ASF
360 Madison Avenue
17th Floor
New York, NY
10017-7111
646.637.9211
George Miller
Executive Director
646.637.9216
Tom Deutsch
Associate Director
646.637.9235
Tere Petersen
Director, Events & Marketing
646.637.9236
Jooho Lee
Analyst
646.637.9259
Justin Ross
Analyst
646.637.9238
To update your contact information, please email
Ida Cece.
© 2007 American Securitization Forum
June 21, 2007
Upcoming ASF Meetings & Events
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June 26: ASF-Wide Subprime Mortgage Finance Task Force Meeting, 11 AM-12 PM (ET) ASF Entertainment Task Force Call, 2-3 PM (ET)
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June 27: ASF Loan Modifications Working Group Call, 10-11 AM (ET)
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June 28: ASF Covered Bonds Drafting Committee Meeting, 11 AM-12 PM (ET)
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July 2: ASF ABCP Conduit Sponsors Subforum Call, 3-4 PM (ET)
Securitization-Related News and ASF Advocacy
ASF and SIFMA File Joint Letter with US Senate Regarding Student Loan Reform Legislation: On June 19, the ASF and SIFMA filed a joint letter with the Senate Health, Education, Labor and Pensions (HELP) Committee regarding student loan reform legislation in advance of the Committee's markup session of the proposed Higher Education Access Reconciliation Act and the Higher Education Amendments of 2007, which took place on June 20. The letter, which was addressed to Senators Edward Kennedy (D-MA) and Michael Enzi (R-WY), Chairman and Ranking Member of the HELP Committee, expresses the concerns of ASF and SIFMA members on the effect of significant cuts in the special allowance payments (SAP) and the government guaranty rate for FFELP on student loan financing. The ASF would like to thank all of the members who were involved in the development of this letter. Please click here for the letter, here for the proposed bill and here for more information.
ASF-Wide Subprime Mortgage Financing Task Force Meeting: The ASF-Wide Subprime Mortgage Finance Task Force will be meeting on Tuesday, June 26 at 11 AM (ET) to discuss the Federal Reserve Board's request for comments on subprime mortgage finance issues and the Massachusetts Attorney General's rulemaking request, among other things. Please contact George Miller for more information.
ASF Loan Modifications Working Group Conference Call: The ASF Loan Modifications Working Group will be holding a conference call on Wednesday, June 27 at 10 AM (ET) to discuss the development of recommended guidelines relating to the treatment of modified loans for investor reporting purposes and for performance trigger purposes. Please contact George Miller with any questions.
Federal Reserve Board Holds Hearing On Mortgage Lending: On June 14, the Federal Reserve Board held a public hearing under the Home Ownership and Equity Protection Act (HOEPA) to gather information about how it might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector, in a way that preserves incentives for responsible lenders to provide credit to borrowers. The hearing featured testimony from SIFMA Senior Managing Director of Research and Public Policy Michael Decker, who stressed the need for regulators and legislators to take a measured approach and use caution to ensure that any regulation or legislation does not impair the ability to legitimately serve subprime borrowers. He also noted the need for streamlined and meaningful disclosure to borrowers. The Board is soliciting written comments from the public with regard to this issue, which are due August 15, 2007. Please click here for more information, including a list of hearing participants, a link to Federal Reserve Board Governor Randall Kroszner's opening remarks and a link to the Federal Register notice requesting comments.
Senate Committee to Hold Hearing on Mortgage Abuse: The Senate Committee on Banking, Housing and Urban Affairs, chaired by Senator Christopher Dodd (D-CT), will hold a hearing on June 26 entitled, "Ending Mortgage Abuse: Safeguarding Homebuyers." A full witness list and prepared testimony will be available on the Committee's website shortly.
Massachusetts Attorney General Requests Comments on Mortgage Brokers and Mortgage Lenders Regulations: The Massachusetts Attorney General is contemplating adopting amendments to existing regulations which govern certain conduct of mortgage brokers and mortgage lenders and has requested comments, responses and suggestions with respect to topics that may be the subject of new regulations. The Attorney General's office has also issued emergency regulations under the Consumer Protection Act to address the problem of so-called foreclosure rescue schemes. Please click here for the request for comments, here for the current Massachusetts regulations and here for more information on the emergency regulations and the proposed amendments. Comments are due by June 28, 2007.
US Treasury Department Hosts Homeownership Meeting: On June 18, the Financial Education and Literacy Commission, chaired by the US Treasury Department, held a meeting in Boston on successful financial education programs to improve homeownership. Representatives from the Treasury Department and the US Department of Housing and Urban Development led a discussion with financial institutions, lenders, policymakers and community organizations focusing on helping home-buyers better understand the terms of their mortgages to help them stay in their homes. Representatives from the FDIC also attended the event. Please click here for more information.
Congressmen Send Letter to SEC Regarding FAS 140: On June 15, members of the House Financial Services Committee, including Chairman Barney Frank (D-MA), sent a letter to SEC Chairman Christopher Cox regarding the FAS 140 accounting standard. Specifically, the members asked Chairman Cox to respond to the question: "Does FAS 140 clearly address whether a loan held in a trust can be modified when default is reasonably foreseeable or only once a delinquency or default has already occurred? If not, can it be clarified in a way that will benefit both borrowers and investors?" Please click here for the letter and here for more information.
FASB to Host Educational Forum: On June 22, the Financial Accounting Standards Board (FASB) will host an educational forum on modifications to securitized residential mortgage loans. The principal purpose of this forum is to discuss loan modification activities of servicers in the context of criteria governing the permitted activities of qualified special purpose entities, or QSPEs, under FAS 140. Participants include industry members and representatives of federal regulatory agencies.
FASB Discusses Proposed FSP on FAS 140: At its June 13 meeting, FASB discussed proposed FASB Staff Position (FSP) FAS 140-d, Accounting for Transfers of Financial Assets and Repurchase Financing Transactions, which is expected to be issued in July. The Board decided that the FSP should be effective for fiscal years beginning after November 15, 2007. Please click here for more information.
House Committee to Hold Hearing on Investor Protection: The House Financial Services Committee will hold a hearing entitled, "A Review of Investor Protection and Market Oversight with the Five Commissioners of the Securities and Exchange Commission" on June 26. The hearing will feature testimony from SEC Chairman Christopher Cox and the commissioners of the SEC. Please click here for more information, including a link to watch a live webcast of the hearing. Prepared testimony will be available shortly.
House Introduces Bill and Holds Hearing on Terrorism Risk Insurance: On June 18, Representatives Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Mike Capuano (D-MA) introduced H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). The bill extends the Terrorism Risk Insurance Act (TRIA) for ten years and is designed to spur the development of a private market for terrorism risk insurance. The House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing this morning entitled, "Examining a Legislative Solution to Extend and Revise the Terrorism Risk Insurance Act" to discuss the bill. Please click here for more information on the bill and here for more information on the hearing.
OFHEO Requests Comments on Conforming Loan Limit Guidance: On June 20, the Office of Federal Housing Enterprise Oversight (OFHEO) issued a request for comments on its proposed guidance on conforming loan limit calculations. These calculations establish the maximum size limit for loans that Fannie Mae and Freddie Mac may purchase, as provided in their charters. The conforming loan limit is adjusted annually through a calculation of year-over-year changes to the existing level of home prices based on data from the Federal Housing Finance Board. Please click here for the proposed guidance and here for more information.
S&P Requests Comments on Revised Guidelines Relating to RMBS Loan Modifications: On June 18, Standard & Poor's issued a request for comment on its proposed guidelines relating to residential mortgage loan servicers' loan modification practices and the manner of reimbursement of capitalized loan amounts in US RMBS transactions. The proposed guidelines provide a framework for a common approach to assessing the risks associated with loan modifications and capitalization reimbursement amounts within the U.S. RMBS market. The proposed changes reflect the potential increase in the use of loan modifications as a loss mitigation strategy in the mortgage loan servicing industry and encourage sound loan modifications. Please click here for the request for comment. Comments are due by July 1, 2007.
Conferences/Events
Register Now for the ASF Securitization Institute: Enrollment spots are filling up quickly for future offerings of the ASF Securitization Institute, the ASF's comprehensive training and education program on core securitization market topics and concepts taught by distinguished securitization market participants. The program will be offered in three two-day events: two introductory courses on securitization fundamentals in July, 2007 and October, 2007 and an advanced course on applied securitization in November, 2007. A comprehensive thirteen week evening course will be offered in spring, 2008. Please click here for more information, including links to register and a detailed curriculum. Seating is limited for all sessions, so register today.
ASF 2007 Annual Meeting Webinar Available: The ASF would like to thank all of the attendees who made the ASF 2007 Annual Meeting a success. The event, held on June 6 at the Grand Hyatt in New York, featured a full day of substantive programming and featured a keynote address by FDIC Chairman Sheila Bair. Audio files of all of the sessions are now available by webinar, along with accompanying presentations. Access to the webinar is complimentary for all ASF members and ASF 2007 Annual Meeting registrants. Please click here for more information on accessing the webinar.
ASF Entertainment Task Force Conference Call: The ASF 2008 Entertainment Task Force will be holding a conference call on Tuesday, June 26 from 2-3 PM (ET) to discuss entertainment and networking activities for ASF 2008. For more information or to join this task force, please contact Tere Petersen.