(RECAP: Seven years after the financial crisis the private label securities (PLS) market is “barely clinging to life”, a Treasury official said on Wednesday. Michael Stegman, counselor to the Treasury secretary for housing finance said the earlier structural deficiencies in that market shattered the trust of market participants. Concrete reforms are clearly needed to rebuild confidence so private capital will return to the housing markets. While stakeholders recognized the need for reforms, there was little consensus about the form they should take or how they should be implemented or enforced but there was a strong conviction that the market-based problems of PLS should have a market-based solution.)