- U.S. Treasury Secretary Janet Yellen on Friday called for Congress to give regulators more power to oversee the growing nonbank mortgage industry, which she said presented unique risks to financial stability.
The proposal unveiled on Friday includes a recommendation that Congress establish an industry-financed fund to provide liquidity to failing nonbank mortgage services, addressing a problem that industry pointed to at the start of the COVID-19 pandemic."Put simply, the vulnerabilities of nonbank mortgage companies can amplify shocks in the mortgage market and undermine financial stability," Yellen said in prepared remarks.
The failures of nonbanks could harm borrowers and leave the federal government to take on servicing obligations, with larger disruptions in the sector possibly restricting mortgage lending, according to Yellen. Donald Trump’s hush money trial resumed today with testimony from a former White House aide who was fired for talking with reporters about what she saw around the Oval Office. But Madeleine Westerhout has made clear there are no hard feelings toward her former boss. Trump’s onetime executive assistant cried on the stand Thursday and …You need income in retirement. Canadian banks like Royal Bank of Canada provide such income.
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