As developments like the Federal Reserve Bank of New York’s plan to gradually and competitively sell nonagency RMBS from the “bailout” period into an improved market suggest, it looks like we’re starting to put the recent downturn behind us in some respects.

However, given that at the same time the market is continuing to work through challenges when it comes to developing a reformed regulatory framework for new private-label (PL) RMBS as well as various outstanding business matters involving some of the old PL RMBS bonds, it also looks like we still won’t be able to forget the latter’s troubled past for awhile.

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