This week the American Securitization Forum (ASF) released for comment the proposed ASF Project RESTART RMBS Trustee Bond-Level Reporting Package.
The proposed Bond-Level Reporting Package — which consists of a standardized layout containing 28 fields of bond-level information — was developed by the ASF trustee subforum and investor committee. It represents another phase of ASF Project RESTART, which aims to increase transparency and standardization in RMBS transactions.
Standardization of trustee reports would provide investors and credit rating agencies with consistent fields of information across issuers and enable them to efficiently review bond performance information.
Implementation of the Bond-Level Reporting Package is recommended for no earlier than the first quarter of 2011.
Comments are requested on the Bond-Level Reporting Package, including the implementation timeline, by Dec. 10.
The ASF said it expected that the bond information contained in the Bond-Level Reporting Package to be integrated with the loan information contained in the ASF RMBS Disclosure and Reporting Packages through a link created between the CUSIP for each bond and the recently announced industry-wide loan identifier, the ASF LINC™. This linkage will enable investors and credit rating agencies to easily get information about the specific loans underlying a particular bond.