IFE Group was engaged by Ginnie Mae to examine the potential benefits of a Secondary mortgage market (SMM). IFE Group examined the securitization process as practiced within the United States; the roles and needs of the participants in the secondary market; and the necessary economic, legal, and regulatory processes for a successful market. While the paper examined a broad range of issues, two themes were quickly apparent– predictability and transparency. Markets tend to fail when uncertainty exists as to what is being bought or how ownership is proven. Predictability and transparency are the cornerstones of a successful market.