On 7 August, Managing Director Ling Ling Ang and Consultant Daniel Brown will join the ABA Securitization and Structured Finance Committee to present “Affordability and Ability-to-Repay: Economic Considerations, Measurement, and Underwriting.” This session will examine how underwriting in the primary market implicates pricing and risk in the secondary market for asset-backed securities related to consumer financial products, such as mortgage-backed securities. Beyond litigation risk associated with the consistency of underwriting with its description to investors (e.g., repurchase demands, Rule 10b-5, or Sections 11 and 12 claims), there is also risk associated with government, single-plaintiff, and class action disputes. Such cases have been brought under consumer protection laws, including state UDAAP statutes, and may be associated with theories of harm regarding affordability. Starting from the GSE conforming standards, Dr. Ang and Dr. Brown will discuss measurement, demographic, and economic considerations associated with income and household composition.