AMI Testifies before U.S. Senate Banking Subcommittee
For immediate release
Wednesday, May 18, 2011
AMI Testifies before U.S. Senate Banking Subcommittee;
Calls for Enhancing Securitization through Greater Transparency, Standardization, Loan Level Data, and Model Pooling and Servicing Agreements (PSAs)
Washington, D.C. – The Association of Mortgage Investors (AMI) welcomes the opportunity to testify before the U.S. Senate Banking Subcommittee on Securities, Insurance and Investment hearing on “The State of the Securitization Markets.” In its congressional statement, AMI calls for a number of capital market reforms, to address the following defects of the current system, including, market opacity, an asymmetry of information, and a thorough a lack of transparency; poor underwriting standards; a lack of standardization and uniformity concerning the transaction documents; numerous conflicts-of-interest among servicers and their affiliates; antiquated, defective, and improper mortgage servicing practices; and, investors lack effective legal remedies for violations of RMBS contractual obligations and other rights arising under state and federal law if representations regarding those facts turn out to be untrue.
For more, please click here AMI_press_release_5-18-2011
AMI’s congressional hearing statement is available by clicking here AMI_Sen_Banking_SII_Subcomm_Statement_May_18_2011