Here, we assess the options for a new GSE-run securitization platform described in the FHFA white paper now released for industry comment.  Comment is also solicited on a new, uniform pooling-and-servicing agreement (PSA).  Through these uniform standards, FHFA contemplates creating the entire infrastructure for a new mortgage-securitization market, going beyond Fannie and Freddie also to cover Ginnie and private-label paper.  The white paper also contemplates alternative ways to transfer credit risk in mortgage securitizations built on its platforms, thus also redefining how RMBS credit-risk is borne and by whom.

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