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Thursday, March 20, 2014

Lawsky: Rapid Growth of Nonbank Mortgage Servicers a Top Priority

Potential consumer risks from the rapid growth of nonbank mortgage servicers is a top priority of New York’s Department of Financial Services, Superintendent Benjamin Lawsky said in comments at the Exchequer Club in Washington, D.C.

Lawsky acknowledged that unfavorable treatment of mortgage servicing assets under new Basel capital rules likely was fueling this growth as MSAs became less attractive to hold on bank balance sheets. ABA has raised these same concerns with federal regulators and in Congress.

Read Lawsky’s prepared remarks.

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