CR notes that
Many of the originators of the PLS mortgages are no longer in business (New Century, etc.), however most of the PLS issuers still exist.
Update: From the The Washington Post
Fannie and Freddie together own about $255 billion in private-label securities. These securities included subprime loans, which were extended to people with thin or weak credit histories, as well as exotic loans such as adjustable-rate mortgages known as option ARMs. Option ARMs allowed borrowers to treat their mortgages as credit accounts, paying a small minimum payment each month while their balance grew to an unsustainable size.
Later analysis has shown that these types of loans were sometimes made on fraudulent grounds — and that the companies that packaged the loans and sold them to investors didn’t perform the appropriate oversight to ensure they were on the up-and-up.
Freddie said in a recent regulatory filing that lenders owe it $4.8 billion, up 26 percent from three months earlier. The company said a third of its demands to lenders for compensation have gone unfulfilled for three months. Fannie doesn’t disclose similar numbers.