On August 6, the Structured Finance Industry Group released the first edition of a “comprehensive set of proposed industry standards” to promote growth in the private label RMBS market. The SFIG explains that the project “seeks to reduce substantive differences within current market practices through an open discussion among a broad cross-section of market participants,” and, where possible establish best practices related to: (i) representations and warranties, repurchase governance, and other enforcement mechanisms; (ii) due diligence, disclosure, and data issues; and (iii) roles and responsibilities of transaction parties and their communications with investors. The paper is the first in an iterative process, and touches on only a few of the items identified in a sprawling master agenda. With regard to representations and warranties, the paper discusses fraud, regulatory compliance, and objective independent review triggers. For due diligence, data and disclosure, the paper considers underwriting guidelines disclosure and due diligence extract to investors. Finally, the paper addresses the role of transaction parties and bondholder communication.