The Consumer Finance Protection Bureau (CFPB) doesn't have a direct mandate over the securitization industry, yet it is one of the biggest regulatory wildcards, particularly for deals backed by residential mortgages in the foreseeable future.

Securitization market executives may want to reconsider their summer vacation plans. Not only are significant rules stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act likely to be issued soon, but an earlier proposal amending Regulation AB, which had been put on the backburner, may be finalized over the next few months.

The TBA market is widely viewed as an essential element of a functioning mortgage market, serving as both the ultimate source of liquidity and a crucial pricing benchmark for housing finance. However, the market has evolved significantly over the last few years; a major change has been the growth of the specified pool sector. This column will examine this development and its implications for the MBS and mortgage markets.

The asset-backed commercial paper market, which is still less than a third of the size it was before the financial crisis, may be set to shrink even further.

ABCP looms large among the victims of Moody's bank downgrades on June 21. Some of these banks support ABCP conduits, which, in turn, saw their ratings drop. And in ABCP land, that single grade difference can make or break a conduit. It's because money market funds - ABCP's biggest investors - can only buy 'P-1' paper.

The handful of future flow securitizations, particularly diversified payment rights (DPR) securitizations, originated in Russia over the years have all been done as secured loan structures, typically by an offshore SPV issuing notes backed by a secured loan made to the originator.

In the ASR Scorecards database's preliminary public lead manager rankings for 2Q12, JPMorgan Securities grabbed the top slot with $14.5 billion sold and an 18.9% market share. It climbed one spot from 2Q11 with a 16.0% market share and $5.2 billion sold. ASR's 2Q12 numbers are as of June 26, while its 2Q11 numbers are as of June 30, 2011.

>Officially launched during the Global ABS confrence in mid-June, the initiative of prime collateralized securities (PCS) could provide the stimulus to issuance for which European players have been waiting.

Manager Activity: Autos Book Runner Amount (US$ Mil) Rank Mkt.

2012 2011 2010 ABS (Public + 144A) 125,663.5 80,299.7 72,572.4 ABS (Public + 144A excluding CDOs) 115,294.8 75,870.7 71,322.1 ABS (Public Only) 72,451.6 42,525.1 32,105.4 ABS (144A Only) 53,211.9 37,774.5 40,466.9 Non-Agency MBS 27,204.5 35,183.0 10,878.9 Agency MBS 167,213.0 221,786.7 241,267.6 CMBS 16,916.1 20,433.2 10,566.6

Prudential Investment Management has priced a $423 million collateralized loan obligation.

Proposed bank capital rules are likely to both benefit and crimp the securitization market, potentially making highly rated transactions less attractive while having uneven effects on different asset classes.