SFIG & IMN Private Label RMBS Reform Symposium

On November 12, 2014, SFIG and IMN co-hosted their first Private Label RMBS Reform Symposium to great success and positive response from the industry. Over 500 industry participants registered for the event, and SFIG was pleased with the candid and open discussion amongst all in attendance.

The symposium featured morning panels and Dr. Michael Stegman, Counselor to the Secretary of the Treasury for Housing Finance Policy, as keynote speaker. Much of Dr. Stegman’s address referenced Treasury’s own opinions, those gleaned from Treasury’s discussions with individual market participants, and roundtables that focused on the current benchmark transaction that Treasury is engaging the market in developing. Dr. Stegman stated that Treasury did not believe trustees should have a fiduciary role, but it did believe an independent reviewer function was something necessary to provide both servicer oversight and to review loans for breaches of representations and warranties.

The afternoon sessions were a series of roundtable/audience participation panels targeted specifically towards the creation of a sustainable private label securities market through meaningful and productive industry engagement.

Issues arising through SFIG’s RMBS 3.0 initiative appeared throughout the day’s panels and discussions. As RMBS 3.0 moves beyond the Second Edition Green Papers and forward with its agenda, key areas of importance raised by symposium attendees and RMBS 3.0 participants are the highest priority for the initiative to tackle next.

Key themes of the day included:

  • principal reduction modifications specifically regarding regulatory or judicial settlements and their impact to investor cash-flows and losses;

  • alignment of interests between transaction parties;

  • the consideration of fiduciary duty and the potential parties that could absorb both roles and duties, most notably the concept of a collateral or transaction manager; and

  • key issues relating to reps and warranties, including the concept of sunsets.

A full agenda is available on IMN’s website, including recordings of selected panels. SFIG will make edited transcripts available to members of its RMBS 3.0 committee at a later date.

For additional information on Project RMBS 3.0, or to join the Task Force, please contact

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