SIFMA provides comments to the Federal Housing Finance Agency (FHFA) on its draft Strategic Plan: Fiscal Years 2013-2017. SIFMA strongly believes that active securitization markets must play a role in this future, and that the restoration of these markets will occur along a spectrum of credit risk, starting with the least risky markets and methodically moving outward along the credit curve. It is appropriate and indeed necessary that the primary, near term focus must be on the markets served by the government-sponsored enterprises (GSEs), to ensure that they can efficiently and prudently serve their customers and consumers. SIFMA recommends that the GSEs give priority to the alignment of their operations. Doing so will set the stage for the longer-term future of the GSEs and mortgage finance in this county more broadly, including non-agency securitization.