The recent surge in residential mortgage buyback demands by Freddie Mac, among others, has a number of industry analysts bracing for a new wave of indemnification claims and put-back attempts against correspondent lenders and...more
If you thought Lehman Brothers Holdings Inc. (“LBHI”) was done suing lenders as a result of its settlements with RMBS trustees years ago, think again. ...more
Securities and Exchange Commission Chairman Jay Clayton issued a public statement October 30, 2019, seeking market input on the asset-level disclosure requirements for SEC-registered residential mortgage-backed securities...more
Judge Sidney H. Stein in the United States District Court for the Southern District of New York allowed the National Credit Union Administration (NCUA) to amend its complaint to add a new plaintiff to attempt to establish...more
One can prorogate all one wants, but raise the ire of British MPs, and a price will be paid, my friends. So goes the story for PM Boris Johnson, against whom British lawmakers “rose up” on Monday to “prevent him from taking...more
Deutsche Bank settled with BlackRock and other RMBS investors in New York federal (BlackRock Balanced Capital Portfolio (Fi) v. Deutsche Bank National Trust Company, S.D.N.Y., No. 1:14-cv-09367) and California state...more
U.S. Financial Industry Developments - Community Reinvestment Act: Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on Community Reinvestment Act Ratings... ...more
U.S. District Court Judge Katherine Polk Failla denied Plaintiff-Investors’ attempts in Blackrock Allocation Target Shares et al. v. Wells Fargo et al., No. 1:14-cv-09371 (S.D.N.Y.) to overturn two magistrate judge decisions...more
REGULATORY REPORT – FASB’s New Current Expected Credit Loss Model - Sharpen your pencils and put on your green eyeshades – the Financial Accounting Standards Board is making major changes to the credit loss accounting...more
On July 25, 2018, U.S. Bank NA and UBS AG announced they had reached an $850 million settlement in connection with a dispute over loans in three residential mortgage-backed securities trusts. ...more
Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court - Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court. ...more
Home Mortgage Disclosure Act: FFIEC's Revised 'A Guide to HMDA Reporting: Getting It Right!' On March 14, 2018, the Office of the Comptroller of the Currency published an updated resource providing guidance for complying...more
On March 8, 2018, Fitch issued a report entitled: Fitch U.S. RMBS Loss Metrics. Release. On March 8, 2018, Kroll issued a report entitled: Financial Institutions: Securities Firm Rating Methodology. Release....more
On December 13, 2017, DBRS published a report entitled: Canadian Surveillance Methodology for CDOs of Large Corporate Credit. On December 12, 2017, Fitch published a report entitled: Exposure Draft: Non-Bank Financial...more
On November 14, 2017, DBRS published its global methodology for rating finance companies. Release. On November 14, 2017, Fitch updated its U.S. RMBS seasoned, re-performing, and nonperforming loan criteria. Release....more
Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more
Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....more
HSBC’s making good on its plans to shift to a focus on Asia by naming John Flint—who spent his first 14 years at the bank in Asia—as its new CEO. Flint will take over from Stuart Gulliver in February....more
Food and consumer products conglomerate Unilever’s making a big play for the Asian market with its $2.7 billion deal to buy Carver Korea, a South Korean-based skin care specialist....more
Vanguard CEO William McNabb announced plans yesterday to step down, a big announcement for the mutual fund giant that finds itself “in the middle of one of the biggest growth spurts ever experienced by a large asset...more
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
Financial Industry Developments - Treasury Department Report: Decreasing Regulatory Burdens, Increasing Regulatory Accountability and Fostering Economic Growth - On June 12, 2017, the U.S. Treasury Department released...more
Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more
We covered the move by Exxon shareholders to push the company for greater climate-change accounting last week. Now we’re learning that the NY AG believes that Exxon’s been “misleading” its shareholders about the impact that...more
FINRA has introduced an expansion of Rule 4210 (the Rule), effective Dec. 15, 2017, importing margin concepts into the world of mortgage-backed transactions. ...more