The Structured Finance Association issued new guidelines for testing loans in non-agency MBS for compliance with TRID. Requirements were reduced, with industry participants growing more comfortable with TRID liability.
An SEC committee hosted a panel discussion in November regarding the compensation model for rating services. The regulator hasn't made a decision on whether reforms are needed to the issuer-pays model.
Late last month, a Manhattan district court judge denied a plaintiff investor's motion to hire experts to perform statistical sampling analysis in a case involving legacy MBS.
Compliance experts are warning warehouse lenders holding eNotes of the risks they face from certain ambiguities between the Uniform Commercial Code and the Uniform Electronic Transactions Act.
Noting that not a single SEC-registered non-agency MBS has been issued since disclosure requirements were tightened in 2014, the regulator is planning to revisit the standards.
New York has set a six-year statute of limitation to bring charges under the Martin Act. The deadline issue has been a bone of contention in a court case between the state attorney general and Credit Suisse.
Presidential candidate Elizabeth Warren has flagged concerns about the issuer-pays model used by credit rating agencies for securitized products. She said the SEC hasn’t done enough to address the conflicts of interest tied to the model.
Redwood has suggested a number of changes that could boost issuance of non-agency MBS. The REIT wants reforms regarding risk retention and disclosures for non-agency MBS.
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