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While condo and rental conversions represent only a small segment of CMBS securitized loan collateral, they have, in our opinion, been able to secure more than their fair share of negative headlines.
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Draft legislation recently released by the U.S. Senate Committee on Banking, Housing and Urban Affairs would, like a similar measure circulated in draft form by the U.S. House Committee on Financial Services, mandate retention of economic risk by securitizers, provide for increased disclosure in connection with offerings of asset-backed securities, and permit the Securities and Exchange Commission to increase the periodic reporting requirements for SEC-registered offerings of ABS.
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Real estate as an asset class has been at the heart of the current market turmoil in Western economies, notably in sub-prime and commercial mortgage-backed securities.
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The trustee is central to a vast number of structured finance transactions, whether as note trustee, security trustee or otherwise.
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Due to the diversity and complexity of structured finance assets, structured finance markets have predominantly been characterized by infrequent and opaque trading activity. -
The payoff of a derivative security is a function of the value in the underlying market, not the other way around.
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Recent events in the credit markets have shattered once-vibrant asset-backed securities markets around the globe.
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"On the now famous '5% retention' for securitization, I’m pleased to see that the Parliament has resisted the call from industry to do away with what they had only last year characterized as complete nonsense. I am delighted to say that the retention rule has emerged as something that is not nonsense but plain 'common sense'. It is now recognised by the G20 as a key measure to strengthen the financial system." – excerpt from an EP plenary session speech on May 6 by Charlie McCreevy, European Commissioner for Internal Market and Services.
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There was a lot of discussion in the summer of ‘08 on the topic of covered bonds in the US. Much has and has not happened since.
