Remarks by Secretary of the Treasury Janet L. Yellen at the Open Session of the Meeting of the Financial Stability Oversight Council

As Prepared for DeliveryToday, the Financial Stability Oversight Council will vote on publishing a report on nonbank mortgage servicing. The Council has highlighted in its annual reports the risks associated with the growing share of mortgages serviced by nonbank mortgage companies. It has also promoted collaboration on this issue among regulators and federal agencies through its Nonbank Mortgage Servicing Task Force. Now, the Council is leveraging its Analytic Framework, published this past November, to undertake a comprehensive analysis of risks on a sector-wide basis and make concrete recommendations to address them.Nonbank mortgage companies play a critical function in the mortgage market, helping ensure accurate and timely payments to investors and appropriate loss-mitigation options for borrowers.