Asset-Backed Alert - IMN
Asset-Backed Alert - IMN
Asset-Backed Alert - IMN
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April 12, 2013<br />
<strong>Asset</strong>-<strong>Backed</strong><br />
9<br />
ALERT<br />
Mortgage-Seizure Threat Subsides<br />
The company behind a plan that calls for municipalities to<br />
seize underwater mortgages appears to be losing enthusiasm<br />
for the effort.<br />
Officially, Mortgage Resolution Partners’ project remains<br />
under way. But sources said the San Francisco firm is showing<br />
signs of conceding that rising housing prices have negated<br />
interest among its municipal partners.<br />
The California municipalities of San Bernardino County,<br />
Fontana and Ontario dropped out of the effort in January. They<br />
had been seen as the most promising prospects to work with<br />
Mortgage Resolution, which proposes to offer funding and<br />
management assistance to municipalities that use eminent<br />
domain to buy mortgages at risk of foreclosure.<br />
To finance the plan, Mortgage Resolution has lined up more<br />
than $500 million from investors. Along with rising housing<br />
prices, its momentum may have been sapped by threats of lawsuits<br />
from the American Securitization Forum and Sifma.<br />
The company is still holding out for one municipality, however.<br />
Officials in the Massachusetts town of Brockton are scheduled<br />
to vote on April 11 whether to join the effort.<br />
“This whole thing is irrelevant until some city pulls the trigger,<br />
which is appearing more unlikely,” one source said. <br />
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SECURITIZATION SPOTLIGHT SESSION<br />
The Future of Capital<br />
Requirements<br />
APRIL 17, 2013 | 5:00PM – 7:30PM<br />
SIFMA CONFERENCE CENTER | NYC<br />
<br />
<br />
<br />
Global ABS<br />
TM<br />
2013<br />
A December 2012 consultation from the<br />
Basel Committee on Banking Supervision<br />
(BCBS) proposes significant changes<br />
to the capital regime for securitized<br />
products which could lead to major<br />
increases in capital requirements. Join<br />
the SIFMA Securitization Group (SSG)<br />
for its latest Spotlight Session, featuring<br />
an in-depth panel discussion to explore<br />
the impact these changes might have on<br />
the future viability of securitization as<br />
a funding and risk management tool, as<br />
well as industry recommendations to the<br />
BCBS for a revised framework.<br />
www.sifma.org/2013spotlight-basel/home/
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