Consumer watchdog wants rules on mortgages WASHINGTON, April 10 (UPI) -- The Consumer Financial Protection Bureau is drawing up rules to help U.S. homeowners dealing with mortgage-servicing companies, its director said Tuesday. Richard Cordray, speaking to Operation HOPE, an organization that helps homeowners avoid foreclosure, said the regulations would take effect in 2013, The New York Times reported. He said mortgage-servicing companies would be required to provide "clear" monthly statements and to provide advance notice of interest rate changes with information on options available if homeowners cannot afford the higher payments. "For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress," Cordray said. The industry recently agreed to a $26 billion settlement with the government. The proposed regulations would require mortgage servicers to respond to complaints within five days. They would have a 30-day deadline for investigating the complaints. "Picture every bad customer service experience you have ever had: calls going unanswered, glacially slow processes, mistakes made and not fixed, a kaleidoscopic cast of human beings who never seem to deal with you more than once, your paperwork submitted and lost repeatedly," Cordray said, describing homeowners' experiences.