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CFPB Empowers Fannie/Freddie to Overcome Lockdown Woes
Thursday, March 26, 2020
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 by allowing
financial companies to focus their resources on assisting consumers."
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