On August 18, Judge Katherine Forrest of the United States District Court for the Southern District of New York terminated a pending motion for class certification in light of a settlement in principle reached between a class of RMBS investors and Bank of America N.A. and U.S. Bank N.A., the trustees for the RMBS trusts. Plaintiffs had alleged that Bank of America and U.S. Bank allowed incomplete or defective loan files as well as loans with underwriting errors to remain in the loan pool, despite their statutory duty as trustees to have such loans repurchased from the trusts. The amount and terms of the settlement were not disclosed. Order.
capital adequacy analysis of U.S. insurers
Rating Agency Developments
On June 2, DBRS released its methodology for rating leveraged finance. DBRS Release.
On June 1, S&P revised its criteria assumptions for rating U.S. RMBS, and incorporated the revisions into the latest release of its LEVELS U.S. mortgage analytical model, version 7.3. S&P Revised Input File Format, Glossary and Appendices Release. S&P Revised Assumptions Release.
On May 31, S&P updated its methodology for its capital adequacy analysis of U.S. insurers. S&P Release.
On May 31, DBRS released its North American and European CMBS surveillance methodologies. DBRS Methodologies.
On May 26, Moody’s released its methodology for rating TRUP CDOs. Moody’s Report.
Note: Free registration is required for S&P and Moody’s releases and reports.