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Volume 2014 - Number 1

January 10, 2014

SEC Reports Improved Compliance by Ratings Firms, But Audit Still Finds Issues, Deficiencies

Nationally-recognized credit-rating agencies continue to show improvements in certain problem areas despite new concerns raised by federal examiners in their latest review, according to a Securities and Exchange Commission staff report. The SEC’s 2013 credit-rating agency examinations found deficiencies in eight key areas, particularly in the credit-rating agencies’ internal controls. Examiners stopped short of branding their “essential findings” as “material regulatory deficiencies,” although the SEC may do so in the future and require stronger corrective action, the report noted. Based on the latest exams, the SEC’s Office of Credit Ratings found...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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