Feds propose banning foreclosures across U.S. until 2022

With millions of U.S. homeowners behind on their mortgages after the coronvirus pandemic slammed the economy, the Consumer Financial Protection Bureau is proposing banning foreclosures until next year.

Many families face the risk of foreclosure when federal emergency protections expire, the CFPB stated in announcing proposed rule changes on Monday. The count of homeowners behind on their mortgages has doubled since the start of the pandemic, with 6% of mortgages delinquent as of December and more homeowners behind on their house payments than at any time since 2010, the peak of the Great Recession, the agency noted. "We've seen a shocking increase in housing insecurity, with millions living precariously and months behind on mortgages or rent," acting CFPB Director Dave Uejio said in a news conference.