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ASF’s Deutsch Comments on Dodd Legislation; Applauds Market Re-form Effort But Remains Deeply Concerned About Risk Retention
Press Release
March 23, 2010
New York, NY—The Executive Director of the American Securitization Forum, Tom Deutsch, released the following statement regarding the Senate Banking Committee’s vote to send financial reform legislation to the full Senate.
“The American Securitization Forum believes it is vitally important that financial reform provides certainty and confidence and does not impede a recovery in the securitized credit markets that fuel our economy. We are committed to restoring credit to Main Street and are particularly concerned that the five percent risk-retention provision in the current legislation will have the effect of severely limiting balance sheet and lending capacity over time. We are also concerned that any reform, including new accounting regulations, be coordinated so that it manages risk without materially restricting credit availability.”
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