The U.S. mortgage-bond industry is taking steps toward creating standards meant to help kick-start sales as the government seeks to wean the housing market from its support.
The Structured Finance Industry Group, which represents firms from money managers to lenders including Bank of America Corp. to JPMorgan Chase & Co., released the first in a series of papers today mapping out its effort to create recommended contract language for new securities to address the mistrust that’s plagued the market since the 2008 financial crisis. About 200 individuals from 50 companies are working on the project, called RMBS 3.0.
