News & Analysis as of

Securitization Vehicles

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

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

by Burr & Forman on

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

Italian State Guarantee For NPL Securitisations: Implementing Decree Is Approved

Decree of the Ministry of Economy and Finance containing implementing provisions (the "Implementing Decree") for State guarantees for securitisations of non-performing loans (Garanzia Statale sulla Cartolarizzazione delle...more

Massachusetts SJC Reaffirms Decision Sourcing 100% of Taxpayer’s Loans to Massachusetts — Confirms Opportunity for Out-of-State...

by Reed Smith on

On August 12, 2016, the Massachusetts Supreme Judicial Court issued its decision in First Marblehead on remand from the U.S. Supreme Court. The decision reaffirms that many taxpayers that (1) file as financial institutions in...more

EU Referendum – what does it mean for alternative capital providers?

by Reed Smith on

The UK referendum has caused uncertainty in the financial services industry, but what does it mean for alternative capital providers? And could it create some business opportunities? Alternative capital providers are...more

CREFC Annual Conference 2016: Headwinds or Head First Into the Wall?

by Dechert LLP on

The slow start to 2016 did not dampen the enthusiasm at CREFC’s Annual Conference, held last week in New York City. The conference saw record attendance, with standing-room-only crowds at virtually every panel. As with the...more

Your daily dose of financial news The Brief – 5.5.16

by Robins Kaplan LLP on

The Consumer Financial Protection Bureau is releasing a rule today that will ban consumer financial services providers from “prohibiting customers, through contracts with mandatory arbitration clauses, from filing or joining...more

European Commission Adopts Regulation on Classes of Arrangements to be Protected in a Partial Property Transfer

by Shearman & Sterling LLP on

The European Commission adopted a Delegated Regulation on the classes of arrangements to be protected in a partial property transfer or where a contract is forcibly modified by a resolution authority. The EU Bank Recovery and...more

The man who sold the world: Bowie, bonds and IP securitisation

by DLA Piper on

The loss of David Bowie at the start of this year prompted much discussion of his musical legacy, but less well-publicised was his contribution to finance....more

Flash: Congress Fixes the CMBS Risk Retention Problem (Just Kidding)

by Dechert LLP on

Last week, the House Committee on Financial Services reported out the Preserving Access to CRE Capital Act of 2016 (the “bill”) in a remarkably bipartisan sort of way (paving the way for: “Well, yes, I did vote for it, but...more

Finance Advisory: Risk Retention and the Preserving Access to CRE Capital Act

by Alston & Bird on

The final rules for implementing Section 941 of the Dodd-Frank Act as it relates to credit risk retention will become effective December 24 of this year. With the effective date quickly approaching, Congress has stepped in to...more

Global Financial Markets Insight - Issue 9, Q1 2016

by DLA Piper on

The beginning of 2016 has proved uncomfortable for markets. The fall in oil prices, the downturn of the Chinese markets and the continued uncertainty over Europe continue to drive a negative and uncertain outlook. With...more

Rating Agency Developments

On December 16, 2015, Fitch released updated Criteria Assumptions for UK Residential Mortgages. On December 16, 2015, Fitch released updated EMEA RMBS Rating Criteria, which had no impact on existing ratings. On December 15,...more

Securitisation – reformed and good for banks

by Dentons on

Nobody would have said so in 2008 or 2009. Many are still sceptical now. However, the European Commission's action plan for a "Capital Markets Union" has made the revival of securitisation a key objective. Why? In the...more

Financial Regulatory Developments Focus - October 2015 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Risk Retention: Flash – These Rules Don’t Work!

by Dechert LLP on

As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work.  The result is troubling....more

EU Risk Retention - Some Good News From Brussels

by Dechert LLP on

Following Dechert’s Legal Update published on 14 September 2015, we have had sight of an updated draft of the proposed EU legislation on securitisations. The updated draft shows signs that regulators have taken on board some...more

Rating Agency Developments

On May 7, DBRS published a report on it methodology for rating U.S. Timeshare Loan Securitizations....more

Section 546(e) Protects Two Tiered Securitization Structures

by Dechert LLP on

What happens when a debtor, whose loan is pooled and securitized, files for bankruptcy? Are payments made to investors recoverable as fraudulent transfers or preferences? Until recently, no published court opinion...more

Payments to Investors in a Securitization Structure Protected from Avoidance

by Dechert LLP on

In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

Rating Agency Developments

On March 6, Fitch revised its criteria for rating granular corporate balance-sheet securitizations (SME CLOs). On March 5, Moody’s revised its global approach to data quality evaluation. On March 3, Kroll released CMBS...more

Agencies Issue Tool for Calculating Capital Requirements for Securitization Exposures

On February 11, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an automated tool to help national banks and...more

Financial Regulatory Developments Focus - February 2015 #3

by Shearman & Sterling LLP on

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulatory Capital Tool for Securitization Exposures - European Banking Authority Reports on Implications of Regulatory Reforms for...more

A Challenge to the New Congress: Pass Housing Finance Reform

Over six years ago, when the federal government placed Fannie Mae and Freddie Mac into conservatorship, experts from public, private, and academic worlds concurred: housing finance in the United States was mortally flawed....more

Privacy Concerns and the Proposed Reg AB II Revisions Relating to Asset Level Data

by Morrison & Foerster LLP on

In February 2014, the Securities and Exchange Commission (SEC) once again re-opened the comment period with respect to proposed revisions to Regulation AB relating to the disclosure of asset-level data after receiving many...more

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