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Promoting securitization is all well and good. After all, it performed through the crisis and offers a good way to keep finance flowing while cutting banks out of the picture. But regulation of the industry keeps trying to solve a problem that never existed.
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The European Covered Bond Council has proposed a new generation of secured funding notes, halfway between covered bonds and securitizations. But getting them off the ground is still in the hands of the regulators.
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When involved in a niche, whether as a journalist or a direct participant, it’s easy to overstate the importance of your little corner of the market.
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The Federal Housing Finance Agency's risk transfer programmes are sponsoring egregious risk taking in the name of attracting private capital to housing finance.
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The green bond market has been developed by public sector issuers and blue chip companies, to satisfy investors that want to feel their money is going to green projects.
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The news that Lynn Tilton, founder and CEO of Patriarch partners, was charged with fraud by the US Securities and Exchange Commission on Monday has provided the market with plenty of tabloid-friendly fodder.
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Getting assets out of the public sector has an obvious appeal. But it’s not always a great trade.
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It’s easy to make short term arguments that standardising CLO documentation and improving execution transparency hurts managers, or investors, or banks. But it doesn’t have to.
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The US business model for servicing delinquent loans is fundamentally flawed and incentivises a system of cutting corners at the expense of borrowers and investors.