Mr. Declan Reid:

An equally strong representation made during the process was that the servicers asked to be regulated as well. Not only did the owners say they may not be the appropriate jurisdiction for legislation and regulation, but the servicers said they were because they had the infrastructure, the systems and the controls.

They said that they were the ones working the books of loans and interfacing with customers and, therefore, were the appropriate venue for those controls to be put in place.