ABA Banking Journal - November 2008 - (Page 24E)

4 From the CEO VantageScore active with Secondary Market Group Earlier this year VantageScore became a member of the American Securitization Forum, an industry group that provides leadership and shapes the dialogue among the various entities involved in the secondary market. The group, known as ASF, is a broadly-based professional forum through which participants in the U.S. securitization market can advocate their common interests on important legal, regulatory and market practice issues. These include a host of challenges and opportunities facing a securitization market that is currently weathering one of its most difficult periods. I am participating on two task forces with ASF related to Project RESTART that will result in broader and more detailed market standards and practices for disclosure of information for the underlying mortgages within mortgage-backed securities. These new standards will require reporting at the loan level for each mortgage within a pool, enabling investors and rating agencies to examine securities and perform analysis in greater detail than ever previously possible. There are literally hundreds of data points that will be disclosed. The standards will be implemented by all appropriate participants, such as lenders, rating agencies, servicers and others, through market-imposed incentives and discipline. VantageScore is a part of these standards in the credit score ASF has provided leadership throughout this time. The group directly encourages active dialogue and convocation among securitization market professionals through a variety of means, including participation on a task force to work through industry issues, by providing substantive and timely informational and educational programs, including major industry conferences, as well as topical, issue-specific workgroups and seminars. ASF is at the forefront of the issues and has earned the respect and attention of influential leaders at the highest levels of the financial services industry and our federal government. The information I’ve provided above is really just the beginning of a comprehensive suite of standards and practices being developed by the securitization market through the leadership of ASF. It’s impossible for me to cover all the details in this brief space. I encourage a visit to the ASF website, www.americansecuritization.com for a more detailed look at this important initiative. A chief initiative underway is ASF’s Project RESTART — a marketdriven effort to bring reform and improved transparency and reporting to the securitization process. The goal is renewed investor confidence in mortgage and other asset backed securities, in order to restore the needed capital to the secondary markets, which can thereby lower the cost of consumer credit in this country. If accomplished, this will prove to have been a significant contributor to easing the housing and economic crisis we are facing as a nation. fields of the disclosure package. This is an important advancement for VantageScore, as it means that the industry is equipped to receive and evaluate loans that have been scored with VantageScore. http://www.americansecuritization.com

Table of Contents Feed for the Digital Edition of ABA Banking Journal - November 2008

ABA Banking Journal - November 2008 Contents Editor's Column Banking 2.0: Credit, Banking's Essence, Set for Rethinking Snapshot: The Few, the Proud, the Banks that Can Raise Capital Will Strong and Simple Banks Inherit the Business? Back to the Future ABA Resources ABA Chairman's Position Farm Lenders Must Take Care When Lending in Indian Country Pass the Aspirin Into the Breach Adventures Across A Century What the Future Holds, Post Crisis Paul Volcker: A Financial Legend Still Speaks Strong Ed Yingling: Weathering the Storm Dick Kovacevich: "Boring" Banking to Dynamic Financial Services Jim Culberson: Community Banking: What has Changed and What Shouldn't Walter Shipley: How a Chemical Reaction Helped to Mold Today's JPMorgan Chase William Isaac: Challenges and Opportunities Ahead for Banks A Hundred Years from Our Pages Eight Tech Innovations that Brought Banks into 21st Century Bank Cherokee: Third Generaton Marks 100th Year The First National Bank of Altavista: Railroad Gave Birth to a Town, a Hope Chest, and a Bank Rosedales Federal Savings and Loan Association: How a Friendly Game of Cards Turned into a 100-Year Mutual New Washington State Bank: Cooking Up the Next 100 Years Mailbox Banker's Mart To Advertise/Index of Advertisers The Economy

ABA Banking Journal - November 2008

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