This report contains the Task Force's findings, conclusions, and recommendations regarding enhanced MBS disclosures. The Task Force received recommendations concerning changes to current disclosure standards based on investor needs, and assessments as to the likely impact of additional disclosure on the MBS markets' continued smooth functioning and liquidity. The Task Force also interviewed a variety of MBS issuers and investors, and other experienced market participants and observers, which provided the Task Force with additional perspectives about the evolution of the MBS markets, including changing disclosure standards. In conducting the study, the Task Force reviewed the history and development of the MBS markets, the current disclosure requirements for these securities, and market-driven industry disclosure practices and standards. The purpose of the joint study was to evaluate current disclosure practices and consider whether disclosure enhancements are desirable in assisting investors to make informed investment decisions. Staff of the Department of the Treasury ("Treasury"), the Office of Federal Housing Enterprise Oversight ("OFHEO"), and the Securities and Exchange Commission (the "Commission") formed a joint task force ("Task Force") in August 2002 to conduct a study of disclosures in offerings of mortgage-backed securities ("MBS"). Particular Issues Addressed by DisclosureĬoupon or Interest Rates on Underlying Loans Statutes Governing the Offer and Sale of MBS Secondary Mortgage Market Enhancement Act of 1984Ĭreation and Sales of GSE and Ginnie Mae MBS Office of Federal Housing Enterprise OversightĪ Staff Report of the Task Force on Mortgage-Backed Securities Disclosure January 2003 Special Study: Staff Report on Enhancing Disclosure in the Mortgage-Backed Securities MarketsĮnhancing Disclosure in the Mortgage-Backed
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