Structured Finance Association Raises Concerns Regarding CFPB Foreclosure Moratorium

In response to a request for public comment from the Consumer Financial Protection Bureau (CFPB), the Structured Finance Association (SFA) today submitted a letter on proposed amendments to Regulation X and raised concerns regarding the bureau’s foreclosure moratorium.

“Supporting American homeowners during the COVID-19 pandemic has been of critical importance, which is why mortgage market participants have worked for more than a year to help those impacted by the severe economic consequences of this pandemic,” said Michael Bright, CEO of the Structured Finance Association. “The bureau’s proposal has many aspects that are well intended, but some of the proposed regulations would benefit from changes, especially where the CFPB has stretched its legal authority. Over the long run, the private-label securitization (PLS) industry looks forward to working with consumer protection regulators and advocates to ensure that all communities can be safely and effectively served by the lending markets.”

A full copy of SFA’s public comment letter is available online here.