What is the outlook for structured finance in the U.S.?
Growth at start of 2004 due to strong pipeline in Residential Mortgage-Backed Securities
- Refinancing ARMs to lock in low interest rates
- Seeing pickup in Commercial Mortgage-Based Securities and Collateralized Debt Obligations
- U.S. issuance for year will decline by at least 25%
Asset-backed securities market starting slowly, but it is a timing issue
- Business picked up in February; pipeline is strong