CoreLogic Testifies On Real Estate Securitization Before House Subcommittee
December 07, 2011, Santa Ana, Calif. –
––Leading Provider of Residential Mortgage Data Makes Case for Transparency, Private Solutions in Mortgage Securitization––
Representatives of CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, testified today before the Capital Markets and Government Sponsored Enterprises subcommittee as the U.S. House takes up legislation aimed to reform the secondary mortgage market.
Dr. Mark Fleming, chief economist at CoreLogic, spoke before the subcommittee on behalf of the residential real estate industry and provided comments on the Private Mortgage Market Investment Act, a proposal authored by Rep. Scott Garrett (R-NJ) to reinvigorate the secondary mortgage market through a series of reforms that would standardize mortgage securitization while creating additional transparency for investors.
Fleming’s testimony called for a comprehensive, multi-level approach that will enable the market to rebound by fostering robust private investment in U.S. housing while creating life-of-loan transparency among key stakeholders the mortgage finance system. Fleming noted that rational, private-label mortgage securitization is critical in helping the housing market regain its footing. Transparency regarding loans contained in privately-issued securities will help foster liquidity in that market.
Recent statistics indicate that the U.S. housing market is on a slight rebound, and, as Fleming commented, the use of comprehensive data and analytics by market participants in evaluating securities should ease constraints and concerns placed on investors and borrowers alike. As bills like these are reviewed and potentially implemented, the market as a whole can shift further to a more neutral balance with private capital re-assuming some of the securities burden acquired by government-sponsored enterprises in recent years.
For a complete transcript of Fleming’s testimony, please visit www.corelogic.com/PMMIATestimony.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.
CORELOGIC, and the stylized CoreLogic logo, are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.