Moody's

News & Analysis as of

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

Your Daily Dose of Financial News

Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Rating Agency Developments

On December 7, 2016, Moody’s published its ratings methodology for sustainable net cash flow and value for CMBS and CRE CDO CLO real estate collateral in the Americas and ex-Japan Asia Pacific. Report. On December 6,...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 11

In the last edition of this title, in 2012, a view point was taken that loan servicers were front and centre of European CRE loan workouts and restructurings in the post GFC era and their role would become increasingly more...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

Your Daily Dose of Financial News

With Fitch and DBRS [by most measures, the #3 and #4 rating agencies in a 3-player game] doling out AAA ratings for bonds backed by non-qualified mortgages that Moody’s has dubbed “risky.” Well worth keeping an eye on this...more

Rating Agency Developments

On November 30, 2016, Fitch published its U.S. water and sewer revenue bond rating criteria. Report. On November 29, 2016, Fitch published its rating criteria for RMBS transactions in Europe, Middle East and Africa...more

Orrick's Financial Industry Week In Review

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...more

Rating Agency Developments

On November 23, 2016, Moody’s published its updated methodology for Special Assessment/Special Property Tax (Non-Ad Valorem) Debt. Release. On November 17, 2016, Fitch published its updated criteria for Analysis of...more

Rating Agency Developments

On November 16, 2016, Fitch issued a report entitled: Fitch Updates Recovery Ratings and Notching Criteria for Equity REITs. Release. On November 16, 2016, Fitch issued a report entitled: Fitch Updates Rating Criteria...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

Your Daily Dose of Financial News

All those traders excited about a burgeoning US economy ahead may want to keep an eye on the commercial real estate market, which is seeing a rise in defaults and delinquencies as pre-crisis 10-year loans come due....more

European Commission Reports on Reporting Obligations under the Credit Rating Agencies Regulation 

The European Commission published a report on reporting obligations under the Credit Rating Agencies Regulation. The Report reviewed references to external credit ratings in EU legislation and in private contracts among...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

Rating Agency Developments

On October 17, 2016, DBRS issued a report entitled: CMBS North American Surveillance. Report. On October 14, 2016, Moody’s issued a report entitled: Moody’s Approach to Rating Securities Backed by Pools of Both FFELP and...more

Your Daily Dose of Financial News

The weekend’s business news was dominated by the word that AT&T has agreed to buy Time Warner for $85.4 billion in the biggest yet in a series of telecomm mergers....more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Rating Agency Developments

On October 11, 2016, S&P published its methodology for surveilling ratings of U.S. residential mortgage-backed securities principal only strip securities. Report. On October 7, 2016, Moody’s published its rating methodology...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Rating Agency Developments

On October 4, 2016, Moody’s published its approach to rating revenue bonds of U.S. municipal Joint Action Agencies (JAA). Report. On October 3, 2016, DBRS published derivative criteria for European structured finance...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more

Rating Agency Developments

On September 19, 2016, Moody’s issued a report entitled: Special Assessment / Special Property Tax (Non-Ad Valorem) Debt. Report. On September 15, 2016, Fitch issued a report entitled: Fitch Publishes Updated Insurance...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - OCC Discusses Marketplace Lending - On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending's risks and associated policy questions. He...more

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