After a near-shutdown of the securitization market over the past year, the appetite for deals in the U.S. has grown sharply recently. The rebound has been spurred in part by government programs such as TALF and PPIP. There have also been non-TALF deals coming to market over the past several months, offering proof that even without government programs, there is still investor interest in consumer products within the securitization arena.
The importance of the securitization market cannot be overestimated. According to Richard Herring, a professor of finance at Wharton, more than half of the lending to households over the last six years has come not from banks' balance sheets, but from the securitization market.
As the U.S. government continues to reinforce its commitment to preserving securitization, join us for a timely discussion on the state of the market. The topics we'll be addressing include:
Whether the recent recovery in securitization is sustainable.
Asset overhang in RMBS and CMBS, and the impact the PPIP program may have on those areas.
How regulation may reshape the securitization market.
The role of the rating agencies.
Loan modifications and what they mean for investor demand.
A look at the CMBS market, which remains moribund.
The outlook for securitization five years down the road.
Speakers:
Dan Castro, Chief Risk Officer and Principal, Huxley Capital Management
Stuart Litwin, Partner and co-head, Global Securitization Practice, Mayer Brown
David Audley, Executive VP, Beacon Capital Markets
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