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Volume 1 - Number 9 | August 12, 2004
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TOP STORY: Industry Struggles For Consensus On Proposed SEC Rules
By Bennett Voyles
The securitization industry is giving a thumbs-up to an exemption for CMBS in the Securities & Exchange Commission's proposed new disclosure rules regarding asset-backed securities. But it wasn't easy to drum up industrywide support, and agreeing to the SEC exemption was hardly unanimous.
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INSIDER: Prudential Mortgage Capital's Shane Tucker
By Erika Morphy
As it has been for everyone else in the industry, life—or rather, the market—has been good for Prudential this year, says Duane "Shane" Tucker, managing director of Prudential Mortgage Capital Co. in San Francisco. The company has realized more than $1 billion in securitization volume in the first six months of 2004—a threefold increase for the firm, according to Tucker.
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Few Clues To WaMu's CMBS Exit
By Bennett Voyles
Washington Mutual’s recent decision to discontinue its CMBS platform after just two years earned little more than a footnote in last week’s news about the elimination of 850 commercial lending jobs at the Seattle-based savings and loan giant, perhaps a fitting epitaph for a business that, by some accounts, never really quite took off.
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What's Hot, What's Not: Sell-Side SEC Response; Fallen Angels
By Erika Morphy
What's Hot: The sell-side's response to the comment period for the SEC's ABS/MBS disclosure proposal. All told, according to Nomura Securities officials, the SEC received more than 40 comment letters in response to its proposal. Interestingly, the letters came in two waves, sources say. While the first wave of earlier responses appeared to set an even tone for debate and represented both buy and sell side respondents, a latter wave of comments were far more lopsided, coming mostly from the sell side.
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