Congresswoman Maxine Waters Welcomes FHFA Proposal to Change Servicer Compensation
"I've known for a long time that the mortgage servicing industry is broken and I'm pleased that the Federal Housing Finance Agency (FHFA) has finally announced its intent to propose action to fix one of the biggest problems with our servicing system: how servicers are compensated. I've long maintained that until foreclosures cease to be profitable for servicers, foreclosures will continue unabated. FHFA is on the right track by proposing to make changes to how it compensates its servicers. I'm looking forward to seeing their proposal and to working with them on making the mortgage servicing industry work for homeowners."