On August 22, 2016, Fitch issued an amended report outlining its Criteria for Rating Granular Corporate Balance-Sheet Securitizations. Report.
On August 22, 2016, Fitch issued a report titled: Global Bond Fund Rating Criteria. Report.
On August 19, 2016, Fitch issued a report titled: Global Consumer ABS Rating Criteria. Report.
On August 18, 2016, Fitch revised its criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions. Report.
On August 2, 2016, Moody’s issued a report entitled: Moody’s Approach to Rating Securitisations Backed by Non-Performing and Re-Performing Loans. Report.
On August 1, 2016, S&P issued a report entitled: General: Global Methodology for Rating Retranchings of ABS, CMBS, and RMBS. Report.
On July 29, 2016, DBRS issued a report entitled: Global Methodology for Rating Banks and Banking Organisations. Report.
On July 28, 2016, Fitch issued a report entitled: Fitch Updates Global Rating Criteria for CLOs and Corporate CDOs. Report.
On July 28, 2016, Fitch issued a report entitled: Fitch: No Rating Changes from Update to Global LMI Criteria in RMBS. Report.
On May 10, 2016, the Department of the Treasury issued a white paper on online marketplace lending that maps the current market landscape, reviews industry insights and offers policy proposals for the road ahead. Based on approximately 100 responses from online marketplace lenders, financial institutions, investors and other key industry figures, the Treasury, in consultation with the CFPB, FDIC, Federal Reserve Board, FTC, OCC, SBA and SEC, made several notable recommendations and observations.
The white paper explores policies that would expand regulatory oversight, including standardized representations and warranties in securitizations, pricing methodology standards, the implementation of a registry for tracking data on transactions and the reporting of loan-level performance, among others. In addition, the Treasury mentions potential cybersecurity threats, anti-money laundering, the uneven protections and regulations in place for small business borrowers and the growth of the mortgage and auto loan markets as some of the emerging trends to monitor. The Treasury is also considering the role of federal agencies in regulating these areas, including the formation of an interagency working group for online market place lending. Press Release. White Paper.
On March 23, Moody’s updated its rating methodology for rating securitizations backed by Non-Performing and Re-Performing Loans. Report.
On May 17, Fitch issued a release setting forth its view that the final guidance regarding internal stress testing for large banks released by bank regulators is sound and sufficiently flexible to allow for firms to comply. Fitch Release.
On May 17, Fitch released a report detailing the statistical analysis underlying the revised basis spread stresses for FFELP ABS transactions included in its updated criteria for rating FFELP student loan ABS. Fitch Release. Fitch Report.
On May 15, S&P released its short-term/long-term ratings linkage criteria for corporate and sovereign issuers. S&P Release.
On May 15, Moody’s released its approach to quantifying set-off risk for securitizations and covered bonds originated by U.K. deposit-taking institutions. Moody’s Report.
On May 14, Moody’s released its approach to rating structured finance CDOs. Moody’s Report.
On May 14, Fitch updated its criteria for U.S. auto lease ABS. Fitch Report.
On May 11, S&P issued its methodology for assessing when a guarantor’s failure to honor a payment obligation under a guarantee would be a default and how it would affect the guarantor’s issuer credit rating. S&P Release.
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On February 14, 2012, Syncora Guarantee filed a complaint in New York state court against JP Morgan, Bear Stearns, and EMC Mortgage alleging $52 million in losses incurred by the insurance company as a result of its insuring RMBS issued by the defendants. Syncora alleges that the defendants misrepresented not only the quality of the home-equity line of credit residential mortgages underlying the RMBS, but also the quality of their due diligence processes during the securitization. Syncora brings claims for breach of contract and common-law fraudulent inducement. Complaint.
On February 7, DBRS released its methodology for CLOs and CDOs of large corporate credit. DBRS Methodology.
On February 7, DBRS released its Canadian surveillance methodology for CDOs of large corporate credit. DBRS Methodology.
On February 7, DBRS released its cash flow assumptions for corporate credit securitizations. DBRS Methodology.
On February 6, DBRS released its swap criteria for European structured finance transactions. DBRS Methodology.
On February 6, DBRS released its operational risk assessments for European ABS and SME CLO servicers. DBRS Methodology.
On February 6, DBRS released its operational risk assessments for European RMBS servicers. DBRS Methodology.
On February 6, DBRS released its master European structured finance surveillance methodology. DBRS Methodology.
On February 6, DBRS released its legal criteria for European structured finance transactions. DBRS Methodology.
On February 3, Fitch updated its global criteria report for non-performing loan transactions. Fitch Report.
On February 2, DBRS released its methodology for North American CRE non-performing loan liquidating trusts. DBRS Report.
On February 1, DBRS released its methodology for Canadian HELOCs. DBRS Report.
On January 31, Fitch updated its private student loan ABS criteria. Fitch Report.
On January 31, Fitch answered frequently asked questions about UK RMBS master trusts. Fitch Report.
On January 30, Fitch updated its criteria on legal uncertainty in emerging market securitizations. Fitch Report.
On January 30, Moody’s released its methodology for municipal bonds and commercial paper supported by a borrower’s self-liquidity. Moody’s Report.
On January 30, Moody’s released its pre-2005 RMBS surveillance methodology. Moody’s Report.
On January 30, DBRS released its methodologies for Canadian auto lease and auto loan securitizations. DBRS Auto Lease Report. DBRS Auto Loan Report.
On January 26, S&P gave advance notice of proposed changes to its U.S. local government general obligation bond criteria. S&P Report.
*Note: Free registration is required for Fitch, Moody’s, and S&P reports.
During the ASF Sunset Seminar on November 16 in New York, panelists, including Orrick Partner Mike Mitchell, will discuss examples of everyday transactions and trades that may be affected by the recently proposed Volcker Rule and the rule on conflicts in securitizations. For more information, click here.
