Washington, D.C. — Today, the Financial Stability Oversight Council (FSOC) issued a new report detailing the risks and benefits of nonbank mortgage servicers, their rapidly growing share of the industry, and recommended actions for increased oversight that would make these companies safer and more reliable. In response to these new recommendations, Alexandra Thornton, senior director of financial regulation at the Center for American Progress, issued the following statement:
Over the past 15 years, the nonbank mortgage companies that Americans increasingly rely on to facilitate the smooth purchase and repayment of their home loans have grown dramatically but without commensurate oversight. Today’s report makes thoughtful recommendations for how Congress and regulators can more rigorously supervise these firms and reduce the likelihood of their failure. Implementing these reforms would make nonbank mortgage servicers safer and more reliable and would better enable them to serve the needs of U.S. households.
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