Prior to the Great Recession, private label securitizations (PLS) constituted a majority of all residential mortgage-backed securities (RMBS) issued. In the intervening years, the makeup of the RMBS market has changed significantly and, today, Fannie Mae, Freddie Mac, and Ginnie Mae are responsible for approximately 99% of RMBS issuance. For a variety of reasons, including recent policy changes at Fannie Mae and Freddie Mac that cap second home and investor property loan volumes, and growth in jumbo loan volume driven by increasing home prices, there has been renewed interest in the PLS market and its future growth.
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