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Securitization Industry Backs Modification Plan.
New York -- 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."
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