SIFMA Securitization Group
Dorfman Named Head of SIFMA’s Securitization Group
Richard Dorfman has been appointed managing director and head of the SIFMA Securitization Group (SSG). Mr. Dorfman joins SIFMA from the Federal Home Loan Bank of Atlanta, where he was president and CEO. Read the press release.
Latest Updates:
August 2, 2010
SIFMA submits response to SEC's Asset-Backed Securities Proposal -
- Press Release
- SIFMA Comment Letter
- General Information about the SEC's Proposal
July 21,2010
SIFMA Submits Response to Treasury Request for Comment on GSE/Housing Finance Reform
- Press Release
- SIFMA Comment Letter
July 14, 2010
Clarification of Good Delivery Status of Certain Ginnie Mae Platinum Securities
July 13, 2010
SIFMA hosted a Spotlight Series on July 13, with a focus on the critical issue of GSE reform. For more information, click here.
July 1, 2010
SIFMA Securitization Group Supports Securitization Reform; Calls for Coordination Among Regulators See Also:
Letter to FDIC: Notice of Proposed Rulemaking Regarding Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection with a Securitization or Participation After September 30, 2010 (RIN 3064-AD53)
May 26, 2010
Summary & Comparison of Major Securitization Related Provisions in House and Senate Regulatory Reform Bills
April 7, 2010
SEC Proposes Revised Rules for Asset-Backed Securities
The Securities and Exchange Commission today proposed rules that would revise the disclosure, reporting and offering process for asset-backed securities in order to better protect investors in the securitization market. Chairman Schapiro remarks.
View SIFMA’s press release in support of the proposed increased transparency.
March 22, 2010
On March 22, SIFMA's Securitization Group submitted supplemental comment letter on SEC's approval of TRACE reporting for MBS/ABS. The letter reiterates a number of technical points that are important for FINRA to address as TRACE reporting for securitized products moves from conception to implementation, and follows up on SSG's previous letter on this issue. Please contact Chris Killian for more information.
February 22, 2010
In a comment letter filed with the Federal Deposit Insurance Corporation (FDIC), SIFMA’s Securitization Group (SSG) expresses its support for coordinated, comprehensive and measured regulation to improve the safety and soundness of the securitization market and for an insolvency safe harbor to provide certainty to market participants and investors. However, SIFMA stresses the need for regulation to be coordinated within the broader context of regulatory reform, and to base criteria for a safe harbor on the legal principles of isolation of assets in insolvency.
SIFMA Securitization Group (SSG)
At the beginning of 2010, SIFMA formed the SIFMA Securitization Group (SSG) and plans continued build-out to maximize its effectiveness. With the SSG, SIFMA has an opportunity to achieve vital coordination and syndication of views, goals and activities related to securitization for all member firms at a time when broad representation and coordination are integral to effectiveness. SIFMA will continue to provide leadership in areas where it has decades of experience and history, such as the markets for Agency MBS and related issues such as the reform of the GSEs. SSG will also leverage the organization’s considerable resources and knowledge base to provide advocacy on the host of significant regulatory and legislative issues that will continue to arise for the foreseeable future.
SIFMA is uniquely situated and able to shape the issues that are currently the focus of regulators and policymakers in Washington in a way that provides for necessary reforms yet preserves the ability of financial markets to remain liquid and drive capital formation. With the formation of the SSG, SIFMA will further this effectiveness.
Current Issues
Current issues being addressed by SSG include:
GSE Reform
On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship. FHFA took this action “to help restore confidence in Fannie Mae and Freddie Mac, enhance their capacity to fulfill their mission, and mitigate the systemic risk that has contributed directly to the instability in the current market.”
Agency MBS Market Practices
In the wake of the financial crisis, it is imperative that market participants address several important issues regarding market practices in MBS secondary markets. The SIFMA Securitization group establishes and maintains market practice recommendations for transactions in these markets.
Regulatory Reforms that Impact Securitization
Congress and the financial regulators are undertaking consideration and implementation of numerous legislative and regulatory proposals that have the potential to impact the fundamental underpinnings of the securitization process.
