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Sarah Bloom Raskin urges mortgage servicing reforms

Sarah Bloom Raskin hasn’t been at her new job long, but she’s already making herself heard.

The Senate confirmed Maryland’s former commissioner of financial oversight to a post on the Federal Reserve Board in September and she started work there on Oct. 4.

Last week, Raskin said mortgage servicers are not doing enough to help homeowners avoid foreclosures and the industry needs “serious and sustained reform,” the Wall Street Journal reported in its Real Time Economics blog. (And a hat tip to them for reporting this.)

“Many may view these procedural flaws as trivial, technical, or inconsequential, but I consider them to be part of a deeper, systemic problem and am gravely concerned,” Raskin said, according to the Journal.

Raskin had been Maryland’s top banking regulator since 2007 and had previously worked at the New York Fed.  Her former deputy, Mark Kaufman, took the top financial regulation spot on Sept. 30.