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Treasury Official Advocates Private Mortgage Market Development

Seven years after the financial crisis the
private label securities (PLS) market is “barely clinging to life”, a Treasury
official said on Wednesday.   Michael Stegman, counselor to the Treasury secretary
for housing finance said the earlier structural deficiencies in that market shattered
the trust of market participants.  Concrete
reforms are clearly needed to rebuild confidence so private capital will return
to the housing markets. 

Stegman, speaking to attendees at the 1st
Annual Private Label RMBS Reform Symposium sponsored by Information Management Network
and the Structured Finance Industry Group (SFIG), said the Obama Administration
has a deep policy interest such a return  and his department is well positioned to
assist in that regard.

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