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Mortgages › Mortgage-Backed Securities

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

Cadwalader, Wickersham & Taft LLP on

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Orrick, Herrington & Sutcliffe LLP

Ginnie Mae outlines recovery planning requirements for issuers with over $50 billion

Orrick, Herrington & Sutcliffe LLP on

On May 20, Ginnie Mae released “APM 24-08: Mandatory Recovery Planning Requirements for Certain Issuers,” which outlined Ginnie Mae’s introduction of recovery planning requirements for issuers whose portfolios exceed $50...more

Orrick, Herrington & Sutcliffe LLP

Ginnie Mae to explore a new reverse MBS

Orrick, Herrington & Sutcliffe LLP on

On January 16, Ginnie Mae announced its plans to consider the development of a new securitization product in connection with broader efforts to expand its existing Home Equity Conversion Mortgage (HECM) mortgage-backed...more

Orrick, Herrington & Sutcliffe LLP

Fannie, Freddie release an updated Single-Family Social MBS Framework

Orrick, Herrington & Sutcliffe LLP on

On January 23, Freddie Mac and Fannie Mae (the “Enterprises”) announced an updated Single-Family Social MBS and Corporate Debt Bonds Framework, and updates to mortgage-backed securities (“MBS”) disclosures. As part of the...more

Cadwalader, Wickersham & Taft LLP

Exchange Trust Certificates in REMIC Transactions Qualify as Stripped Bonds or Coupons

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On November 24, 2023, the IRS released PLR 202347001, ruling that certificates issued from an “exchange trust” qualify as stripped bonds or stripped coupons within the meaning of Code Section 1286. The taxpayer in the...more

Orrick, Herrington & Sutcliffe LLP

2nd Circuit addresses issue preclusion standard in dismissal of RMBS actions

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On April 26, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of three residential mortgage-backed securities lawsuits tied to losses incurred during the 2008 financial crisis. The plaintiffs, issuers of...more

Brownstein Hyatt Farber Schreck

FHFA Releases Fannie Mae and Freddie Mac Framework

Brownstein Hyatt Farber Schreck on

On Thursday, Feb. 23, the Federal Housing Finance Agency (FHFA) announced a proposed rule to amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). FHFA indicated that the...more

Orrick, Herrington & Sutcliffe LLP

Fannie, Freddie announce LIBOR transition plans

Orrick, Herrington & Sutcliffe LLP on

On December 22, GSEs Fannie Mae and Freddie Mac announced replacement indices based on the Secured Overnight Financing Rate (SOFR) for their legacy LIBOR indexed loans and securities ...more

David Shirk - Shirk Law

Ginnie Mae APM 21-06 restates interpretation of VA seasoning requirements

David Shirk - Shirk Law on

Ginnie Mae clarifies its MBS Guide with respect to seasoning of VA IRRRLs that are a “Refinance of a Modified Loan.” Issuers had challenged Ginnie Mae’s buy out demands that claimed insufficient seasoning when measured from...more

Cozen O'Connor

Fannie Mae and Freddie Mac Update all Uniform Legal Instruments

Cozen O'Connor on

On July 7, 2021, Fannie Mae and Freddie Mac (the GSEs) introduced new uniform instruments (notes, security instruments, and riders) for use with loans to make them eligible for purchase by the GSEs. ...more

Mayer Brown

Fannie and Freddie to Relax Servicer Advance Requirements for Loans in Forbearance

Mayer Brown on

This week, the Federal Housing Finance Agency (“FHFA”) announced an eagerly awaited policy allowing Fannie Mae and Freddie Mac (the “Agencies”) to address one aspect of the liquidity crisis for mortgage servicers facing...more

Bradley Arant Boult Cummings LLP

Ginnie Mae Announces PTAP Assistance for Issuers

Bradley Arant Boult Cummings LLP on

In an All Participants Memo dated April 10, 2020 (APM 20-03), Ginnie Mae announced that it revised and expanded its issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (MBS Guide) to include a...more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

Dechert LLP on

In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Dechert LLP

Securitizing Marijuana Dispensary Properties in the Sessions Era

Dechert LLP on

In 2013, the Obama administration issued the Cole Memorandum, which called a truce between federal prosecutors and marijuana businesses operating legitimately under state law. After regime change in Washington, however, it...more

Orrick - Finance 20/20

FHFA Issues New Prepayment Monitoring Report

Orrick - Finance 20/20 on

On May 22, 2018, the Federal Housing Finance Agency (“FHFA“) issued a report through first quarter of 2018 in order to provide transparency and insight to market participants about how it monitors prepayment rates of Fannie...more

K&L Gates LLP

Less Form, More Substance: The SEC Staff’s Recent Functional Approach to Section 3(c)(5)(C)

K&L Gates LLP on

The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more

K&L Gates LLP

FHFA and Senate Proposals Bring GSE Reform Into Sharper Focus

K&L Gates LLP on

On January 16, 2018, Federal Housing Finance Agency (“FHFA”) Director Melvin L. Watt sent a document to Senate Banking Committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) that describes the FHFA’s...more

Carlton Fields

Securities Fraud Update: Eleventh Circuit Clarifies Section 17(a) and Rule 10b-5 Analyses

Carlton Fields on

S.E.C. v. Radius Capital Corp., No. 15-12004, 2016 WL 3542235, ___ F. App’x ___ (11th Cir. June 29, 2016). The Eleventh Circuit last month explained the material similarities and differences between two kinds of...more

Dorsey & Whitney LLP

SEC Administrative Law Judges Ruled Unconstitutional

Dorsey & Whitney LLP on

Introduction - A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

Dechert LLP

CrunchedCredit.com’s 5th Annual Golden Turkey Awards

Dechert LLP on

This is our fifth annual Golden Turkey Awards at CrunchedCredit. It just gets easier and easier. There are simply so many worthy contenders for an award this year. You know, we don’t stop and take a moment often enough to...more

Orrick - Finance 20/20

First Department Affirms Dismissal of Ambac’s Contract Claims Against EMC

Orrick - Finance 20/20 on

On October 16, the Appellate Division, First Department of the Supreme Court of New York affirmed the dismissal of Ambac Assurance Corporation’s breach of contract claims against EMC Mortgage arising out of an RMBS...more

Dechert LLP

Final Credit Risk Retention Rules Adopted for Asset Backed Securities and Residential Mortgage Backed Securities

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The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and...more

Dechert LLP

Credit Risk Retention Final Rule: Steering CMBS through the Regulatory Wake

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Introduction and Summary of CMBS Updates - After more than three and a half years since the publication by regulators of the first proposals for credit risk retention, we now have a final rule that has brought with it...more

Troutman Pepper

Mortgage-Backed Securities: “It Is The Rare Ordinary Human Being Who Understands Them”

Troutman Pepper on

In re Lehman Bros. Holdings Inc., 513 B.R. 624 (Bankr. S.D.N.Y. 2014) – A purchaser of residential mortgage-backed securities filed proofs of claim based on alleged misrepresentations by the debtors in offering...more

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