In this report, we update clients on the mortgage-market implications of the bank regulators’ proposal to rid their rules of ratings. We stand by our preliminary conclusion: the NPR will redefine mortgage securitization, especially when carried over from the trading to the banking book. Below, as promised, we refine our initial conclusions to parse the impact on the GSEs, Ginnie, MIs and private securitizers.

The full report is available to subscription clients.  To find out how you can sign up for the service, click here

 

.