Following the Obama Administration's announcement of its proposed legislative reforms aimed at securitization and recognizing securitization's critical role both to the availability of consumer credit and to corporate liquidity, the Securitization and Structured Finance and Banking Law Committees formed a drafting committee of lawyers with broad experience in the asset securitization and banking arenas. The Committees believed that a "white paper" describing securitization's history, structures, economics and role in the economic crisis, and discussing some of the possible effects of the proposed reforms, could educate readers and assist policymakers in formulating a targeted approach to securitization reform that would avoid unintended consequences. The drafting committee, chaired by Ellen Marks (Latham & Watkins LLP), recently completed the paper, entitled "Securitization in the Post-Crisis Economy: An ABA Business Law Section White Paper." The White Paper was presented by the Committees to the ABA Task Force on Financial Markets Regulatory Reform, and with its encouragement, the Business Law Section furnished copies of the White Paper to Senator Dodd, Congressman Frank and other key members of Congress on January 25, 2010.
Our thanks to Ellen Marks and the other members of the drafting committee, Vicki Tucker (Hunton & Williams LLP), Mark J. Kowal (Sidley Austin LLP), Craig A. Wolson (former chair of the Structured Finance Committee of the New York City Bar Association), Cristeena Naser (American Bankers Association); Colleen H. McDonald (Reed Smith, LLP), Karla L. Boyd (AMACAR Group), Shaileen Patton (Pillsbury Winthrop Shaw Pittman LLP), Mairi V. Luce (Duane Morris LLP), and to Mark Ditto, Beth Lawnicki and Scott Michie of Latham & Watkins LLP for their assistance.