Explore every episode of the podcast Securitization Insight

Brock Wolf, managing director and head of ABS banking at Truist Securities, joins host Patrick Dolan to discuss the US securitization market in 2026. The conversation explores the continued strength of the CLO market, evolving opportunities across asset-backed securities (ABS) and the emergence of data center securitizations. They also discuss why investors remain attracted to these sectors and how private credit is increasingly intersecting with structured finance.

The episode also examines today’s tight spread environment, the growing importance of collateral quality and transaction structure and the risks investors are monitoring more closely, including credit deterioration, refinancing challenges, concentration risk and macroeconomic uncertainty.

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Rachel Rosenfeld, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the evolving market of data center financings, including how large operators fund and structure projects, key considerations for lenders and investors, and the financial, regulatory and market factors shaping the development of hyperscale data centers.

The data center industry is evolving rapidly. As a result, some of the facts, figures and market conditions discussed in this episode may have changed since it was recorded. 

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Jair Martinez, Chief Commercial Officer at Finacity, joins host Patrick Dolan to discuss cross-border trade receivables financings and securitizations. Jair covers how these deals are typically structured, the complexities that come with operating across borders, how to manage the key risks involved and the trends shaping the market’s future. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.

Stefan Reisinger, partner in our Washington, DC office, joins host Patrick Dolan to examine tariff refund claims. Stefan covers eligibility requirements, explains who may be entitled to refunds and outlines what businesses need to know when filing a claim. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.

Eric Silberstein Lerner, partner at Ritch Mueller, joins host Patrick Dolan to discuss securitizations in the Mexican market, including the typical transaction structure and the types of securities issued. Eric provides an overview of the legal considerations that arise under Mexican law, and the challenges market participants may face.

Brendan Kennedy, Partner at Arthur Cox, joins host Patrick Dolan to discuss the securitization market in Ireland. Brendan covers the fundamentals of Irish securitization including tax implications, the regulatory framework and the parties typically involved in these transactions. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.

Dallin Merrell, Head of Policy at Structured Finance Association (SFA), joins host Patrick Dolan to discuss the fraud task force that was recently launched by the SFA.   Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify or your preferred podcast app.

Edwin E. Smith, Senior Consultant at Morgan, Lewis & Bockius LLP, joins host Patrick Dolan to review New York’s new Article 12 of the Uniform Commercial Code. Edwin covers how Article 12 sets the rules for handling digital assets, highlights the differences between cryptocurrencies and government‑backed digital money, and explains the key terminology and transition rules introduced by Article 12.

Lewis Cohen, Partner at Cahill Gordon & Reindel LLP, joins host Patrick Dolan to review the recent regulatory and enforcement developments for digital assets and distributed ledger technology (DLT) including the role of stablecoins in banking, oversight by the SEC and CFTC
and the integration of digital assets into financial services.

Rick Antonoff, Partner at Chapman and Cutler and David Rosenzweig, Partner in our New York restructuring practice join host Patrick Dolan to discuss the role of independent directors and managers in structured finance and securitization. Our guests will also explore how these roles have impacted the First Brands bankruptcy.

Ann Lipton, professor at Colorado Law, joins host Patrick Dolan to discuss President Trump’s proposal to shift corporate earnings reports from a quarterly to a semiannual schedule. Explore the history of reporting, alternatives to full elimination and hear Ann’s insights into the potential benefits and drawbacks of the proposed change.

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Don Layton, Senior Visiting Fellow at the NYU Furman Center, joins host Patrick Dolan to discuss GSE reform. Don shares his insight on the evolving landscape of GSEs and the path toward reform, including governance structures, shareholder rights and the viability of their business model. Additionally, we discuss what it may look like for GSEs as they move to exit conservatorship, the realities around launching an IPO and the ongoing oversight of federal regulation.

Andrew Lom, US Head of Financial Services and Global Head of Private Wealth in the New York office, joins host Patrick Dolan to discuss how tokenization is reshaping asset-backed finance. Andrew shares insights into how the foundational components of tokenization work together to reduce costs, boost transparency and accelerate settlement through near-instant transactions. We also examine the potential impact of the GENIUS Act and CLARITY Act on driving broader adoption of tokenization.

Chris Killian, Managing Director, Corporate Credit and Securitization at SIFMA, joins host Patrick Dolan to discuss compliance programs in relation to SEC Rule 192. They focus on the impact of clause (a)(3)(iii) and the SEC’s no-action relief issued on May 16, 2025.

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Pratik Gupta, Managing Director and Head of Global CLOs and US RMBS Strategy at BofA Securities, joins host Patrick Dolan to discuss the CLO market, covering the key factors that shaped 2024 and the outlook for 2025. Pratik walks us through how syndicated and private credit is reshaping the landscape, the growth of the ETF market and the evolving buyer base.

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Keith Martin, co-head of projects, United States at Norton Rose Fulbright, joins host Patrick Dolan to discuss the recently signed budget reconciliation bill, referred to as the ‘Big Beautiful Bill.’ Keith provides his insight on the implications of the bill, including whether the legislation has accelerated the push to launch renewable energy projects before the deadlines in 2025 and 2026, how changes to technology-neutral tax credits may shift incentives and what the new Foreign Entity of Concern (FEOC) rules mean for sourcing and compliance. We also cover the executive order issued shortly after the bill, examining how stricter enforcement directives may complicate timelines and increase regulatory uncertainty for developers.

Join Christine Dalton, Director, S&P Global and host Patrick Dolan for a deep dive into the growing interest in music securitization. This episode unpacks the music assets involved, the qualities that define strong music investments and the key characteristics of a well-structured securitized pool while also exploring the risks associated with these transactions. We also discuss the potential impact of artificial intelligence (AI) on music valuation and the music industry’s outlook amid global uncertainty.

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Derek Moran, Senior Vice President of US RMBS Ratings at Morningstar DBRS, joins host Patrick Dolan to explore home equity sharing agreements, their repayment structures, fees and how they compare to HELOCs. The discussion highlights key risks and increasing regulatory attention under the Trump Administration’s CFPB.

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Fred Perreten, Managing Director of CMBS at KBRA, joins host Patrick Dolan to discuss the current landscape of the data center securitization market. We examine the market's performance in 2024, discuss potential shifts in 2025 under the Trump Administration, and break down the ratings criteria that play a role in these unique transactions.

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Rahel Avigdor, Managing Director of Consumer ABS at KBRA, joins host Patrick Dolan to discuss trends in auto loan securitizations. Rahel provides her perspective on how the prime and sub-prime auto loan securitization markets performed in 2024, changes she may expect in these markets in 2025 under the Trump Administration, key ratings criteria for rating auto loan securitizations and any new features that she is seeing in auto loan securitizations.

Michael Bright, CEO at Structured Finance Association joins host Patrick Dolan to discus the complexities of GSE reform. We explore key issues including the balance between nurturing the private RMBS market and ending conservatorship, adjustments to loan limits, and restrictions on GSE activities. Fred provides his insight on administrative reform risks, the role of credit risk transfers, capital requirements, government guarantees, and the SEC's oversight on reporting standards.

Alan Todd, CFA, Head of US Commercial Mortgage Backed Securities (CMBS) Research at BofA Securities, joins host Patrick Dolan to discuss the trends and expectations for the CMBS market in 2025. Alan shares his outlook on CMBS delinquency rates, special servicing rates, investor interest in alternatives such as data centers, single family rentals and self-storage and CRE CLO issuance as compared to 2024 levels. We also cover the office market dynamics in major cities, including quality shifts, supply shortages and tenant demand for second-tier office space as well as the outlook for the multifamily sector.

Robin Wigglesworth, editor of Alphaville, the Financial Times financial blog, joins host Patrick Dolan to discuss the differences between synthetic and non-synthetic CRTs, common types of CRTs and their appeal to investors. Robin also reviews the historical developments and differences of the European and US markets, and their impact on the private credit market. We'll also cover regulatory changes like Basel III, and explore the current and future market trends.

Sergey Moiseenko, Managing Director, Credit Ratings of the US ABS group at DBRS Morningstar joins host Patrick Dolan to discuss recent trends and developments in the equipment finance sector, including the performance and credit quality of equipment ABS, M&A activity, loans vs. leasing and more. Sergey examines the evolving funding strategies for programmatic issuers in comparison to one-off issuers and the best entry methods for lessors. He also shares his thoughts on the equipment finance sector’s outlook, including the impact of increasing private credit adoption.

Leslie Sack, Director of Advocacy at the Structured Finance Association, joins host Patrick Dolan to review the latest shifts in financial regulation and leadership. Sack provides her perspective on French Hill's expected agenda as the new chair of the House Financial Services Committee, the challenges facing Caroline Crenshaw’s renomination to the SEC, and Tim Scott's priorities as the new chair of the Senate Banking Committee. We also examine the potential candidates for leading the CFPB, OCC, FDIC, and the SEC.

Alison Bisbey, Senior Writer at Green Street News, joins host Patrick Dolan to discuss the potential for increase in Federal Family Education Loan Program (FFELP) Asset-Backed Securities (ABS) issuance as prepayments rise. She explores the impact of prepayments on FFELP ABS, the factors behind them, and whether sponsors may wait for spreads to narrow. 

This episode also highlights the continued dialogue between insurers and bank regulators about unfunded guarantees in bank credit risk transfer (CRT) and synthetic risk transfer transactions and the concerns raised by regulators. Alison examineswhether the revised Basel III proposal will address these issues.

Greg Hertrich, Managing Director at Nomura Securities International, Inc., joins host Patrick Dolan to discuss the changing world of Synthetic Risk Transfers (SRTs) and Credit Risk Transfers (CRTs). Greg explores the potential impact of increased regulation under a Trump administration on SRTs and CRTs, and how Basel III and other regulatory changes could shape these sectors, including both current and future issuance volumes. Additionally, we look at risk profiles for different loan and asset types, such as large corporate, SME, consumer and commercial sectors.

Van Hesser, Senior Managing Director and Chief Strategist at KBRA, joins host Patrick Dolan to discuss the current state of credit markets. Van provides his perspective on how investors are interacting with the market and whether their appetite for risk has shifted.  

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Mansoor Ghori, Chief Executive Officer and Founder of Petros PACE Finance, joins host Patrick Dolan to discuss the state of the Commercial Property Assessed Clean Energy (C-PACE) financing market. Mansoor shares his insights on current trends and the unique challenges the commercial sector may face over the next five years. We also discuss the recent IRS private letter ruling in regards to C-PACE, and Mansoor provides his thoughts on the recent changes to the NYC C-PACE program.

David Dwyer, General Counsel for Policy and Regulatory Affairs at the Structured Finance Association, joins Patrick Dolan to offer insights into Rule 192 under the SEC.

David breaks down complex industry terms, explores rules around short sales and substantial economic equivalents and delves into the intricacies of conflicted transactions under prong (iii). We also discuss pre-securitization activities, disclosure impacts and what it means to be a securitization participant.

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Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the US Supreme Court’s majority opinion in the Chevron case and the potential impact on the CFPB and other US financial services regulators.

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David Dwyer, senior counsel, joins host Patrick Dolan to discuss the Corporate Transparency Act. David shares insight on substantial control over securitization issuing entities, qualifications for the subsidiary exemption and compliance with the Investment Company Act.  

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Thomas B. Michaud, President and Chief Executive Officer of Keefe, Bruyette & Woods, joins host Patrick Dolan to discuss the Basel III proposal and its potential reissue by the banking regulators. Thomas also shares insights on how stringent regulatory requirements are affecting institutions and their pursuit of mergers.  

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Mirella Hart, senior knowledge lawyer in our London office, joins host Patrick Dolan to discuss the new UK securitization regulation framework. Mirella provides insight on the process behind how the final rules were approved by the FCA and PRA, including significant changes made to the draft proposals.  

We review the regulations and their impact for UK institutional investors, the non-refundable purchase price discount for non-performing securitizations and the risk retainer. Additionally, we discuss the reporting templates published by the FCA and PRA and their implications for stakeholders.  

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Laurent Morali, CEO of Kushner Properties, joins host Patrick Dolan to discuss the current landscape of the office building and multi-family housing markets in New York City and beyond.

Morali shares his insight on the state of the office market, demand trends and how lenders are handling maturing loans. We explore what amenities landlords are adding to attract tenants to office buildings and the challenges associated with converting office space for residential use. We also discuss the state of the multi-family housing market and the potential impact of sustained elevated interest rates.

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Eamonn Moran, senior counsel in our Washington, DC office, joins host Patrick Dolan to discuss the underlying Colorado case that the FDIC has weighed in on. Eamonn details the Colorado law being challenged and the specifics of the “opt-out” right in the US Depository Institutions Deregulation and Monetary Control Act (DIDMCA).

Eamonn also breaks down the main arguments presented by the industry and trade groupsand explores the primary points in the FDIC’s amicus brief. He also shares thoughts regarding how the court might rule in this case.

Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.

Joe Lau, Chief Operating Officer of Lord Capital joins Patrick Dolan to discuss the SEC's new Conflict of Interest Rule and its impact on investors. Joe sheds light on investor considerations surrounding C-PACE assets and shares insight on the implications of the Structured Finance Association’s comment letter on Basel III implementation. 

We also evaluate the significance of “Green Bond” designations for renewable ABS, and consider the effects of the US Risk Retention Rule and Rule 17g-5 on investor protection and transparency. Lastly, we discuss the recent removal of the Cayman Islands from the EU Anti-Money Laundering (AML) list and its potential implications for investors.  

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Returning guest Eamonn Moran, Senior Counsel in our Washington, DC office, joins host Patrick Dolan to discuss the US Court of Appeals for the Third Circuit ruling on a case involving the Consumer Financial Protection Bureau (CFPB) and a group of trusts associated with the National Collegiate Student Loan Trust. Eamonn clarifies why CFPB initiated enforcement proceedings against the trusts and their alleged violations related to servicing and collecting student loans, the trusts’ counterargument, and finally, why the court held that the trusts were indeed "covered persons" under the CFPA.

Eamonn shares why this ruling has implications for securitization trusts and their classification as “covered persons” under the CFPA, as well as potential enforcement actions by the CFPB in the future.

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Christine Dalton, Director, S&P Global, joins host Patrick Dolan to discuss the corporate securitization sector. We explore the assets being securitized and the companies active in the market, and Christine sheds light on the structure and rating of corporate securitizations. Additionally, we discuss the anticipated credit and issuance trends for 2024.

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Returning guest Eamonn Moran, Senior Counsel in our Washington, DC office, joins host Patrick Dolan to shed light on the US Supreme Court's reconsideration of its 1984 Chevron decision. Eamonn breaks down the oral arguments, highlighting the significance of readdressing the case. We delve into the questions raised by individual justices, along with the potential implications of the issues for the case. Finally, Eamonn provides insight into our expectations regarding the potential ruling of the US Supreme Court in this case.

Andrew Lom, Global Head of Private Wealth and Head of Financial Services in our New York office, and Rachel Browndorf, Senior Associate based in Denver, join host Patrick Dolan to explore the latest developments across the crypto space including bitcoin Exchange-Traded Funds (ETFs).

We discuss the latest SEC-approved changes that permit the creation of bitcoin ETFs. We compare a spot bitcoin ETF with a bitcoin futures ETF, examine the price correlation between the ETFs and the actual bitcoin and look at the current state of trading activity. In addition, we discuss what a spot bitcoin ETF means for investors.

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Stephanie Mah, Senior Vice President, Structured Finance Research at Morningstar DBRS, joins host Patrick Dolan to discuss the latest trends across the commercial and residential Property Assessed Clean Energy (PACE) financing. We examine the current size and scope of the commercial PACE market in comparison to the residential PACE market, and discuss the challenges faced by the residential PACE market including the factors influencing its trajectory. Additionally, Stephanie sheds light on potential reasons for the slow uptake of the NYC C-PACE program and explores factors that could catalyze its acceleration.

Fouad Onbargi, Founder and CEO of ABS Advisory, joins host Patrick Dolan to discuss the evolving landscape of the asset-backed securities (ABS) market. We explore the emerging trends in the ABS warehouse financing andABS capital markets and uncover current growth opportunities for investors.

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Eamonn Moran, Senior Counsel in our Washington, DC office, returns to speak with host Patrick Dolan about the US Supreme Court’s oral arguments in the case regarding funding of the Consumer Financial Protection Bureau (CFPB). The CFPB was created in 2011, following the 2008 financial crisis, and receives funding from the Federal Reserve. We discuss the questions and issues raised by the individual justices, and how we think the US Supreme Court could rule in this case.

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Rachel Browndorf, Senior Associate in our Denver office, joins host Patrick Dolan to discuss the Corporate Transparency Act. Effective January 1, 2024, the new law requires reporting companies to provide Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN).

We delve into the Corporate Transparency Act, exploring the steps to determine whether an entity is considered a reporting company, the distinction between beneficial owners and applicants, the required information for filing, including deadlines, penalties for non-compliance and potential exemptions.

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Andrew Lom, Partner and Global Head of Private Wealth in the New York office, joins host Patrick Dolan to discuss significant rule changes for private fund advisors. The new rule requires all registered advisors to hedge funds, private equity funds, and other private funds to provide investors with quarterly statements detailing certain information regarding fund fees, expenses and performance in addition to an annual compliance review for any registered advisor, whether they advise private funds or not.

We explain how securitized asset funds are excluded from most of these new rules and why the new provisions relating to sales practices, conflicts of interest and compensation will prohibit private fund advisors from providing preferential treatment and doing certain things without prior disclosures.

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Dallin Merrill, Director of Residential Mortgage-Backed Securities (RMBS) Policy at the Structured Finance Association (SFA), joins host Patrick Dolan to discuss the formation of the SFA RMBS Data Tape Task Force. We assess the main areas of discussion for issuers, investors, rating agencies and third-party review and diligence firms, and explore the benefits of revised data tape fields for the RMBS securitization market.

Frank Borchert, Chief Legal Officer at Best Egg, joins host Patrick Dolan to discuss how COVID-19 and the rising interest rate environment has affected marketplace lending, specifically in the FinTech space. We review recent legal and regulatory developments impacting technology and FinTech companies and new factors for rating agencies.

Justin Bharucha, managing partner at Bharucha & Partners joins host Patrick Dolan to discuss activity in the Indian securitization market, including the most common asset classes that are securitized, as well as the typical structure of an Indian securitization. We delve into whether the bankruptcy concepts of true and non-consolidation are applicable in the Indian securitization market and touch on recent regulatory and legal developments affecting the Indian securitization market.

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Kristi Leo, president of the Structured Finance Association (SFA), returns to speak with host Patrick Dolan about the SEC’s proposed conflict of interest rule. The rule would prohibit securitization participants from engaging in transactions that could incentivize a participant to structure an asset-backed security to put their interests ahead of other investors.

We discuss SFA’s proposed revisions to the rule, including changes to several definitions such as “conflicted transaction” and “synthetic asset-backed security,” carve outs to the definition of “sponsor”, additional guidance to help clarify the more ambiguous provisions and more.