I am referring to Greece and my years as the EU Commissioner for Economic and Financial Affairs. Slide 2 – summary The global financial crisis rocked the financial system and the world economy starting in 2008. The first signs of the crisis emerged in the United States, but it soon became clear that the crisis will not remain outside the borders of Europe.
To be sure, a number of efforts are under way to establish additional mortgage servicing standards. The Consumer Financial Protection Bureau (CFPB) has recently declared its intent to propose servicing rules that would apply to all mortgage loans. The FHFA strategic plan includes an initiative already in motion to create a single set of servicing protocols for both Fannie and Freddie loans.