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CFPB Empowers Fannie/Freddie to Overcome Lockdown Woes

Posted To: MND NewsWire

Flexibility seems to be the keyword as government agencies try to adjust to a lot of new realities. The Federal Housing Finance agency has already empowered the GSEs (Fannie Mae and Freddie Mac) to be flexible about obtaining appraisals, verifying borrower credit factors, and working with distressed borrowers. Now the Consumer Financial Protection Bureau (CFPB) says it is "providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic." "As consumers seek temporary relief from lenders, the pandemic is impacting the operations of financial companies that are eager to help their customers during this unprecedented time," said CFPB Director Kathleen L. Kraninger. "Our actions today are temporary and targeted to support consumers...(read more)