Sherrod Brown doesn’t seem to have a lot of faith in Kathy Kraninger.
The Ohio Democrat and ranking member of the Senate Banking Committee has repeatedly accused the director of the Consumer Financial Protection Bureau of putting corporations’ interests ahead of consumers and dropping the ball on mortgage relief awareness. He has also chastised her for reorganizing CFPB departments. Now Brown is calling on Kraninger to make sure the CFPB does more to prevent wrongful foreclosures in the wake of the COVID-19 pandemic.
In June, the Mortgage Bankers Association estimated that 4.3 million homeowners were in forbearance programs as a result of the economic impacts of the pandemic. Many of those homeowners have begun to exit forbearance or are nearing the end of the first 180-day forbearance period provided for borrowers with federally backed mortgages under the CARES Act. In a letter to Kraninger, Brown said that the end of forbearance could result in a wave of improper foreclosures.
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