Open Letter Takes Aim at Secondary Mortgage Market

Housingwire.com reports that mortgage finance industry executives are asking regulators to adopt national standards for the securitization of home loans as soon as possible, starting with the disclosure and risk retention rules outlined in Dodd-Frank. An “open letter to U.S. regulators regarding national loan servicing standards” signed by 52 financial industry executives was sent Tuesday to the heads of the Treasury Department, the Federal Reserve, Federal Deposit Insurance Corp.,  Securities and Exchange Commission, Federal Housing Finance Agency, and Comptroller of the Currency. “The private residential mortgage securitization market is frozen as to new issuance. The housing market is suffering from a dearth of credit, which is causing a serious lack of confidence among potential homebuyers,” the letter said. Signers included HousingWire Publisher Paul Jackson.

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