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Federal regulators want to sell Signet, the failed Signature Bank’s real-time cryptocurrency payment network. A Federal Deposit Insurance Corp. (FDIC)…
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A Federal Deposit Insurance Corp. proposal released last week would add principal and interest funds advanced by a servicer to borrower coverage calculations.
Currently deposit insurance covers up to $250,000 of payments of principal and interest at the mortgagor level, but not certain funds that servicers must advance on borrowers’ behalf when consumers aren’t paying, which are applied at the corporate level with that same limit. The proposal issued July 20 would extend the mortgagor coverage to payments that servicers advance, expanding the amount potentially insured.
The amendment floated appears to be
another instance in which policymakers are focusing more closely on