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Housing Finance

The $33 trillion housing market relies on well-regulated sources of private capital and public funding in order to ensure stability and liquidity for borrowers, lenders, and investors.

Housing Finance Overview


Our nation’s housing finance system is comprised of an entire ecosystem of lenders, originators, aggregators, servicers, rating agencies, diligence providers, trustees, bond investors and whole loan purchasers who all play an integral role in ensuring that borrowers are able to access mortgage funds throughout the credit cycle.

SFA is working to ensure that a dynamic market—including public funding sources as well as private capital—works to the benefit of borrowers, provides well-defined guardrails for market participants, and protects taxpayers from future losses.

Publications & Resources

This latest SFA Issue Brief provides an overview of Freddie’s Mac’s pilot program to purchase closed-end second mortgages approved by the Federal Housing Finance Agency in June 2024. In addition to highlighting industry concerns and SFA’s advocacy position, the brief…
Dr. W. Scott Frame, SFA’s Chief Economist & Head of Policy, explores how U.S. banks are increasingly using synthetic securitization to allocate regulatory capital more efficiently by transferring credit risk to outside investors through the issuance of credit-linked notes. Frame…
On May 22, 2024 the Structured Finance Association (SFA) submitted a letter to the Federal Housing Finance Agency in opposition to Freddie Mac’s proposal to purchase closed-end second mortgages.
On June 22, SFA—along with 15 other housing trade associations–submitted a joint trade letter to the Federal Housing Finance Agency (FHFA), in response to their implementation of updated credit score requirements. The trade associations appreciate the FHFA’s intent to update…
On May 12, 2023, SFA responded to the Federal Housing Finance Agency’s Notice of Proposed Rulemaking on the Enterprise Regulatory Capital Framework Amendment.