SIFMA and ASF Support Initiatives Announced by the U.S. Treasury and the Federal Reserve
American Securitization Forum (November 25, 2008)
November 25, 2008
New York, NY- The Securities Industry and Financial Markets Association (SIFMA) and the American Securitization Forum (ASF) strongly support today's announcements by the U.S. Treasury and the Federal Reserve, which include plans to create a Term Asset-Backed Securities Loan Facility and to purchase the direct debt obligations and mortgage-backed securities of the government-sponsored enterprises--Fannie Mae, Freddie Mac and Ginnie Mae.
"We strongly support the steps Treasury and the Federal Reserve are taking to buttress the markets, which in turn should help stimulate lending to both consumers and businesses," said Tim Ryan, CEO of SIFMA. "These are helpful and important steps to address the frozen credit markets and to restore stability to the financial and capital markets."
"By easing illiquidity in highly credit-worthy securitization instruments, the initiatives announced today should help facilitate the extension of credit to consumers and businesses for the purchase of autos, student loans, and homes," said George Miller, executive director of the ASF. "Restoring the private securitization markets by restoring lenders' ability to provide credit to consumers is critical to improving the broader economy. Both the ASF and SIFMA look forward to working with Treasury and the Federal Reserve on these important initiatives."
The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members' interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.
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.
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