NU Online News Service, March 9, 3:34 p.m. EST
The head of the Consumer Financial Protection Bureau will propose regulations this year imposing strict limits on use of force-placed insurance for homeowners' rising to a place of concern among consumer advocates where it should not be an industry expert says.
In a speech Tuesday to state attorneys general addressing the mortgage crisis, the director of the new federal Consumer Financial Protection Bureau, Richard Cordray, says his agency will issue rules “to prevent (mortgage) servicers from charging for this product unless there is a reasonable basis to believe that borrowers have failed to maintain their own insurance.”
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