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Home » Treasury Sees Deal Agent Position for New Non-Agency MBS as Having a Duty of Care and Loyalty for Investors
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Treasury Sees Deal Agent Position for New Non-Agency MBS as Having a Duty of Care and Loyalty for Investors

May 1, 2015
To attract large investors, the Treasury Department suggests that non-agency MBS include a deal agent with a fiduciary duty. “Under corporate law, directors must discharge two primary fiduciary duties: duty of care and duty of loyalty,” said Michael Stegman, counselor to the Treasury on housing finance policy, in a speech late last week. “In the context of private-label securitizations, these duties seemed sensible and logical to us.” He used...
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