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Inside MBS & ABS

July 23, 2010

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Dodd-Frank Act Requires Speedy Rulemaking for Risk Retention, Credit Rating Agency Oversight

The Securities and Exchange Commission and other federal agencies have up to a year from the date of enactment to issue regulations, reports and studies implementing risk retention and credit rating agency oversight provisions under legislation signed into law this week by President Obama. The provisions are part of the Dodd-Frank Wall Street Reform and Consumer Protection Act... Read More

SEC Adds Units to Oversee Financial Institutions, ABS And New Financial Products as Reform Law Looms

The Securities and Exchange Commission has formed a new division to review public company filings, but the changes will be minor compared to major overhauls at the agency brought on by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The SEC said it is creating the three specialized offices to enhance its disclosure review and... Read More

Non-Agency MBS Market Still Dominated by Re-Securitization, Credit Suisse Leads Business

The re-securitization of existing non-agency MBS is playing an even bigger role in the market in 2010 than it has over the past few years, according to a new analysis by Inside MBS &ABS. A total of $24.62 billion of non-agency MBS were issued during the first half of the year, down 22.8 percent from the depressed levels of the same period in 2009... [Includes two charts] Read More

Goldman Sachs Settles With SEC for $550 Million, But Other Gray Legal Clouds Hang Overhead

Goldman Sachs got some closure on one legal front late last week after agreeing to pay more than half a billion dollars and change some of its ways to settle charges with the Securities and Exchange Commission over a subprime mortgage-related collateralized debt obligation. However, other potentially substantial legal disputes over mortgage-related investments hang in the... Read More

Industry Group’s Best Practices for Agency MBS, Debt Markets Tries to Stem Transaction Failure

Last week, the private-sector Treasury Market Practices Group released for review and comment an updated set of best practices related to trading and settlement in the Treasury, agency debt, and agency MBS markets, in part to help reduce the number of failed transactions. The group says its recommendations are intended to promote market integrity, market liquidity... Read More

FDIC Peddles $898 Million in Non-Performing Residential Loans to Investor Consortium

The Federal Deposit Insurance Corp. said this week that it sold an equity stake in a $898 million portfolio of primarily non-performing residential mortgages from the 2009 failure of AmTrust Bank. The agency sold the pool to a three-party group including Residential Credit Solutions, CarVal Investors, and RBS Financial Products for about 37 percent of the unpaid principal balance of the... Read More

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