Staff Report Enhancing Disclosure in the Mortgage- Backed Securities Markets: A Staff Report of the Task Force on Mortgage- Backed Securities Disclosure January 2003

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 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. 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. This report contains the Task Force’s findings, conclusions, and recommendations regarding enhanced MBS disclosures.