Barely 5 years old, federal Consumer Financial Protection Bureau has done more good for consumers than nearly any other institution, governmental or private. It regularly comes out with well-conceived, well-designed, and effective regulations to protect consumers from overreaching, self serving, or unscrupulous business activities.
Most recently, the Bureau came up with rules giving homeowners with mortgages more protections from incompetent or unscrupulous creditors and service agencies when homeowners are trying to renegotiate delinquent or problem mortgage situations.
Creditors and service entities, for example, have to give more notice to consumers of their rights to rehabilitate delinquent mortgages, allow successors in interest to deal with lenders and servicers, provide more notices to homeowners in bankruptcy, and more.
The Bureau also recently implemented a significant program to give pay day loan borrowers greater protections from overreaching lenders charging sky high interest rates and otherwise exploiting mostly working-class borrowers just trying to get by.
Some of these new regulations can be used by homeowners on their own to protect themselves. However, if you, or someone you know, needs help, you can rely on the John Suda Law Firm to be available to help out.