Professors Sovern, Calabrese, and Goldweber published an essay, Why we need to save the Consumer Financial Protection Bureau on The Conversation on July 10. The piece was republished by SFGate, the online version of the San Francisco Chronicle, among other outlets. The Conversation is an independent source of news and views from academics to the public, and is supported by numerous universities, as well as the Bill and Melinda Gates Foundation, and other foundations.
The essay explains, among other things, how a CFPB rule helped a client of the Law School’s Consumer Justice for the Elderly: Litigation Clinic:
In 2014, Alice, a client of our law school clinic, was struggling to pay the mortgage on her home – which she had refinanced a few years earlier – after a stroke forced her into retirement. Our clinic helped her apply for a modification of her loan.
But within weeks, instead of acknowledging Alice’s application, the loan servicer summoned her to court to begin foreclosure proceedings in violation of CFPB servicing rules. Fortunately, our clinic was able to rely on those rules in getting the foreclosure action dismissed. Alice got her loan modified and remains in her home.
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