June 13, 2017
Tuesday’s Regulatory & Legislative Roundup
- The Consumer Financial Protection Bureau (CFPB) took action against Fay Servicing for their lack of protection of homeowners during foreclosing procedures. The CFPB found that Fay Servicing did not provide borrowers with the necessary protection legally mandated. Additionally, the servicing company did not suspend proceedings when homeowners actively participated in programs to save their homes.
- National Low Income Housing Coalition released a report analyzing federal minimum wages and its affect on affordable rental housing. Roughly 60% of states “have minimum wages higher than the federal minimum wage”. In order for families to afford to live in “affordable housing,” they must make 2.9 more than the federal mandated minimum wage. Currently, Maryland, California, and Hawaii have the highest distance between income and a two bedroom affordable rental.