Witnesses: House GOP Bill to Jumpstart Private MBS Market a Thoughtful Approach But Needs Work
November 4, 2011
The proposed bill that would increase standardization and uniformity in the mortgage securities market without Fannie Mae or Freddie Mac contains many worthy components, but it needs more details and further tweaking, according to industry experts testifying at a House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises hearing this week. The Private Mortgage Market Investment Act, drafted by Subcommittee Chairman Scott Garrett, R-NJ, would create a heavily regulated mortgage-backed securities market made up solely of private entities that would function with no federal...