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Securitization Industry Backs Modification Plan

During a meeting of the ASF's board of directors here, the organization said its members have devoted time and effort to tackle loss mitigation and foreclosure prevention initiatives as it relates to securitization.

Tom Deutsch, deputy executive director, American Securitization Forum, said over the past two years, a lot of people in the overall industry have focused legislative and regulatory actions on existing transactions and existing mortgage loans, instead of on the future.

"I've seen a shift in focusing on forward thinking. On how do we effectively kick-start the securitization market on other types of markets and ratings agencies. It's gone from backward looking and existing transactions to looking at how we make credit available for the future basis that's long term and sustainable rather than quick fixes."

The organization has created many task forces, working groups and subforums to deal with legislative issues and judicial issues, loan level data, credit agencies, servicers, trustees, accounting standards and others, which represent the depth of the marketplace.

There is continuous dialogue with regulators and legislators on all of these topics and others, he said. "The organization represents what is going on in the marketplace. We are working hard to restore broader confidence to the securitization market."

There are 365 member firms in the organization. Some member firms may be choosing not to continue their membership in some cases, but the group is still finding new members and organizations are joining the market, reflecting the diversity of the business.

In conjunction with the ASF's 2008 annual meeting, the board of directors elected executive officers, and committee, subforum and deputy chairs.

Sanjeev Handa, head of global public markets at TIAA-CREF, Jason Kravitt, senior partner in the securitization practice at Mayer Brown LLP, and Diane Citron, general counsel at Carrington Capital Management LLC, continue in their roles as chair, deputy chair and secretary, respectively, until the completion of their current terms on June 30, 2010. Michael Sternberg, managing director at Morgan Stanley, was newly elected to the position of treasurer with a term that expires June 30, 2011. Additionally, Ralph Daloisio, managing director at Natixis, was elected as an executive vice president with a term expiring June 30, 2011. G. Whitfield McDowell, managing director at Bank of America, and Lawrence Rubenstein, general counsel at Wells Fargo Asset Securities Corp., will continue in their roles as executive vice presidents. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/

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