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Newer Version of RMBS Issuer Principles in the Works

Published Updated 1 Min Read

The European Securitization Forum (ESF) said it is currently discussing possible changes to its RMBS Issuer Principles for Transparency and Disclosure.

The updated version would include number of new features. The ESF said that possible feature would include the representation of warranties; more define stratification table, aggregate loan reporting and some country specific adjustments for the template. The ESF said it was also looking to applying due diligence requirements of investors within the package.

 The principles are an important component of the industry’s initiatives to increase transparency in the securitization market as recommended by ECOFIN, European Commission, Financial Stability Forum, IOSCO and other bodies.

More recently the U.K. government announced its 2009 ABS Guaranty Scheme for RMBS where the criteria for tapping into the guarantee scheme draws on these principles.

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