Volume 2014 - Number 11
March 21, 2014
Bipartisan Senate Housing-Finance Reform Bill Mandates Preservation, Maintenance of TBA Market
The mortgage securitization sector is pleased that the bipartisan agreement between Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, on housing-finance reform includes a small but critical provision to support the to-be-announced market. The 442-page draft sets a five-year timeline to shut down Fannie Mae and Freddie Mac and in their place create a new Federal Mortgage Insurance Corp., a utility that securitizes and guarantees mortgages. The governmentís MBS guaranty would be supported by a 10 percent first-loss piece funded by private investors. The FMIC would approve...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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