To understand the role private-label mortgage financing, MBS players must first wait and see what the government's next move will be. It is not that securitization is not happening. It is just that all the activity in the market is via the GSEs.

However, the consensus within Congress is that the current system is unsustainable and there is a need to re-balance the share that the government takes in terms of providing liquidity versus the private marketplace.

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