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Sunset Seminar - Securitization Legislative Reforms: The State of Play



Sunset Seminar


American Securitization Forum's
Sunset Seminar
Wednesday, November 18, 2009
5:30 - 7:00 PM (ET)

ASF New York Headquarters
120 Broadway, 2nd Floor
New York, NY 10271
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Online Access


ASF members only are able to access the entire seminar online after the event, including an audio file and presentation materials. You may also choose to download a podcast of the event and save the MP3 file. Please use the password listed below and click here to access the webinar.


Webinar Password: asfsunset20


Your ASF website password will NOT grant you access to the webinar. Only the password listed above will enable you to view the webinar once you click on the above link.


When you click on the link above to access the webinar, please provide your name, firm and email address, as well as the password listed above, and click "next." The webinar platform screen will pop-up. To view the materials, click on the drop-down menu labeled “print documents and view links” on the left side of the screen.


Seminar Speakers


Moderator:

Panelists:


Seminar Overview


As part of Congress' drive to enact sweeping financial market reforms, significant proposals targeting securitization markets and activities are actively being considered. A mark-up of proposed legislation is moving forward in a key House Committee, and a bill is expected to be introduced in the Senate in the near future.


This timely Sunset Seminar evaluated the current state of play and future prospects for key securitization reforms being considered as part of these far-reaching legislative proposals. Among other topics, the Seminar addressed:


  • Risk Retention. If proposed reforms are enacted, what types and how much risk will be required to be retained by asset originators and/or securitization sponsors? What flexibility will be provided to modify or adjust these requirements, and to hedge retained risks? What are the primary impacts of these proposals on various securitization asset classes and transaction structures? How will the economics of securitization be affected, and what are the implications for the cost and availability of credit? How do U.S. risk retention proposals line up in comparison with similar initiatives in other jurisdictions? Ultimately, is mandated credit risk retention likely to be effective in aligning incentives and promoting quality underwriting? What are the alternatives?


  • Transparency and Disclosure Enhancements. What legislative responses are being considered to enhance securitization market transparency and disclosure? What regulatory actions would the S.E.C. be required to take to implement these requirements? What changes are specifically being contemplated for provision of loan-level data and representations and warranties? How would these changes affect issuers, investors and the cost-benefit proposition for securitization? How would legislative and regulatory mandates relate to industry-driven transparency, disclosure and reporting initiatives?


  • Rating Agency Reform. What legislative proposals are under consideration to reform credit rating agency methods and processes? How would proposed liability, disclosure, conflicts management and other proposed reforms affect the role that rating agencies and credit ratings play in the securitization market?

Overall, what is the outlook and timetable for further consideration and possible enactment of these legislative reforms? What are ASF's advocacy positions and priorities?