Waters Commends FHFA's Action Protecting Homeowners from Fraud and Abuse
Following the release of newly drafted non-bank servicer requirements today, Congresswoman Member Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended the Federal Housing Finance Agency for taking positive steps toward establishing protections to prevent American homeowners and taxpayers from falling victim to fraud and abuse.
“I commend Director Watt and the FHFA for proposing robust standards for non-bank servicers. After the explosive growth of nonbank servicing following the crisis, not to mention the litany of consumer complaints against them, strong requirements are important to ensure that taxpayers are being protected and that our nation’s homeowners are no longer falling victim to harm.”
For years, Waters has focused on protecting homeowners from abuses from non-bank servicers. In the past, she urged regulators to increase scrutiny of the sale of mortgage servicing rights to nonbank servicers, raised the issue during high-profile hearings with cabinet secretaries, and has been outspoken in support of actions taken against some of the largest non-bank servicers.