CFPB targets zombie foreclosures

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 · A huge problem for HOA and condo associations over the past 5 years has been “zombie foreclosures.” That’s where a bank starts the foreclosure process on a property and the owner moves out, but then the bank doesn’t complete the foreclosure (no state law requires banks to complete foreclosure within a timeframe). We have seen properties where the bank has taken years to.

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[5] Banks and their foreclosure legal counsel are at the center of the CFPB’s FDCPA regulatory expansion. Under Dodd-Frank, the CFPB was charged with implementing reforms for the financial services.

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"The CFPB is beginning to look very closely at abandoned properties and zombie foreclosures," Maggiano said Tuesday at a conference sponsored by the Federal Reserve Bank of Cleveland. "There is direct.

The Consumer Financial Protection Bureau (CFPB) is reportedly investigating how banks are handling zombie foreclosures – homes in foreclosure that have been vacated by the homeowner before.

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The Consumer Financial Protection Bureau is examining zombie foreclosures, which were revealed through a Reuters report in 2013. Zombie foreclosures occur when banks start the foreclosure process, sometimes even sending the homeowners a notice, before abandoning it and failing to alert homeowners (who have usually left) that they are still responsible for the home.

On May 2, 2019, the Consumer Financial Protection Bureau (CFPB) issued an advance notice of proposed rulemaking (ANPR) to solicit comments relating to whether to make certain changes to Regulation C, implementing the Home Mortgage Disclosure Act (HMDA).

According to a Reuters report, a CFPB official, speaking at a Federal Reserve Bank of Cleveland conference last week, stated that the CFPB is beginning to take a close look at abandoned properties and "zombie" foreclosures. The term "zombie foreclosure" refers to a situation in which a borrower has moved out of a home after the lender has started a foreclosure but, because the lender.

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March 13 (Reuters) – The Consumer Financial Protection Bureau is probing "zombie" foreclosures, a phenomenon first revealed by Reuters last year.. Zombie foreclosures result when banks begin a.