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TESTIMONY OF Tom Deutsch Executive Director American Securitization Forum

TESTIMONY OF Tom Deutsch Executive Director American Securitization Forum

Statement of:

Tom Deutsch
Executive Director
American Securitization Forum

Testimony before the:

Committee on Financial Services
United States House of Representatives

Hearing on:

The Future of Housing Finance—
A Review of Proposals to Address Market Structure and Transition

September 29, 2010

ASF Testimony
The Future of Housing Finance
September 29, 2010

Chairman Frank, Ranking Member Bachus and distinguished Members of the Committee, my name is Tom Deutsch and as the Executive Director of the American Securitization Forum (the “ASF”)1, I very much appreciate the opportunity to testify here on behalf of the 330 ASF member institutions who originate, structure and invest in the preponderance of residential mortgage-backed securities (“RMBS”) created in the United States, including those backed entirely by private capital as well as those guaranteed by public entities such as Fannie Mae, Freddie Mac and Ginnie Mae (for the purposes of this testimony, collectively, the “Government-Sponsored Enterprises” or “GSEs”).
In this testimony, I seek to address these key issues to the future of US housing finance:

1. Importance of the Process of Securitization to Mortgage Lending
2. Transitional Concerns Related to the GSEs
3. Future Structure of Any Government Role in the Secondary Mortgage Market
4. Return of a Private Secondary Mortgage Market
5. Industry Improvements to the Securitization Market Infrastructure
6. Covered Bonds Legislation

[ipaper docId=44479324 access_key=key-1lw44ml6vki6mrqeghaa height=600 width=600 /]

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