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The Disappearance of Qs: A Knockout Punch to Securitizations?
Securitization markets are reeling from a devastating series of blows. It began last year with the subprime crisis. This year ' so far ' has brought a credit crisis, the collapse of the stock market, and the disappearance of major financial institutions. Meanwhile, politicians and regulators, looking for explanations and scapegoats, are considering new regulatory schemes to “rein in” a securitization system that former Federal Reserve Chairman Alan Greenspan recently told Congress was at the heart of the breakdown of credit markets. (See, remarks of Alan Greenspan before the House Committee on Oversight and Government Reform on Oct. 23, 2008. In his testimony, Dr. Greenspan felt constrained to make his own proposal for securitization reform. “As much as I would prefer it otherwise, in this financial environment I see no choice but to require that all securitizers retain a meaningful part of the securities they issue. This will offset in part market deficiencies stemming from the failures of counterparty surveillance.”)
So, it is no surprise that the securitization markets resemble a battered boxer who is struggling to stay on his feet while hoping to avoid the next, possibly final, punch. The accounting industry may be poised to deliver that punch. Proposed changes to accounting rules for securitization vehicles will further challenge this already fragile market, threatening its role as a significant source of liquidity.
What Is happening?
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
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Turning Business Development Plans Into Reality
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