For eight years, securitization of mortgages with no government involvement (private-label securities, or PLS) has been insignificant compared with earlier periods. In September 2015, we argued for the introduction of a deal agent to look out for investors’ interests, standardization in PLS documentation, and servicing improvements. The US Department of the Treasury’s PLS initiative and the Structured Finance Industry Group’s RMBS 3.0 Task Force have tried to address these governance issues. We believe these reform efforts have made considerable progress on our first two goals and some progress toward the third.