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Remarks before the Financial Stability Oversight Council: Report on Nonbank Mortgage Servicing

· Gary Gensler, Chair of the U.S. Securities and Exchange Commission (United States)

Summary written by Dark Majestic in its own words · topics: financial stability

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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: Report on Nonbank Mortgage Servicing

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler backs a report warning about liquidity and leverage at non-bank mortgage servicers.

Problems raised
  1. Non-bank mortgage servicers carry inherent risks.
  2. Liquidity, leverage and operational risks are amplified.
  3. These risks could spread to the wider system.
Solutions proposed
  1. Stay vigilant over the mortgage-backed securities market.
  2. Monitor non-bank servicers closely.
  3. Follow the report's recommendations.
Read full speech on sec.gov ↗

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