Garret Keynotes SFIG’s PLS Symposium, Applauds Industry’s RMBS 3.0 Program

This morning, Congressman Scott Garrett (R-NJ) keynoted SFIG and IMN's PLS Symposium to discuss housing finance reform and ways to bring back private capital to the marketplace. The symposium drew over 400 market participants to discuss how to revive the PLS market.

In his speech, Congressman Garrett applauded industry efforts to bring standardization to the PLS process. "SFIG has taken the lead in standardization where the government couldn't," stated Garrett.

Mr. Garrett also highlighted the difficulties in tackling housing finance reform before the elections. However, he outlined the following interim steps that could be addressed, including:

  1. A continuation of SFIG's RMBS 3.0 initiative, including a dependable set of representations and warranties
  2. Up-front confirmation of compliance with regulations and contractual terms 
  3. Increase credit risk transfer transactions to increase private sector participation in the housing market
  4. Enhance mortgage servicing data as an FHFA priority
  5. Ensure g-fees accurately reflect the risk of an Agency transaction
  6. Ensure that capital and liquidity rules incentivize issuance and investment

If you would like to participate in SFIG's RMBS 3.0 Task Force, please contact

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