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FHFA Releases White Paper on Proposed Common Securitization Platform
The Federal Housing Finance Agency (FHFA) released for public input a
white paper on a proposed framework for a common securitization platform
and a model Pooling and Servicing Agreement.
The white paper seeks to identify the core components of mortgage
securitization that will be needed in the housing finance system going
forward. Those core components are linked to two cornerstone operational
features: a securitization platform to process payments and perform
other functions that could be used by multiple issuers; and a
contractual framework supporting the new infrastructure.
The proposed infrastructure has two complementary goals: (1) replace the
outmoded proprietary infrastructures of the Enterprises with a common,
more efficient model; and (2) establish a framework that is consistent
with multiple states of housing finance reform, including greater
participation of private capital in assuming credit risk. The new
platform is meant to work well with or without various degrees of
government involvement. Link to White Paper
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