Private-Label Securities (PLS) Market
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The market for private-label residential MBS is an important channel by which private entities, rather than taxpayers, invest in mortgage credit risk. While fundamental problems in this market were exposed prior to 2008, solutions have been more difficult
to implement than many expected. MBA supports both market-based and policy-based reforms that would make the private-label market more attractive as opposed to reforms that aim to "crowd in" private capital through regulatory measures to shrink the
agency market. Key reforms relate to data disclosures, capital requirements, and loan-level due diligence.
Recent MBA Activity Related to Secondary and Capital Markets Issues
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MBA Letter to Treasury on Barriers to PLS Market Recovery
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Joint Letter to FHFA Opposing Further GSE G-Fee Increases
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Joint Letter to FHFA Opposing Further GSE G-Fee Increases (Added Signatories)
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Joint Letter to the Agencies, CFPB, FHFA, and NCUA on Proposed AMC Rule Implications
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MBA Testimony to Senate Banking Committee on Small Lender Secondary Market Access
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MBA Testimony to Senate Banking Committee on Government Guarantee of Mortgage-Backed Securities
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MBA Testimony to House Financial Services Committee on the Protect American Taxpayers and Homeowners Act
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MBA Testimony to House Financial Services Committee on the Ability to Repay QM Rule
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MBA Testimony to House Financial Services Committee on FHA Reforms
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MBA Testimony to Senate Banking Committee on FHA Reforms
