I appreciate the attention that Daniel Indiviglio gave to my article on the future of mortgage securitization. However, I want to point out that another article on that topic in the same issue of FinReg21 is at least as worth reading. It is by Gerald Hanweck, Anthony B. Sanders, and Robert Van Order, and they argue for an approach to regulating old-fashioned lenders and securitizers on a level playing field. Among other recommendations, they favor stress tests to establish capital requirements.
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