SFIG’s Fall Symposium 2013

In his presentation, Reggie Imamura noted that SFIG now has 180 member organizations, representing all areas of the securitization industry. He additionally cited to 35 advocacy initiatives undertaken by SFIG since its inception in March of 2013 and the signing of the lease for SFIG’s new headquarters in Washington, D.C.

Alec Phillipsgave a Washington-focused presentation on “The Fiscal Policy Outlook – Clouds Parting or Eye of the Storm?” during which he reviewed the recent government shutdown and debt ceiling controversy, describing the impact on consumer confidence, short-term Treasury yields, GDP growth and the equities market. He also addressed the up-coming budget talk deadline of December 13, 2013, noting that there was “no penalty for failure” if the Democrats and Republicans do not make any progress, the next round of “sequestration” cuts scheduled for January 15, 2014 and the next debt ceiling limitation, expected to be reached in the Spring of 2014.

Mike Mitchelland members on the risk retention panel gave an overview of the Risk Retention Re-proposal released by the Securities and Exchange Commission, the federal banking agencies and the federal housing agencies on August 28, 2013, as well as an overview of SFIG’s Comment Letter on the Re-proposal, submitted today. The panel re-emphasized the view set forth in SFIG’s Comment Letter, that the risk retention rule “should not necessitate a fundamental overhaul of industry segments that have been working well.” Panelists addressed the re-proposal as it affects ABCP, master trusts, auto loan and mortgage securitizations.

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