Weather’s role in wildfires in Atlantic Canada | SaltWire #weather #climatechange #wildfireseason - 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.
Nonbanks can have high leverage, short-term funding and be more exposed than banks to fluctuations in the values of mortgage servicing rights and housing prices, as well as changing interest and delinquency rates, she said.
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