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George P. Miller, Executive Director of the American Securitization Forum (ASF), delivered testimony today at a hearing of the Senate Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment on “Securitization of Assets: Problems and Solutions.” A copy of the testimony is available here.
Mr. Miller’s testimony addressed four areas:
- The role and importance of securitization to the financial system and U.S. economy;
- Current conditions in the securitization market;
- Limitations and deficiencies in securitization revealed by the recent financial market crisis; and
- Views on certain securitization policy and market reform initiatives now underway or under consideration.
“Over the years, securitization has grown in large measure because of the benefits and value it delivers to transaction participants and to the financial system,” Miller said. “The recovery and restoration of confidence in securitization is vital to ensuring a continuing supply of credit for individuals and businesses, and is a necessary ingredient for economic recovery and growth.”
