As servicers deal with 4 million in forbearance, the nonprofit housing counseling industry can play a critical role
A response to former CFPB Director Richard Cordray’s blog series on foreclosures
by Danielle Samalin
“In former Consumer Financial Protection Bureau Director Richard Cordray’s third installment of his three-part HousingWire blog series, Cordray recalls the challenges and disorganization of the 2008 housing crisis. He calls for vigorous oversight from state officials and government agencies including the CFPB, the Federal Housing Finance Agency, and the Treasury to prevent a repeat of the problems that arose.
While Cordray is correct that government regulation can help streamline the loss mitigation assistance that will be offered to the 4 million homeowners who are currently in a forbearance, he neglects to take note of the critical role that the nonprofit housing counseling industry played as trusted advisors in the last crisis…”