There appeared to be considerable enthusiasm at the Mortgage Bankers Association secondary market conference this week about the highly anticipated risk-sharing experiments by the government-sponsored enterprises – and some lobbying about the most suitable structures and participants. The first transaction is likely to be a senior-subordinate structure and be issued as a credit-linked note, rather than a conventional cash securitization, said Richard King, chief executive officer of Invesco Mortgage Capital. He said the deal will likely be syndicated...