Elizabeth Williams

Associate

New York


Read full biography at www.orrick.com

Elizabeth Williams, an associate in the New York office, is a member of the Structured Finance Group. Elizabeth represents a variety of market participants, including sponsors, issuers and underwriters, in public and private offerings of various asset-backed securities.

Elizabeth has experience with a number of different asset classes, including credit card receivables, auto loan receivables, municipal bonds and commercial mortgages.

Elizabeth was a summer associate in the firm's New York office in 2017.

Posts by: Elizabeth Williams

Rating Agency Developments (September 3 – September 16)

 

On September 16, DBRS Morningstar released an updated methodology titled Rating U.S. Wholesale Securitizations. Methodology.

On September 16, KBRA released a research report titled Global ABS Conference Recap: Day One. Report.

On September 15, KBRA released a research report titled Structured Finance: Virtual Conference: Credit & COVID-19 – Is the Worst Behind Us? Report.

On September 11, DBRS Morningstar released an updated methodology titled Third-Party Due-Diligence Criteria for U.S. RMBS Transactions. Methodology.

On September 11, KBRA released a research report titled RMBS Credit Indices: August 2020. Report.

On September 3, DBRS Morningstar released a report titled Rating European Consumer and Commercial Asset-Backed Securitizations. Methodology.

HUD Announces Flexibilities for CARES Act’s Emergency Solutions Grant Program

 

On September 9, the Department of Housing and Urban Development (HUD) announced additional requirements and flexibilities for $3.96 billion in emergency solutions grants provided to states and units of local government under the CARES Act. These flexibilities allow for additional eligible activities for which the recipients can use the funds and also extends the obligation deadline for the recipients. Release.

NY Fed Announces New CMBS Counterparties for 13(3) Facilities

 

On September 9, the Federal Reserve Bank of New York announced the first wave of new counterparties selected as part of the expansion program announced earlier in September. Widening the eligibility criteria for agency CMBS counterparties is intended to increase the operational capacity and reach of agency CMBS purchases. Two firms were selected to support the Commercial Paper Funding Facility (CPFF). Seven additional firms were selected to support the Secondary Market Corporate Credit Facility (SMCCF). The application process is open and ongoing and the New York Fed has announced its intention to name additional counterparties and agents, as applicable, for the CPFF, SMCCF and Term Asset-Backed Securities Loan Facility in the coming weeks. Release.

Federal Reserve Rule Change Allows Bank Directors and Shareholders to Receive PPP Loans

 

On July 15, the Federal Reserve Board (FRB) announced it was extending a recent rule change relating to the Small Business Administration’s Paycheck Protection Program. The rule change will allow certain bank directors and shareholders to apply to their banks for PPP loans for their small businesses. The rule change is effective immediately and will remain effective while the PPP is active. Release.

FHFA Extends COVID-19 Related Loan Origination Flexibilities Through August 31

 

On July 9, the Federal Housing Finance Agency (FHFA) announced that several loan origination flexibilities originally set to expire on July 31 will be extended through August 31. These flexibilities include alternative appraisals on purchase and rate term refinance loans; alternative methods for documenting income and verifying employment before loan closing; and expanding the use of power of attorney and remote online notarizations to assist with loan closings. These loan origination flexibilities are intended to ensure borrowers receive continued support during the COVID-19 pandemic. Release.

Federal Housing Administration Makes New Loan Modification Options Available for Homeowners

 

On July 8, the Federal Housing Administration (FHA) announced an expanded array of loss-mitigation tools available to mortgage servicers. These measures require servicers to assess homeowners for multiple loan-modification options before the end of their forbearance period. These new measures are intended to assist homeowners financially impacted by the COVID-19 pandemic. Release.

Rating Agency Developments (July 2 – July 15)

 

On July 15, Fitch published an article titled Originator-Specific Residential Mortgage Analysis Rating. Criteria.

On July 14, Fitch published an article titled U.S. Public Finance Prepaid Energy Transaction Rating. Criteria.

On July 13, KBRA published a report titled Public Finance: Coronavirus (COVID-19): Why Does Federalism Matter to Municipal Credit? Report.

On July 10, Moody’s published an updated ratings methodology titled Short-term Debt of U.S. States, Municipalities and Nonprofits. Methodology.

On July 10, Fitch published an updated ratings methodology titled Public-Sector Counterparty Obligations in PPP Transactions Rating. Criteria.

On July 10, Fitch published an article titled U.S. RMBS Coronavirus-Related Analytical Assumptions. Criteria.

On July 10, KBRA published a report titled Financial Institutions: U.S. Banks: Thinking Through the Great Unknown-Loan Losses in the Pandemic. Report.

On July 8, Moody’s published a methodology titled Moody’s Approach to Rating Asset-Backed Commercial Paper. Methodology.

On July 7, Moody’s published a methodology titled U.S. RMBS Surveillance. Methodology.

 On July 7, DBRS Morningstar published a methodology titled Rating U.S. Equipment Lease and Loan Securitizations. Methodology.

On July 6, Moody’s published a methodology titled Moody’s Global Approach to Rating Securities Backed by Aircraft and Associated Leases. Methodology.

On July 2, Moody’s published a methodology titled Single-Family Rental Securitizations. Methodology.

Rating Agency Developments (May 8 – May 22)

 

On May 22, KBRA published a report titled Coronavirus (COVID-19): RMBS Forbearance and Delinquency Trends. Report.

On May 19, KBRA published a report titled Coronavirus (COVID-19): CARES Act Offers Lifeline to Transit Systems but Is No Panacea. Report.

On May 19, DBRS Morningstar published an updated ratings methodology titled Operational Risk Assessment for U.S. ABS Originators. Methodology.

On May 15, Moody’s published an updated ratings methodology titled Approach to Rating US and Canadian Conduit/Fusion CMBS. Methodology.

On May 15, Moody’s published an updated ratings methodology titled Moody’s Approach to Rating Securities Backed by FFELP Student Loans. Methodology.

On May 15, Moody’s published an updated ratings methodology titled Moody’s Global Approach to Rating Auto Loan- and Lease-Backed ABS. Methodology

On May 13, DBRS Morningstar published a new criteria article titled Rating U.S. Retail Auto Loan Securitizations. Methodology.

On May 13, DBRS Morningstar published a new criteria article titled Rating European Non-Performing Loans Securitizations. Methodology.

On May 13, Fitch published a new article titled Exposure Draft: Global Structured Finance Rating. Criteria.

On May 11, Fitch published a new criteria article titled U.S. RMBS Rating. Criteria.

On May 8, DBRS Morningstar published a new criteria article titled U.S. Reverse Mortgage Securitization Ratings. Methodology.

SEC Adopts Final Rule Amending Required Financial Disclosures Regarding Acquisition and Disposal of Businesses

 

On May 20, the Securities and Exchange Commission (SEC) adopted a final rule amending the existing rules for registrants that determine whether a subsidiary or an acquired or disposed business is significant and the relevant disclosure requirements for the related financial statements. The changes will become effective on January 1. Rule.

Federal Reserve Bank of New York Announces First Subscription Date for New Loan Facility

 

On May 20, the Federal Reserve Bank of New York announced the first loan subscription date for the Term Asset-Backed Securities Loan Facility (TALF). The TALF was established to increase availability of credit and support consumers and businesses by assisting the issuance of asset-backed securities. Borrowers may request one or more three-year TALF loans on the monthly scheduled loan subscription date, beginning with the upcoming first loan subscription date of June 17. Release.