Mortgage companies could intensify the next recession, U.S. officials warn

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U.S. officials worry the next recession could be intensified by a cascading series of failures in the mortgage industry caused by crashing home prices, frozen financial markets and soaring delinquencies.

A sign announcing a home for sale is posted outside a home, Thursday, Feb. 1, 2024, in Kennesaw, Ga., near Atlanta.

Federal regulators are calling for states and Congress to take action to address the risks posed here, including creating an industry-funded backstop to ease turmoil caused when a mortgage company goes under. For example, if home prices crash in a future crisis, mortgage companies could simultaneously lose money and face cash crunches that would make it hard for them to make required payments to investors on behalf of struggling borrowers, FSOC said. These challenges would be exacerbated by the relatively high amounts of debt these companies have.

In response, the Mortgage Bankers Association, an industry trade group, said it supports FSOC’s goals of a “safe, stable and sustainable financial services marketplace” but described some of the recommendations as “unnecessary.” However, Patricia McCoy, a professor at Boston College Law School, cautioned that non-bank mortgage companies’ reliance on short-term loans for financing “makes them vulnerable to collapse” if borrowing rates spike or lending dries up.

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