The Federal Housing Finance Agency is seeking public comment on two proposed plans for collecting mortgage servicing compensation.
The report is an indication that the FHFA acknowledges that current economic turmoil created an environment where mortgage servicing is growing less profitable. The fear, the report states, is that more mortgage servicers will go out of business, leaving only a few large players running the show.
The proposals are part of an initiative launched by the FHFA and the Department of Housing and Urban Development earlier this year with the stated goals of improving mortgage servicing for borrowers while decreasing financial risks posed to servicers.
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