The Securities Industry and Financial Markets Association (SIFMA) and the European Securitization Forum (ESF) said they welcome the assessment and analysis of current market conditions stated in the recent U.K. treasury report authored by Sir James Crosby. The report also looked at the implications on the securitization market and potential policy alternatives.
As stated in the report, the ESF is actively engaged with HM Treasury in looking at a number of ideas to stimulate the demand for residential mortgage-backed securities," said Rick Watson, head of the ESF. "In addition, a number of transparency initiatives are under way by ESF, SIFMA and other industry associations in Europe and the U.S. This is part of joint work undertaken at a global level to respond to the crisis and boost investor confidence.
We support Sir Crosbys thoughts and welcome this interim report which produced an excellent analysis of the U.K. mortgage market," Karsten Moller, senior managing director, SIFMA and head of Europe and Asia said. "We appreciate that the Treasury is considering a number of options and actions under consideration to restore confidence, and to get the mortgage-backed securities market going again. We will work closely with the Treasury to evaluate the viability of any proposed solutions.