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BFCSA: IOSCO Chief Greg Medcraft, ASIC Chief "runs with hares and hunts with hounds."

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Greg Medcraft – Head of ASIC runs with the hares and hunts with the hounds.

Report : Ted Baxter

Tuesday, 22nd November 2011

In a tragic twist of fate the banking industry manages to insert as the head of ASIC a dyed the in wool 30 year merchant banker who was active in the origination, structuring, distribution and investment in securities backed by among other things residential mortgages – the very instruments that led to the sub-prime crisis and consequent Global Financial Crisis.

Hi all. It’s Teddy again (by the way that’s not my real name). It wasn’t my turn to post something today but I begged my editor to let me jump the queue and he did, bless his soul. I just couldn’t help myself. I am so angry knowing about ASIC’s boss, Medcraft.

Before we expose him it’s important to give you background on the Global Financial Crisis (GFC) and its origin and for this I apologise in advance. From this background I hope I can get the message across to you because I am not a writer by profession and I’ve been thrown in at the deep end with only my economics background to draw on............

Background of the Economic Crisis and GFC..............

Now to the guts of my more



Australia looks to Canada for the Answer

by Chris Wright

Aus t r a l i a has taken its first steps towards an agency model for its securitization markets — a system in which the federal government would act as a guarantor for mortgage-backed issues. It’s an idea designed to bring stability and confidence back to a market which, despite the world-renowned quality of its underlying mortgages, has almost completely died out this year.  The public face of this push is Greg Medcraft, the new chief executive of the Australian Securitisation Forum and the former head of its U.S. counterpart, the American Securitization Forum. He led a formal pitch to Australia’s federal Treasury in April.


“Australia needs to look at an agency model,” he says. “It’s a little bit overdue.” The idea is that it would bring investor support back to the market — not just now, but in future liquidity crunches — as well as improve liquidity, raise competition and reduce both the cost of funds for issuers and the rates of mortgages for borrowers. It might also help with a curiosity of the Australian market — that much of its paper goes overseas, not to Australian investors.................


Medcraft, who until recently was the global head of securitization at Société Générale in New York, has looked worldwide for the best existing model and concluded that the answer lies half the world away in Canada. “They took the American model and made it better,” Medcraft says. “The U.S. is issuer driven, Canada is investor driven.”.............


No Way Out?

An important question is whether the closed markets create a problem for issuers who simply have to issue.  Those who have 364-day warehousing facilities are surely running close to the end of that facility and simply rolling over debt is proving highly problematic...........

Already many originators who have the option to do other things have shut down or at least declined. Puma, the securitization program of Macquarie Bank, announced that it is dramatically scaling back origination.   ANZ’s white label originator of housing funding, Origin, has been closed down and its staff absorbed into the bank’s mainstream mortgage division.  And non-bank lender Rams was sold to Westpac in January, for just a tenth of the value set in its stock-market debut early last summer, in order to ensure its survival.....................


For his part, Medcraft says the Australian market is “dead.  There is no market.” Naturally, that bothers him. “Before this happened it was the fourth-largest credit market in the world.  And the longer it’s frozen the more damage is being done longer term.” So in his ASF role he wants to make bigger changes than the shift to the agency model............



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