Jeffrey P. Naimon quoted in American Banker article, "A Biden CFPB could put pressure on mortgage servicers”
Law360Jeffrey P. Naimon
Jeffrey P. Naimon was quoted in an American Banker article, "A Biden CFPB could put pressure on mortgage servicers,” which discussed how mortgage servicers could face increased scrutiny in 2021 as federal and state agencies are expected to exert pressure on lenders that fail to work with borrowers affected by the pandemic. Forbearance plans granted through the CARES Act provided some relief, but there are concerns that some borrowers will be unable to pay their mortgages when those plans end.
Naimon noted, "When forbearances start to come to an end, the government is going to press for ways for servicers not to foreclose. One looming concern is that many consumers will neither restart paying their loans nor participate in a loss mitigation dialogue with the servicer.
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