Accessibility: Ensuring that there is a simple process in place for homeowners to seek mortgage assistance and that as many homeowners as possible are able to easily obtain the needed and appropriate level of assistance. Affordability: Providing homeowners with meaningful payment relief that addresses the needs of the homeowner, the servicer and the investor, to support long-term performance. Sustainability: Offering solutions designed to resolve the delinquency and be effective long-term for the homeowner, the servicer and the investor. Transparency: Ensuring that the process to obtain assistance, and the terms of that assistance, are as clear and understandable as possible to homeowners, and that information about options and their utilization is available to the appropriate parties. Accountability: Ensuring that there is an appropriate level of oversight of the process to obtain mortgage assistance for the protection of all parties.
The fallout from the economic crisis of the last decade reshaped the country’s economy, and led the government to take several significant steps to both address the issues that caused the crisis and the issues that stemmed from it.
Those steps included the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, and the founding of the Consumer Financial Protection Bureau in 2011, both of which celebrated anniversaries on July 21.
While there are some on Capitol Hill and on Wall Street who would like to see the CFPB eliminated and Dodd-Frank repealed, there are several government programs that have a definite end date later this year.
HAMP and HARP, part of the government’s Making Home Affordable program, saw the government work together with the mortgage industry in an effort to keep struggling homeowners in their homes in the wake of the housing bubble bursting.