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The American Securitization Forum (ASF) released the following statement on the loan modification plan announced by President Obama today.
“We support a number of aspects of this program and look forward to continuing to work with the administration to refine additional details in a number of areas of the plan. Although we continue to work with our members to review the many important details in the package, we appreciate the administration working towards a single market standard for loan modifications. As ASF and its members have spent a great deal of time working together on standardization of these processes, we share the administration’s goal,” said Tom Deutsch, deputy executive director of the ASF. “Especially when combined with proposed Hope for Homeowners improvements and direct second lien purchases, these additional efforts can help substantially reduce unnecessary foreclosures. Preventing foreclosures and preserving home ownership wherever possible remains a top priority of this industry and today’s plan helps us all move towards that goal.”
The American Securitization Forum is a broad-based professional forum through which participants in the U.S. securitization market advocate their common interests on important legal, regulatory and market practice issues. ASF members include over 330 firms, including issuers, investors, servicers, financial intermediaries, rating agencies, financial guarantors, legal and accounting firms, and other professional organizations involved in securitization transactions. The ASF also provides information, education and training on a range of securitization market issues and topics through industry conferences, seminars and similar initiatives. For more information about ASF, its members and activities, please go to www.americansecuritization.com. The ASF is an independent affiliate of the Securities Industry and Financial Markets Association.
