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The latest round of Republican calls in the US for president-elect Donald Trump to fire the Consumer Protection Financial Bureau (CFPB) head Richard Cordray and roll back the agency’s influence is a real threat to American consumers.
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The move by the US Housing and Urban Development (HUD) secretary Julian Castro to reduce mortgage insurance premiums is a politically motivated one designed to pressure the incoming Trump administration. As such it brings the agency into the political arena at a time when non-partisanship should be the goal of one of the foremost housing authorities in the US.
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With pressure on banks to tighten their belts and deleverage balance sheets, in 2017 synthetic securitization could become a much bigger part of the bank treasurer’s toolkit.
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Reviewing some of the year’s biggest securitization stories, it looks like we started and ended the year worried about Italian NPLs.
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Move over Hillary — the president-elect is now every American banker’s favourite politician, with bank executives citing confidence in the new administration and forecasts predicting a rip-roaring 2017. -
For all the noise in the US and EU markets this year over risk retention and the harm that it causes issuers and market participants, many in the market admit privately to quite liking the idea.
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The immediate irony of the securitization industry’s efforts to create a “simple, transparent and standardised” framework to boost the market is that once Europe’s politicians got hold of it, it became a complicated, opaque and idiosyncratic way of holding it back.
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The markets have largely endorsed US president-elect Donald Trump’s mission to “make America great again”. But previous populist strongmen, in their quests to prove national strength and virility, have done a world of damage to their country’s economic prospects.
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In a conference speech last Thursday, Prosper president Ron Suber likened the marketplace lending and its use of different funding models to music streaming apps like Spotify and iTunes. But the marketplace lending industry is still dependent on many of the same models that preceded it.
