May 10, 2024, 8:02 PM
May 10, 2024, 7:03 PM
The nonbank mortgage sector should be acted on by Congress, says US Treasury's Yellen
Yahoo! News
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Financial Stability Oversight Council was created after the 2007-2009 financial crisis. Regulators are moving to cover what they say is a gap in their power to address risk in what is now a large and growing majority of the mortgage market. The council voted unanimously to approve publishing a report and related recommendations on the issue.
Yahoo! News
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Source
U.S. Treasury Secretary Janet Yellen calls for Congress to give regulators more power to oversee the growing nonbank mortgage industry. Yellen was speaking during a meeting of the Financial Stability Oversight Council, a regulatory body created following the 2009-07 financial crisis. She said nonbank mortgages present unique risks to financial stability.
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