WASHINGTON, May 11 ― US Treasury Secretary Janet Yellen flagged risks posed in the mortgage market yesterday, as regulators released recommendations to address the sector's vulnerabilities.
Yesterday, Yellen said further action is needed to promote sound operations and address liquidity and other risks. They also rely on the value of mortgage servicing rights, which could slump in a housing market downturn. In its report released yesterday, the FSOC urged state regulators to improve standards and “require recovery and resolution planning” by major nonbank mortgage servicers.
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