New Government Rules to Help Stop Foreclosures

According to NYDailyNews.com, the Consumer Financial Protection Bureau has proposed new rules to help keep borrowers informed about their mortgages and ultimately reduce the number of foreclosures. The plan calls for requiring mortgage servicers to send consumers monthly statements detailing any changes in interest rates or insurance. Additionally, it would require lenders to make a good faith effort to work with borrowers heading for foreclosure and provide counseling for those who  need it. These changes will be introduced this summer and are projected to go into full effect by early 2013.

Do you think these measures will be effective in reducing the number of foreclosures?