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Securitization Lobby in Disarray After Most Directors Quit

The main trade association for the securitization industry is in turmoil after most of the board resigned in a dispute with the group’s executive director over governance and bonuses, according to six people with knowledge of the matter.

The exodus at the American Securitization Forum puts the future of the group in question, said the people, who spoke on condition of anonymity because the dispute isn’t public. Members that quit include Bank of America Corp., JPMorgan Chase & Co., Deutsche Bank AG, Citigroup Inc. and law firm Cadwalader, Wickersham & Taft LLP, the people said.