On July 16, the American Securitization Forum (ASF) announced the public launch of its Project on Residential Securitization Transparency and Reporting (ASF Project RESTART). Project RESTART aims to restore investor confidence in mortgage and asset-backed securities through a number of phases including the development of standardized residential mortgage-backed security (RMBS) disclosure and reporting packages, model representations and warranties, repurchase and due diligence procedures, and servicing provisions. The ASF also announced a request for comment (RFC) on the first phase of the Project, the ASF RMBS Disclosure Package, which contains selected data elements which have been recommended initially by Project members to comprise the core deal and loan-level information which should be supplied by issuers, transaction supplement fields, and an RMBS Disclosure Package Glossary. The comment period for the RFC ends on August 22, 2008.
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