Deal Agent Proposal Advances

According to a recent article from National Mortgage News, on Monday, February 29th, a group of investors issued a set of “key principles” designed to add transparency to the PLS market. The document calls for an independent firm to act as a “deal agent” in certain private label RMBS transactions, having oversight over the other parties in each transaction.

According to National Mortgage News, the idea of an outside mediator is not new for investors. In fact, the concept of a deal agent has long been discussed at SFIG, which included a deal agent framework in its RMBS 3.0 Third Edition Green Papers published last November. The framework was the result of collaboration between issuers and investors across the industry. The RMBS 3.0 program continues to evolve that framework and will seek to take account of the principles released last week.

If you would like to participate in SFIG’s Project RMBS 3.0 and contribute to its forthcoming discussions on the deal agent, please email Amanda.Bateman@sfindustry.org.

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