The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
requires various government agencies to issue rules designed to
restructure the US financial regulatory system and restore public
confidence in the US financial markets. Proposed rules have been coming
forth in increasing volume, including many rules related to
securitisation transactions. Some rules have been finalised, while
others remain in proposed form. Furthermore, several rules required by
Dodd-Frank have not yet been proposed.
Much of the commentary on Dodd Frank's securitisation provisions has
focused on the effects of the Act on mortgage-backed and similar
asset-backed securities (ABS). Given the historic size of the US
mortgage-backed securities market and its role in the financial crisis,
Dodd-Frank often addresses these products very specifically.
Furthermore, even when not doing so by name, the substance of many rules
appears to be designed with mortgage-backed securities in mind.
This has created doubt as to the...