Jan 26, 2012

ASF 2012 Daily Issue PDFs

Jan 26, 2012

ASF 2012 Daily Photos

Jan 25, 2012

Leaving Las Vegas: ASF Wraps Up

Wednesday’s first panels at the ASF2012 conference were well attended, even as many of the conference goers packed and queued for taxis to the airport.

Jan 25, 2012 -- by Graham Bippart

Industry Players Shrug Off Obama’s Refi Proposal

Market players at the ASF2012 conference in Las Vegas this morning expressed little concern over President Obama’s State of the Union speech last night, in which he called on Congress to pass legislation allowing homeowners current on their mortgages to refinance.

Jan 25, 2012 -- by Graham Bippart

Credit Card Pullback Could Cause Liquidity Draw

A shrinking credit card asset-backed securities market could pull liquidity from the broader ABS sector, according to panelists at the Consumer ABS Traders and Researchers Roundtable on Tuesday.

Jan 24, 2012

ASF2012 Tuesday: Strike A Pose

Adherents of the “skirt length theory” have long posited that the popularity of short hemlines in the fashion world bode well for U.S. financial markets.

Jan 24, 2012 -- by Graham Bippart

Bankers See More Than Meets The Eye

The securitization market saw its largest component, residential mortgage-backed securities, virtually evaporate during the financial crisis. But panelists at the Future of Secured Financing panel at ASF2012 Tuesday reminded the audience that securitization is just one piece of the puzzle.

Jan 24, 2012 -- by Marissa Capodanno

Comptroller: We’re Working On It

This could be the year regulation in the securitization sector makes the leap from being all talk to finally taking action, John Walsh, acting Comptroller of the Currency, said in the featured address at the ASF2012 conference in Las Vegas Tuesday.

Jan 24, 2012

ASF2012 Monday: Overloads, Roadblocks And Bad Shirts

Securitization enthusiasts didn’t seem too worried about sharing Sin City with those in town for the 29th annual AVN Awards, the so-called Oscars for adult entertainment, which were held at The Hard Rock Hotel & Casino.

Jan 24, 2012 -- by Marissa Capodanno

CLOs To See $15-25 Bln This Year

The primary market for collateralized loan obligations could see $15-25 billion in new-issue deals this year, according to panelists at the CLO Sector Review Monday.

Jan 24, 2012 -- by Graham Bippart

Disclosure, Ratings Paint The Global Policy Picture

Arming investors with information on the securitized products they buy is viewed as a key to maintaining market discipline, but that alone might not be enough, Adam Ashcraft, senior v.p. & head of structured product, Federal Reserve Bank of New York, said during Monday Global Securitization Policy Reforms panel.

Jan 24, 2012 -- by Amelia Granger

Credit Card Deals Could Feature Sub Notes

Credit card deals in 2011 saw the reemergence on mezzanine notes for the first time since the 2008 financial crisis, and industry players say subordinated notes might not be far behind.

Jan 24, 2012 -- by Marissa Capodanno

Groundhog Day Panel Says ‘See You Next Time’

The big post-financial crisis questions about the residential mortgage-backed securities sector market participants expected would be addressed by now still hang in the balance, said panelists participating in the Future of U.S. Mortgage Finance discussion session Monday.

Jan 24, 2012

Assessing Mortgage Servicers’ Foreclosure Speeds And The Success Of Loan Modifications

The continuing slump in the U.S. housing market has highlighted the crucial role of mortgage servicers, which administer all aspects of these loans—from collecting payments, to modifying troubled loans, to proceeding with foreclosures and property liquidations when borrowers default.

Jan 24, 2012

CMBS Special Servicer Behavior Regarding Subordinate Bond Positions

In the past year, ownership of several commercial mortgage-backed securities special servicers has changed hands to opportunistic investors or funds.

Jan 24, 2012 -- by Amelia Granger

GSE Market Still Seeks A Bid

The vagueness of the phrase “implied guarantee” hit markets hard in the 2008 financial crisis, when investors wised up to the fact that Fannie Mae and Freddie Mac’s governmental backing and status as government sponsored enterprises was untested and undefined.

Jan 24, 2012 -- by Amelia Granger

New Cop On The Dodd-Frank Beat:CFPB Kicks Off Regulatory Action

The appointment of a leader for the Consumer Financial Protection Bureau marks a new and important step in the long, drawn-out process of Dodd-Frank reforms, according to Stephen Ornstein, partner at SNR Denton.

Jan 24, 2012

Why Solar Securitization Makes Sense

Solar structured transactions within a capital markets securitization approach can help increase the penetration of solar. In this article we will explore ideas for solar securitization in more detail.

Jan 23, 2012 -- by Amelia Granger

Panel: QRM Definition Had Better Loosen Up

The qualified residential mortgage rules currently being hammered out by regulators should ease up from initial proposals, unless the government wants to see the mortgage market shrink even further, said speakers at the “Mortgage Underwriting and the Impact of QM” panel.

Jan 23, 2012 -- by Amelia Granger

Silver Lining For Securitization Seen In Euro Storm

Eurozone debt woes may end up being a boon for securitization, as the European market turns increasingly to secured debt.

Jan 23, 2012 -- by Marissa Capodanno

Familiar Issues Looming In 2012

Regulatory and macro issues continue to hinder a comprehensive recovery for both the wider economic landscape and the securitization sector, and they’re not going away anytime soon, according to speakers at the 2012 Securitization Market Outlook panel at ASF2012 conference in Las Vegas Monday morning.

Jan 23, 2012 -- by Graham Bippart

Industry Pushes Through Winds To Vegas

Snow in the Northeast and unusually heavy winds in Las Vegas did not affect the first day turnout at the American Securitization Forum’s 2012 conference at the Aria Resort and Casino.

Jan 23, 2012 -- by Marissa Capodanno

Buyside Presence A Big Focus

All eyes are on the buyside as ASF2012 kicked off Sunday, with industry players hoping a good turnout from investors will signal appetite for a forward calendar.

Jan 23, 2012

ASF2012 Sunday: Football and Fragrances

Attendees were happy to be back in Vegas this year, as the American Securitization Forum 2012 conference returned to its traditional home base.

Jan 23, 2012 -- by Amelia Granger

Auto ABS Dominance Tipped Again In 2012

Auto asset-backed securities were hailed as a bright spot within the sometimes grim securitized products market of 2011. Auto loan, lease and floorplan-backed bonds made up 50-60% of U.S. ABS issuance last year.

Jan 23, 2012

Performance To Slowly Improve Under ‘Hazy’ Skies For U.S. Structured Finance In 2012

U.S. structured finance faces a somewhat hazy outlook next year with improving performance metrics clouded by numerous macro-level economic, political and regulatory uncertainties.

Jan 23, 2012

Q&A With The ASF

The securitization industry has its work cut out for it in 2012, with major Dodd-Frank rules set for implementation during the year and ongoing economic turbulence showing little signs of subsiding.

Jan 23, 2012 -- by Hugh Leask

Securitization Hanging Tough In Europe

Europe’s securitization market has continued to show resilience throughout the sustained turmoil sweeping credit markets since last year, remaining a key part of the overall funding arsenal for firms in the region.

Jan 23, 2012

Subprime Auto Loan ABS: A Positive Subprime Story

Subprime auto loan asset-backed securitization has reported strong performance throughout the past few years in stark contrast to the subprime mortgage sector. Investor demand for both prime and subprime auto ABS has been very strong, particularly for senior note classes, as investors have benefitted from good performance.

Jan 23, 2012

The Year In Review

The year since the American Securitization Forum’s last annual conference was a bumpy one for the industry, which managed to make significant forward steps despite a range of setbacks.

Jan 23, 2012 -- by Amelia Granger

Volcker Rule’s Hit On Securitization Still Murky

The Volcker Rule’s enforcement date is a mere six months away, but industry professionals say they still aren’t sure what the complex and overarching rule really means for securitization.

Oct 19, 2011

ABS East 2011 Issue PDFs

Oct 19, 2011

ABS East 2011 Photos

Oct 19, 2011 -- by Joy Wiltermuth

Investors Call For More ABS Transparency

Investors at the ABS East conference said regulators are doing right by the industry in demanding increased transparency and reporting in the asset-backed securitization market, a move they say will put the market’s future on more solid footing.

Oct 18, 2011 -- by Graham Bippart

Esoterics More Likely In A Down Economy

The esoteric asset-backed securities market is likely to see more one-off deals of non-traditional financial assets and securitizations of assets with less correlation to the broader economy, including renewable energy-linked deals, according to panelists at the Re-emerging And Esoteric Asset Classes session at ABS East Tuesday.

Oct 18, 2011 -- by Amelia Granger

Mortgage Funds Unable To Go REIT Route

Mortgage market participants at an ABS East panel Tuesday bemoaned the sudden turn the market has taken against real estate investment trusts.

Oct 18, 2011 -- by Amelia Granger

New Mortgage Plan Questioned At ABS East

A new mortgage plan being kicked around between big banks and regulators left ABS East attendees with plenty of questions.

Oct 18, 2011 -- by Joy Wiltermuth

Devils Still Lurking In ABS Market

The asset-backed securitization market is at risk of becoming obsolete if it does not grow its investor base and repair damage done in its heyday, Bob Behal, principal, co-head ABS/CMBS investments at Vanguard Group, said during this morning’s opening panel at the ABS East conference in Miami.

Oct 17, 2011 -- by Joy Wiltermuth

It’s Not Your Father’s CLO Market

The days when a guy with two dogs and a Bloomberg terminal could make it in the collateralized loan obligation market are long gone, and that’s not a bad thing, said James Galowski, partner at Stone Tower Capital.

Oct 17, 2011 -- by Amelia Granger

Principal Mods Have Market At Odds

Panelists hotly debated principal reduction at the ABS East Alternative Loan Modification Programs for Distressed and Non-Performing Loans panel, with some saying reducing mortgages is the path to borrower success, and others countering that the mod makes for moral hazard and a hit for investors to absorb.

Oct 17, 2011 -- by Graham Bippart

Lockhart Spells Out New MBS

Splitting the government-sponsored enterprises into old and new companies, with the “old cos” holding legacy mortgage loans backed by a government guarantee and the “new cos” originating loans without government backing, is the first step to giving the mortgage-backed securities market a fresh start, said James Lockhart, vice chairman at WL Ross & Co., in Monday’s keynote address at ABS East.

Oct 17, 2011 -- by Amelia Granger

E.U.-Style Simplicity Seen As Key To U.S. Regulation

The simplicity embraced by E.U. regulators should be an example to their U.S. counterparts, according to panelists at ABS East’s Global Regulatory Initiatives and the Broader Impact on U.S. Securitization Practices session.

Oct 17, 2011 -- by Joy Wiltermuth

Attendees Hunker Down For ABS East Kickoff

Stormy weather greeted attendees at the Fountainebleau Hotel in Miami Beach Sunday as the ABS East conference kicked off.

Oct 14, 2011

Auto ABS Rolling Up To Potential Roadblocks

The auto asset-backed securities market has been the hottest sector in the ABS market all year, at least in part because the sector has been around for 25 years, so investors tend to understand it, according to Stuart Litwin, partner and co-head of securitization at Mayer Brown.

Jun 14, 2011

Global ABS 2011 Issue PDFs

Jun 14, 2011 -- by Hugh Leask

Euro ABS Market Urged To Forget Boom Years

Europe’s securitization sector must move beyond comparisons to the market heyday when focusing on its nascent recovery, panelists said Tuesday at a packed morning session at the Global ABS conference in Brussels.

Jun 15, 2011 -- by Hugh Leask

Ford To Market: Have Investors Do The Talking

Spelling out the positive benefits for end-users is the most effective way for the securitization industry to get its message across to European lawmakers and regulators, Vicky Ford, member of the European parliament and a Conservative party spokeswoman on economic and monetary affairs, said in her keynote address to the Global ABS conference this morning.

Jun 15, 2011 -- by Joy Wiltermuth

A Question Of When, Not If, For New CLOs

The global market for new issue collateralized loan obligations may not return to its peak of pumping out 150 deals each year, but market players are confident it will remain a viable sector.

Jun 14, 2011 -- by Joy Wiltermuth

Terták Vows To Prevent Repeat Of Past Mistakes

Keynote speaker Elemér Terták, principal advisor, financial institutions, DG Internal Market & Services at the European Commission, offered Global ABS 2011 attendees little new insight into the thinking of regulators, instead vowing to deny the European securitization market a repeat of mistakes made in the past.

Feb 07, 2011

ASF 2011 Issue PDFs

Feb 07, 2011

Better Weather, Better Mood Greet Attendees At Kickoff

About 4,000 conference registrants -- most gladly leaving snow and ice behind them -- made their way into The Orlando World Center Marriott Resort & Convention Center in khakis and sport coats to kick off the American Securitization Forum’s 2011 conference Sunday.

Feb 07, 2011

Garrett: Freddie And Fannie Need To Dump Assets ASAP

The retained portfolios of Fannie Mae and Freddie Mac should be wound down faster than they are now, Rep. Scott Garrett (R-NJ) said in his keynote address at ASF2011 in Orlando this morning.

Feb 07, 2011

Industry Warned On New Credit Risk Rule

Mark Ginsberg, risk expert, capital policy at the Office of the Comptroller of the Currency, told attendees at a fully packed ASF2011 session on new credit risk rules to get ready to do their own homework.

Feb 07, 2011

Equipment ABS Going Down The Capital Stack

Issuers of equipment asset-backed securities could start offering subordinated pieces of their transactions this year in a bid to satisfy investor appetite for yield, according to speakers at the equipment loan and lease ABS sector review at the ASF2011 conference.

Oct 04, 2010

ABS East 2010 Issue PDFs

Oct 04, 2010

Market Expected To Chug Along Through Year End

Securitization officials at Monday morning’s breakfast session of the ABS East conference in Miami, Fla., said they anticipate new issuance volume to roll along at a modest pace through year’s end, with stronger underwriting expected to win investor support.

Oct 04, 2010

Ginnie Mae Looking To Ease Back Into Stopgap Status

The level of involvement of Ginnie Mae and other government lenders in the mortgage market is too high and needs to start decreasing, Theodore W. Tozer, Ginnie Mae president, said in his keynote address at the ABS East conference in Miami, Fla., this morning.

Oct 04, 2010

Dire Warning Sounded On Capital Requirements

Credit Agricole Managing Director Tina Kourmpetis said proposed new capital requirement rules would shut down her bank’s asset-backed commercial paper division. “We’re done if this happens,” Kourmpetis said at the “Capital Reserve Requirements and The Impact On the Banking Sector” panel at the ABS East conference today.

Oct 04, 2010

Regulators Go Light On Reform Details

Industry officials squared off with regulators on the “US Regulatory Developments and the Impact on Structured Finance,” session, jousting over continued uncertainty surrounding an avalanche of reforms aimed at reining in the industry.