id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1786	Niles, Samuel P.	Member FMIC: Credit-Risk Sharing Within and Without an FMIC-Based Housing Finance System	2015	62	.pdf	application/pdf	19870	890	52	Part V builds on the broader policy goal of privatizing mortgage credit risk and proposes an additional reform regarding securitization trustee duties that would hasten the return of a non- governmental private-label securitization market to complement an FMIC-based system. mortgage credit market”169 and the “broad availability of mortgage credit”170—while eliminating the massive taxpayer exposures to mortgage credit risk that the GSEs occasioned.171 To do so, the Proposal contemplates the development of a class of mortgage-backed securities, insured by the FMIC, created through three steps: Origination: Private originators underwrite mortgage loans to homebuyers and sell or otherwise transfer the mortgage loans to aggregators in the secondary market.	cache/cblr-1786.pdf	txt/cblr-1786.txt