Mortgage Pass‐Through Securities: Progress and Prospects
从住房委员会视角讨论抵押贷款转手证券市场，回顾联邦政策，并展望其未来。结论认为住房金融大规模证券化并非必然，转手证券重要性可能下降。
This paper discusses the Housing Commission's perspective and recommendations on mortgage pass‐through securities markets, reviews federal policy toward such securities in the wake of the Housing Commission Report , and considers prospects for mortgage securities in the housing finance system of the future. Concerning the outlook, it is concluded that massive “securitization” of housing finance may not be inevitable–contrary to the developing conventional wisdom on this topic–partly because the underlying need for secondary market transactions may not be as strong as commonly expected. Furthermore, the relative importance of pass‐through securities as secondary market vehicles may erode if federally related programs are phased down in line with Housing Commission recommendations, even if policies currently being developed within the Administration to improve the functioning of fully private securities markets are implemented.