Economics
$11 Trillion U.S. Mortgage Market Has a Shadowy New Player
- Financial oversight council discussed issue at last meeting
- Rapid growth of shadow lenders seen as a potential concern
Photographer: Jacob Kepler/Bloomberg
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U.S. financial regulators led by the Treasury’s Steven Mnuchin and the Federal Reserve’s Jerome Powell have been put on notice about the risk of an economically damaging cash crunch in the $11 trillion home mortgage market.