Summary Box: US gov't proposes new mortgage rules

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Associated Press

Posted on April 10, 2012 at 3:02 PM

Updated Tuesday, Apr 10 at 3:02 PM

NEW RULES: The U.S. government proposed new rules on Tuesday that will give homeowners more ways to avoid foreclosure and get an accurate accounting of their monthly mortgage payments.

MORE NOTICE: Under the plan, mortgage servicers would give all borrowers standardized monthly statements, warn them about interest rate or insurance changes and give them options to avoid losing their homes.

CONGRESSIONAL MANDATE: Congress required the rule changes for the mortgage servicing industry in the wake of the 2008 financial crisis. The Consumer Financial Protection Bureau will formally propose the rules this summer and finalize them by January 2013.

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