Witness saying: "PLS (Private Label Securities) will never be able to support the market - it can never be the core or backbone of the market - at most 8%."
Talking a lot about first loss credit investment as a way of involving private capital.
Hearing adjourned.
Overall, experts seem to think FnF needed, and messing too much with what is needed and works is unwise, and that the need to act now is political and doesn't mesh with economic realities.
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