The point about ASF is that it purports to represent the buy side investors who are on strike over the issue of transparency, but whether in fact the organization has been able to serve two masters with conflicting goals is a question being asked by regulators (first in the EU and now here). The EU amendments to the Capital Requirements Directive indicates that the buy side is beginning to find its own voice.

Restoring confidence in securitization is crucial and the method by which to do so is not shrouded in mystery. Review pages 39-41 at this link: http://www.sifma.org/capital_markets/docs/Survey-Restoring-confidence-securitization-markets.pdf

Or if you wish, you can read a summary on my blog: http://rwbeerdiet.blogspot.com/2009/01/weighed-in-at-196-12-this-morning.html

Simply stated, the buyer’s strike will not end until investors are given more timely (probably real time) data, standardized and delivered to their desktops next day so that they can use their own analytics to value and price the securities. The desire for collective amnesia to permeate the buy side and cause them to return without obtaining meaningful transparency is a pipe dream. Consider for a moment two of the many reasons: first, the PWG report and the EU speech by Charlie McCreevy made it clear that the buy side did not have the data to perform adequate due diligence (and neither did the NRSRO industry according to Moody’s 9/25/07 report regarding the inability to make timely adjustments to cedit quality); and second, the Wall Street Journal Heard on the Street column of November 9, 2007 continues to needle the buy side as an example of asymmetrical information in securitization.

http://housingdoom.com/2009/06/19/is-this-the-quintessential-housing-boom-home-or-what/#comments

Who’s going to buy this money pit?

as i said before- better to walk away- why refinance and stay in an upside down home that won’t experience appreciation for some time- and more than likely will lose additional value the longer you sit in it-

just walk away

125 refis, maddening as hell isn’t it? We’re going to continue this madness into a sinking RE market. What’s next 150? Undoubtedly, as there is apparently no limit to the madness.

How One Growth Fund Manager Has Made 20% This Year

….This is the financial media…the fund auerx started in 2008 at 10 bucks….finished today at 5.36….

heh, heh, heh….they only have to double and they will make your money back if you held them since last year….

Investment banks bankrupt? Keep them alive with tax money..

Bought a house with money you didn’t have, or took all of the value out of it with second and third mortgages? Obama is going for round 2 above.

Overseas car companies making cars people want and our car companies making huge mistakes? Don’t worry, how about 50 billion in bailout so far, and 5000 dollars for your old clunker, courtesy of the taxpayer.

State, sales, county, city taxes going to eat you alive this year? Don’t worry, our tax hikes won’t come in until next year.

Indebted for generations? YES, but since I’m clueless, maybe I’ll be re-elected…

H G Wells couldn’t make this story up. This is going to end very very poorly…

Obama’s Mortgage Refinancing Program May Be Expanded (Update1)

“We’re actively considering how to structure a program that makes sense over 105 percent,” Federal Housing Finance Agency Director James Lockhart said yesterday. He said a ratio of 125 percent “is a number” that’s on the table, though “not necessarily the number we’re going to end up with.”

….This is crazy as hell….

Bruce in Tennessee

Why don’t they want American’s to compete on a free, open field?

The GOP simply doesn’t understand what’s happening with China, Europe, our competitors. Give those guys a passport.

Securitization can also be used as a tool that allows banks and investment banks to harvest huge fees on huge volumes of business, without having to worry whom they lend to, as long as the borrower can keep afloat for 3-6 months.

I think you can fix the last part without killing the first, but I have not seen any serious attempt of that from Geithner/Summer. But then you wouldn’t expect them to kill the golden cow that their master and future employer is getting fat from.