SIFMA provides comments to the Federal Housing Finance Administration (FHFA) on the FHFA’s Alternative Mortgage Servicing Compensation Discussion Paper.   SIFMA shares significant concerns about the impact of both of the proposals discussed in the Discussion Paper on the liquidity and pricing in the To-Be-Announced (TBA) markets and their impact on mortgage borrowers. SIFMA feels strongly that before FHFA takes any further action regarding the GSE’s servicing requirements, that a comprehensive dialog should be initiated with secondary market participants.  In addition, SIFMA co-signed a letter with other associations on the FHFA’s discussion paper,.