Resolving the primary drought for RMBS issues may have less to do with transparency and more to do with pricing. Nonetheless, a regulatory tsunami promises to hit hard and could wring out the more traditional players from the market's future.

"It's agreed that to kick-start issuance you need to provide a strong basis for securitization and have best practices and standards in place," said Douglas Long, executive vice president in business strategy at Principia Partners. "From that perspective, the industry has already done a huge amount. For me, the issue is one of timing - regulatory proposals are urgently being pushed through but, at the same time, standards are still being finalized by the industry, so we have a chicken and egg situation."

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