The housing crisis of 2007-2008 pummeled home prices and tossed millions of people out of their homes because they couldn’t make their mortgage payments. Home prices and sales have rebounded and foreclosures have declined since then, but now there are signs that the recovery may be faltering.
The New York Times reported this week that the same abuses by lenders and mortgage servicers that led to massive foreclosures during the housing crisis are creeping back into the market.
Steven Antonakes, the deputy director of the Consumer Financial Protection Bureau, told an industry meeting of servicers Wednesday that he remains “deeply disappointed by the lack of progress the mortgage servicing industry has made” despite “some improvements,” according to American Banker.
David Stevens, chief executive of the Mortgage Bankers Association, which hosted that meeting, told The Daily Ticker that he can’t speak directly to the Times story but he’s “sure this new set of allegations…will be looked into” and that they reflect “past practice.”