Bank of New York's Public Web Site Gives Investors a Detailed Look at Asset-Backeds
Snel, Ross, American Banker
Bank of New York Co. is using the Internet to give investors more access to information on securitized investments.
On a Web site that is open to the public, the bank is providing data on bonds backed by mortgages and other real estate loans for which it serves as trustee.
The data, at www.bnymbs.com, include certificate statements, rates, and loan-level details for the complex bond transactions. Current and prospective investors can use them to determine the value of securities.
Bank of New York had previously delivered the information by mail, fax, dial-up modem, or an automated phone system.
"I can only see it as being beneficial," said Neil McPherson, vice president of asset-backed research at Credit Suisse First Boston. "It makes our lives easier if you can hunt down a servicer report on the fly, rather than making a call and requesting a fax."
"We certainly think this is the beginning of the way things will be handled in the future," said Karen B. Peetz, the banking company's senior vice president in charge of domestic corporate trust services. The $63 billion-asset institution developed the Web site with the help of a consulting firm she declined to name.
She would not specify the site's cost but said she expects the investment to justify itself by increasing revenue from issuers of assetbacked securities and eliminating the expense of sending fax or mail reports.
The company plans to survey issuers and investors on how much money the Web site saves them. …