The Mortgage Bankers Association (MBA) has released the fifth in its series of concept papers outlining recommendations for re-engineering the secondary mortgage market.
The paper, ‘The Central Securitization platform: Direction Scope and Governance,’ calls on the Federal Housing Financial Agency (FHFA) to establish a formal, transparent process for stakeholders to provide direct feedback to the FHFA on the creation of a common securitization platform.
‘Because this platform is just one piece of a much larger puzzle that impacts borrowers, lenders and the market as a whole, FHFA should create an advisory board made up of industry representatives with the authority to direct the scope and immediate priorities of the platform's development,’ said Debra W. Still, chairman of the MBA, in a statement. ‘We believe that this panel should be created before any other further development is undertaken.’
To access all five papers outlining the MBA's plan to reform the secondary market, click here.