a property that is a borrower s principal residence
2 -
including those held in private trusts and on lender balance
sheets. On April 3, the CFPB and other governmental agencies
charged with overseeing mortgage servicers issued a joint statement