The DOJ has filed charges against four former Tricolor executives for defrauding finance providers and ABS investors by double-pledging collateral and manipulating collateral characteristics.

Issuers of utility recovery bonds want the SEC to treat the asset as corporate bonds. They raised concerns about a recent flip by the SEC to treat URBs as ABS, though the SEC notes that it has considered some URBs to be ABS for years.

The request came from the CRE Finance Council, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association. The groups said the disclosure requirements have negatively impacted the commercial MBS market.