ASF Expresses Disappointment that House-Senate Conferees Failed to Include Critical Covered Bond Provisions; Market Needed to Help Restore Consumer Credit
July 25, 2010
New York, NY—Tom Deutsch, the Executive Director of the American Securitization Forum, issued the following statement after the House-Senate Conference Committee on financial reform failed to address needed legislative framework for a robust covered bond market to develop in the U.S.
“The ASF is disappointed the House-Senate Conference Committee has failed to include provisions dealing with covered bonds at this time. The covered bond market is an important complement to the securitization markets and the failure to address the issue is a drawback for American consumers who would directly benefit from its establishment as an important source of funding for consumer credit. However, we are encouraged that members of Congress have expressed a willingness to revisit the covered bonds legislation in 2010. The ASF’s Board of Directors has authorized the creation of a new ASF Covered Bonds Subforum to lead advocacy for the passage of covered bonds legislation. We look forward to deepening our dialogues with legislators and federal banking regulators on the vital need to subject covered bonds to appropriate federal regulation and to clarify concerns regarding potential insolvency of covered bond issuers.”
The American Securitization Forum is a broad-based professional forum through which participants in the U.S. securitization market advocate their common interests on important legal, regulatory and market practice issues. ASF members include over 350 firms, including issuers, investors, servicers, financial intermediaries, rating agencies, financial guarantors, legal and accounting firms, and other professional organizations involved in securitization transactions. The ASF also provides information, education and training on a range of securitization market issues and topics through industry conferences, seminars and similar initiatives. For more information about ASF, its members and activities, please go to www.americansecuritization.com.
Media Contact: Jon Teall, firstname.lastname@example.org, 212.317.8296