US consumer watchdog eyes rules to prevent foreclosures

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LOS ANGELES (AP) — The Consumer Financial Protection Bureau has proposed rules aimed at averting a wave of foreclosures later this year when millions of homeowners are no longer allowed to put off making their mortgage payments. One proposed rule change would prohibit mortgage servicers from starting the foreclosure process before Dec. 31. The agency is also considering whether to permit earlier foreclosures in certain cases, and streamline loan modification options. The agency says that early 3 million U.S. homeowners were behind on their home loan as of February, with about 2.1 million mortgages in forbearance and at least 90 days late.

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