The Mortgage Bankers Association (MBA) proposed a new line of MBS that would be structured with a federally-guaranteed wrap, which would be backed by loan-level guarantees from privately-owned, government-chartered and regulated mortgage credit-guarantor entities.

Michael D. Berman, chairman-elect of the MBA made the proposal yesterday as he testified before the House Financial Services Committee at a hearing titled Housing Finance: What Should the New System Be Able to Do?

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