The stormy Miami weather at Information Management Network's ABS East conference on Monday was an apt metaphor for the problems facing the mortgage market.

In a keynote address, James B. Lockhart III, former director and vice chairman of the FHFA and WL Ross & Co., said that two years after entering conservatorship, there has been no resolution on the future of Fannie Mae and Freddie Mac. The government agencies continue to dominate mortgage lending and the private label market has disappeared.

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