Key Democrats Urge Mnuchin, Powell to Rescue Mortgage Servicers
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Key Democrats in the U.S. House and Senate are calling on Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell to provide a lifeline to mortgage-servicing firms that are bracing for a wave of missed payments.
The Fed and Treasury should use powers given to them under recent stimulus measures to provide liquidity to servicers facing shortfalls, House Financial Services Chairwoman Maxine Waters and Sherrod Brown, the top Democrat on the Senate Banking Committee, said in a letter Wednesday. Steps that government-sponsored Ginnie Mae have taken may not be enough, the lawmakers wrote.