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ASF Appreciates FDIC’s Decision to Extend Transitional Safe Harbor to September 30; Continues To Be Concerned That New Proposals Add to Investor Uncertainly and Slow Credit Return to Main Street
News Statement
March 12, 2010
New York, NY—The Executive Director of the American Securitization Forum, Tom Deutsch, today released the following statement in response to the FDIC’s decision to extend transitional Safe Harbor protection through September 30, 2010.
“We appreciate the Board’s decision to extend the existing Safe Harbor protection to September 30th, while it considers the industry’s response to the proposed new rules. As our members indicated in our letter to the FDIC last month, the ASF strongly believes the proposals, which include significant preconditions for safe harbor protection, will create substantial uncertainty for investors, thus harming the drive to reopen securitization markets and get credit flowing to Main Street. We urge the FDIC to carefully consider the consequences and act to ensure that investors continue to receive sufficient safe harbor protection.”
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, jteall@teallassociates.com, 212.317.8296