MBA Commends the SEC for Reviewing Disclosure Requirements regarding Residential Mortgage-Backed Securities
|Rob Van Raaphorst|
WASHINGTON, D.C. (October 31, 2019) - Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB, released the following statement regarding Securities and Exchange Commission (SEC) Chairman Jay Clayton's call for public feedback on the Commission's disclosure requirements for residential mortgage-backed securities (RMBS):
"MBA commends Chairman Clayton for initiating a review of the SEC's asset-level RMBS disclosure requirements in an effort to accelerate the revitalization of the private securitization market. A more robust, sustainable private market would increase the diversity of housing finance capital sources, making the system more resilient and promoting greater liquidity, while also lowering costs and improving choices for borrowers. MBA will be working with its members to provide feedback to the SEC, and we look forward to continuing to engage with the Commission on this and other ways to promote a healthy private secondary mortgage market. In particular, we think utilization of Mortgage Industry Standards Maintenance Organization (MISMO) standards must be part of the solution, as this will reduce the costs of implementation."