A handful of recent and current U.S., European and international regulatory efforts “pose a serious threat to securitization as a critical source of funding for the real economy,” especially when taken together, a top securitization official told lawmakers in Washington, DC, this week. Testifying before the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, Richard Johns, executive director of the Structured Finance Industry Group, took on a handful of the industry’s most problematic regulatory initiatives. Among them were the liquidity ratio rules that U.S. regulators implemented in late 2014, and the new Basel III capital rules that were adopted by the Basel Committee on Banking Supervision. He also addressed...