News & Analysis as of

Commercial Mortgage Backed Securities

Rating Agency Developments

On August 7, 2017, Fitch released a report entitled: Corporate Rating Criteria. On August 4, 2017, Fitch released a report entitled: U.S. Private Student Loan ABS Rating Criteria....more

Direct Issuance is Here – A New Paradigm for Single Asset Single Borrower (SASB) Securitization

by Dechert LLP on

A standalone securitization of a portfolio of properties closed in June. To our knowledge, this was the first transaction in recent memory done in a direct issuance format. In this case, direct issuance means that the...more

Rating Agency Developments

On July 26, 2017, Moody’s issued the following reports: Moody’s Approach to Rating Credit Card Receivables-Backed Securities - Moody’s Approach to Rating Asset-Backed Commercial Paper... ...more

Orrick's Financial Industry Week In Review

Federal Reserve and FDIC Post Resolution Plans for Eight Major Financial Firms - On July 5, 2017, the Federal Reserve Board (the "Board") and the Federal Deposit Insurance Corporation ("FDIC") posted the public portions of...more

Rating Agency Developments

On July 7, 2017, Kroll published its Research Recap for Q2 2017. Here are several articles of interest: ABS: KBRA Comments on Alitalia Extraordinary Administration Request - AVIATION: 2017 Update Aircraft leasing...more

Oil & Gas Rights and CMBS Servicing—Transfer Considerations

Question: The borrower pledged oil and gas rights related to the collateral property to the lender. The borrower has notified the servicer that it would like to sell these oil and gas rights. Can the lender approve the lease...more

It’s Time to Bring Back the Square State Conduit:  If We Build It, They Will Come.

by Dechert LLP on

What in the world have we done to ourselves? Our CRE Securitization business, or at least the conduit part of our business, continues to shrink: $800 billion in outstanding principal balance in 2007 and now, $400 billion? ...more

The Current CMBS Experience – And a Path Forward

by Alston & Bird on

The CMBS industry is not attracting repeat borrowers in sufficient numbers and must improve the performing borrower experience if it’s to survive. Our Finance Group presents the results of our survey of players in the CMBS...more

2017 CREFC Annual Conference: Into the Heart of the Swamp

by Dechert LLP on

CREFC held its Annual Conference last week in Washington D.C. Given the current politically charged climate, 2017 felt like a very appropriate time to move the Annual Conference from its traditional home in New York to...more

Rating Agency Developments

On June 1, 2017, Kroll Bond Rating Agency released a report entitled KBRA’s Views on the State of the Solar Market. On May 31, 2017, Kroll Bond Rating Agency released a report entitled Oil Price Increases Won’t Plug CMBS...more

Late Charges on Balloon Payments: How Big Can They Be?

Getting charged extra for a late payment is standard protocol in lending practices. Judges, lawmakers and regulators have long agreed there’s an administrative hassle lenders should be compensated for when having to recover...more

Bridging the Week - May 2017 #4

Innocuous Changes in CME Group Globex Rule Could Inadvertently Increase Potential FCM Liability Bigly: CME Group announced amendments to its rule related to Globex order entry that will affirmatively require all persons that...more

More Bond Traders Sued By The SEC For Alleged Fraudulent Misrepresentations Relating To MBS Prices

by Shearman & Sterling LLP on

On May 15, 2017, the Securities and Exchange Commission sued two commercial mortgage backed securities (“CMBS”) traders for securities fraud allegedly committed while buying and selling CMBS on behalf of a large broker-dealer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With oil markets again in free fall, Saudi Arabia and Russia have agreed to cut production, and industry experts expect that the rest of OPEC may soon follow suit....more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Proposes to Amend Rules Governing Chief Compliance Officer Duties and Annual Reports for Certain Registrants - On May 3, 2017, the U.S. Commodity Futures Trading Commission...more

Rating Agency Developments

On May 3, 2017, DBRS issued a report entitled Rating Canadian Public Hospitals. Report. On May 3, 2017, Fitch issued a report entitled Global Structured Finance Rating Criteria. Report. On May 3, 2017, Moody’s...more

Orrick's Financial Industry Week In Review

Rating Agency Developments - On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific...more

Rating Agency Developments

On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. Release. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific Multiborrower CMBS Surveillance...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Publishes Compliance and Disclosure Guidance for Regulation Crowdfunding - On April 5, 2017, the Division of Corporation Finance of the Securities and Exchange Commission...more

Rating Agency Developments

On April 6, 2017, Fitch issued a report entitled Fitch: Early Signs are Positive for Risk Retention in U.S. CMBS. Release....more

The Dilemma of the Really Annoyed Borrower

by Dechert LLP on

Since my earliest days in the CRE capital markets biz, there has always been a drumbeat of grumbling from the borrower community about the annoying complexity, expense and delay of having one’s loan serviced in a capital...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFPB Proposes to Provide Flexibility in Collecting Information - On March 24, 2017, the Consumer Financial Protection Bureau ("CFPB") released a proposal to amend Equal Credit...more

Rating Agency Developments

On March 29, 2017, Moody’s published its approach to assessing credit risk for multilateral development banks and other supranational entities. Report. On March 28, 2017, DBRS published its methodology for rating...more

Banking & Financial Services E-Note - March 2017

by Burr & Forman on

In an article published in the April 2017 issue of The Journal of Bankruptcy Law, Jonathan Sykes and Correy Karbiener provide insight on whether § 546(e) of the Bankruptcy Code protects transfers made to repay commercial...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - OCC Provides Additional Details to Evaluate Charter Applications From Fintech Companies - On March 15, 2017, the Office of the Comptroller of the Currency ("OCC") issued a "Draft...more

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