미국 금융위기 이후 모기지론 채무조정 소비자문제와 소비자보호정책

Consumer Complaints and Consumer Protection Regulation Related to Mortgage Loan Modification in the United States

After the financial crisis in the United States, many homeowners had experienced the highest foreclosure possibility. Multiple federal, state, and private mortgage loan modification programs have been adopted to address the crisis. The mortgage loan modification is the core program to help the homeowners retain their houses. This study examines consumer complaints and consumer protection regulations related to U.S. mortgage loan modification. Results reveal the following types of consumer complaints related to the mortgage loan modification: lender’slow willingness to participate in the loan modification program, lack of information about the application for a loan modification, dual tracking, and credit information errors. The Real Estate Settlement Procedure Act of the federal government is the law enacted to protect homeowners facing foreclosure from 2014. There is the Homeowner Bill of Rights (HBOR) in California. Two regulations were examined to determine implications for consumer protection to improve mortgage loan modification procedure in Korea.