December 11, 2013 Newsletter
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December 11, 2013
 

SFIG News

Issue Spotlight

Recent Developments

 

SFIG NEWS
SFIG MEETS WITH REGULATORS TO DISCUSS RISK RETENTION REPROPOSAL
SFIG members and staff met with regulators from the Federal Deposit Insurance Corporation, Federal Reserve Board, Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission to discuss risk retention comments regarding auto securitizations and accounting requirements. Meetings on master trusts and ABCP conduits were scheduled for December 10th, but rescheduled due to inclement weather in Washington, D.C. Please contact Sairah Burki, Director of Asset-Backed Securities Policy at Sairah.Burki@sfindustry.org with any questions.
 

 

SFIG MEETS WITH TRADE ASSOCIATIONS ON EMINENT DOMAIN
SFIG participated in a joint industry call with several trade associations including the Securities Industry Financial Markets Association (SIFMA) to discuss strategy with respect to various municipalities’ proposals regarding the use of Eminent Domain to seize underwater mortgages for the purpose of principal reduction. SFIG continues to monitor various developments on this front and is very active in efforts to resist the expansion of the doctrine for purposes of seizing mortgages. Should you have any additional questions on eminent domain, please contact Sonny Abbasi, Director of Mortgage Policy at Sonny.Abbasi@sfindustry.org.

Click here for a link to SFIG’s Amicus Brief and Click here for a link to SFIG’s position paper on Eminent Domain.
 

 

REGISTER FOR THE ABS VEGAS CONFERENCE
ABS Vegas momentum continues to be incredibly strong, with nearly 130 sponsors to-date and more in process. We already have 2,500 participants registered, with over 1000 investors and issuers. Rooms at The Cosmopolitan are already sold out, with the overflow block of hotel rooms at the Aria also selling fast. Don’t miss the chance to be part of the Structured Finance Industry’s largest conference.

Click here for the conference agenda. Click here to register for ABS Vegas 2014.
 

 

ISSUE SPOTLIGHT
CAPITOL HILL OUTLOOK
The First Session of the 113th Congress will conclude at the end of the year. While we are at the halfway point of this Congress, here is an update on the agendas of the Senate Banking Committee (SBC) and the House Financial Services Committee (Committee), as well as executive branch nominations of key interest to SFIG members.

Senate Committee on Banking, Housing and Urban Affairs Legislative Update

GSE Reform
During this year’s August recess the SBC staffs of Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) met with industry stakeholders (including SFIG) and the staffs made clear that a bipartisan, Johnson-Crapo housing finance reform bill remains the SBC’s top priority. Democratic and Republican Committee Members have been working together, as well as with industry participants such as SFIG, to examine current market and policy issues. Since the Senate returned in September, the SBC has held nine hearings dedicated to housing finance reform and is expected to hold more in the near term. SFIG Executive Director Richard Johns testified on behalf of SFIG at the first in those series of hearings. The hearings have included the following topics:

  • Essential Elements of Housing Finance Reform
  • Fundamentals of a Functioning Private Label Mortgage-Backed Securities Market
  • Essential Elements of the Multifamily Housing Finance System
  • Essentials of a Functioning Housing Finance System for Consumers
  • Essential Elements of a Government Guarantee for Mortgage-Backed Securities
  • Protecting Small Lender Access to the Secondary Mortgage Market
  • Essential Elements to Provide Affordable Options for Housing
  • Powers and Structure of a Strong Regulator
  • Developing a Plan for a Smooth Transition

The SBC is working off of the template of the Corker-Warner bill, which replaces the GSEs with a new government catastrophic guarantee program. SFIG has participated in many meetings with the SBC staff to discuss SFIG’s views on critical market issues and help educate the SBC about the functioning of the mortgage securitization market. Our best information indicates that Senators Johnson and Crapo are expected to introduce their legislation in early 2014. If the bill is passed by the SBC with strong bipartisan support, it will then proceed to the full Senate for consideration soon thereafter. SFIG will continue to be active in this process under the guidance of the GSE Reform Subcommittee of the RMBS Committee. If you would like to be added to the GSE Reform Subcommittee, please contact Sonny Abbasi, Director of Mortgage Policy for SFIG, at sonny.abbasi@sfindustry.org.

FHA Reform
On July 31, 2013, the SBC voted 21-1 to approve S. 1376, Federal Housing Administration (FHA) Solvency Act of 2013, which the SBC describes as a bill to further strengthen the FHA’s books, better protect taxpayers, and ensure continued access to credit for qualified borrowers. The bipartisan bill was co-sponsored by Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) and will allow the FHA mechanisms to improve its current financial condition. Specifically, tools to strengthen underwriting standards, enhance lender accountability measures, and reform to the FHA’s reverse mortgage program. This bill is currently awaiting approval by the full Senate. The SBC has solicited SFIG’s views on FHA reform and discussions have centered around maximizing the role of the private sector in all reform measures.

Dodd-Frank Implementation Oversight
The SBC held various hearings this year on the implementation of the Dodd-Frank Act. These hearings examined the following topics:

  • Oversight of Financial Stability and Consumer and Investor Protections
  • Mitigating Systemic Risk in Financial Markets through Wall Street Reforms (Two Part Hearing)

The SBC also held several hearings related to increasing and monitoring consumer protection tools and economic financial stability. Finally, the SBC held two hearings on the semi-annual reports to Congress from the Consumer Financial Protection Bureau (CFPB) as well as approved the nomination of Richard Cordray. The SBC is expected to continue in 2014 with a full slate of hearings on many aspects of the Dodd-Frank Act. SFIG is actively following these hearings and will publish noteworthy items in future Updates.

National Association of Registered Agents and Brokers Reform
On June 6, 2013 the SBC voted to unanimously approve S. 534, National Association of Registered Agents and Brokers Reform Act of 2013 (NARAB II). The bipartisan measure will establish the NARAB as a non-profit, independent board that will provide a mechanism for multistate licensing for insurance producers. According to the joint SBC press release the bill will “reduce costs and red tape for insurance agents and brokers who operate in multiple states, and will allow consumers to maintain relationships with their insurance agents if they relocate to another state.” This bill is currently awaiting approval by the full Senate.

Terrorism Risk Insurance Act
The current authorization for the Terrorism Risk Insurance Program (Program) expires on December 31, 2014. On September 25 the SBC held its first hearing on reauthorizing the Program. As the Program has bipartisan support, we anticipate more hearings regarding this matter will be held in 2014 and the Program is expected to be reauthorized next year.

House Committee on Financial Services Update

GSE Reform
On July 19, 2013 the Committee on Financial Services passed Chairman Hensarling’s comprehensive housing finance reform bill, The Protecting American Taxpayers and Homeowners (PATH) Act. The key distinction between the PATH Act and the Senate approach to GSE reform is that the House bill does not replace the GSEs with another federal guarantee program. The bill was passed out of the Committee without any Democratic support (and two Republicans opposed), which indicates the difficulties the Committee will have in getting the full House of Representatives to approve the bill. SFIG has had several meetings with Committee staff regarding the legislation, and has supplied the Committee with a written analysis and explanation of SFIG’s views of the impact of the PATH Act on the mortgage market.

FHA Reform
Title II of the PATH Act, The FHA Reform and Modernization Act of 2013, contains provisions that clarifies the purpose, powers and responsibilities of the FHA. This reflects a strategic decision by the Committee to package all housing finance reform issues into one bill, unlike the Senate, which separates the issues into distinct pieces of legislation. FHA reform issues have taken a higher profile since the FHA in September announced that it would require $1.7 billion in mandatory appropriation from the U.S Treasury to cover a deficiency.

SEC Oversight and Reform
The Committee is expected to continue a series of hearings on the activities of the SEC. This year the Full Committee held a hearing on the SEC’s agenda, operations and FY 2014 budget request, and the Oversight and Investigations Subcommittee held a hearing to examine the SEC’s implementation of Title II of the JOBS Act and its impact on economic growth. The Capital Markets and Government Sponsored Enterprises Subcommittee held a hearing examining the SEC’s money market fund proposed rule. In addition, the Committee has passed a variety of minor bills regarding SEC regulation, including the SEC Regulatory Accountability Act, which was passed by the House of Representatives earlier this year by a 265 to 161 vote. The following bills are still awaiting House action:

  • A bill to amend a provision of the Securities Act of 1933 directing the SEC to add a particular class of securities to those exempted under such Act
  • The Holding Company Registration Threshold Equalization Act of 2013

CFPB Oversight and Reform
The Committee is expected to maintain an active schedule of hearings on the activities of the Consumer Financial Protection Bureau (CFPB). The Committee held four hearings on the CFPB this year: the semi-annual report of the CFPB, the CFPB budget review, an examination of how the CFPB collects and uses consumer data, and a review of legislative proposals to reform the CFPB. The Committee has passed a variety of bills to reform the CFPB, including:

  • The CFPC Pay Fairness Act
  • The Responsible Consumer Protection Regulations Act
  • The Consumer Right to Financial Privacy Act
  • A bill to provide consumers with a free annual disclosure of information the CFPB maintains on them
  • The Consumer Financial Protection Safety and Soundness Improvement Act
  • The Bureau of Consumer Financial Protection Accountability and Transparency Act

None of the bills have been considered by the full House of Representatives.

Dodd-Frank Oversight and Reform
The Committee held many hearings in 2013 regarding implementation of the Dodd-Frank Act. Those hearings have formed the basis for a series of bills to amend the Dodd-Frank Act. The following five Dodd-Frank reform bills passed the House of Representatives this year:

  • The Business Risk Mitigation and Price Stabilization Act of 2013 (411-12 votes)
  • The Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (420-2 votes)
  • The Swaps Regulatory Improvement Act (292-122 votes)
  • The Small Business Capital Access and Job Preservation Act (254-159 votes)
  • The Retail Investor Protection Act (254-166 votes)

The following is a list of the Dodd-Frank reform bills that have passed the Committee and are waiting for approval by the full House of Representatives:

  • The Inter-Affiliate Swap Clarification Act
  • The Swap Jurisdiction Certainty Act
  • The Financial Competitive Act of 2013
  • The Small Business Credit Availability Act
  • The Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act
  • The Burdensome Data Collection Relief Act
  • A bill to enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and other purposes

SFIG is monitoring the progress of all the Committee’s bills as they work their way through the legislative process. Until the Senate begins to move legislation that covers the same subject matter as the House bills, the House bills will have little chance of getting enacted.

Financial Services Related Nominations

In November the Senate revised its procedural rules so that only a simple majority (rather than the previous 60 votes) is necessary to limit debate and shut off a filibuster of Presidential nominations (with the exception of Supreme Court nominations). Therefore, the Senate Majority is expected to begin confirming pending nominations without delay. Here is a list of key pending financial services related nominations:

Janet L. Yellen to be Chairman of the Board of Governors of the Federal Reserve System. Mrs. Yellen’s nomination was approved by the Senate Banking Committee on October 31, 2013 and she is currently waiting to be brought up for a vote by the full Senate. From 2004 – 2010 Yellen served as the CEO and President of the Federal Reserve Bank of San Francisco. In 2010, she was confirmed by the Senate as the Vice Chair of the Board of Governors of the Federal Reserve System (Fed) and in October 2013, she was nominated by President Obama to succeed Ben Bernanke as Chairman of the Fed.

Sarah Bloom Raskin to be Deputy Secretary of the U.S. Department of the Treasury. Raskin’s nomination was received by the Senate Committee on Finance on July 31. On November 20, the Committee held a hearing regarding her nomination and she is currently waiting to be brought up before the Committee for approval. Raskin has served as a member of the Board of Governors of the Federal Reserve System since 2010.

Timothy Massad to be Chairman of the Commodity Futures Trading Commission. Massad’s nomination was received by the Senate Committee on Agriculture, Nutrition, and Forestry and Committee Chairwoman Debbie Stabenow (D-MI) said that she expects his nomination to be brought up before the Committee in early 2014. Timothy Massad, senior Treasury Department official in charge of the Troubled Asset Relief Program, was nominated by President Obama on November 12 to succeed current CFTC Chairman Gary Gensler.

Christopher Giancarlo to be a member of the Commodity Futures Trading Commission. Giancarlo’s nomination was received by the Senate Committee on Agriculture, Nutrition, and Forestry in August and Committee Chairwoman Debbie Stabenow (D-MI) said that she expects his nomination to be brought up before the Committee in early 2014. On August 1, President Obama nominated Christopher Giancarlo, a manager at the brokerage services company GFI Group, to succeed Commissioner Jill Sommers.

As these key officials are confirmed by the Senate, SFIG will assemble a delegation of members to have an introductory meeting with the new officeholders and establish a productive working relationship.
 

 

RECENT DEVELOPMENTS
REGULATORS APPROVE FINAL VERSION OF VOLCKER RULE
On December 10, 2013, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Office of the Comptroller of the Currency approved final regulations implementing the “Volcker Rule”, which is formally known as the “Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds” Rule. The final regulations address proprietary trading and investments in hedge or private equity funds by banking institutions.

SFIG will hold a membership call next week to delve into the key securitization points of the Volcker Rule. We will distribute a more comprehensive summary of the Volcker Rule and dial-in details in advance of that call. Please contact Sairah Burki, Director of Asset-Backed Securities Policy at Sairah.Burki@sfindustry.org with any questions.

A copy of the Volcker Rule can be found here. Please click here for the SFIG Alert.
 

 

CONGRESSMAN MEL WATT (D-NC) CONFIRMED AS DIRECTOR OF THE FEDERAL HOUSING FINANCE AGENCY (FHFA)
On December 10, 2013, Congressman Mel Watt’s nomination to head the FHFA was approved by the full Senate. Watt was one of the first beneficiaries to a change in Senate rules that now only require a simple majority to approve a cloture motion and limit debate for most Presidential nominees requiring Senate confirmation. Previously, Congressman Watt’s nomination would have required 60 Senators to approve a cloture motion and halt a filibuster. The vote for confirmation was 57-41.
 

 

SIFMA, ISDA AND IIB FILE LAWSUIT CHALLENGING COMMODITY FUTURE TRADING COMMISSION’S CROSS-BORDER RULE
The Securities Industry and Financial Markets Association (SIFMA), the International Swaps and Derivatives Association, Inc. (ISDA), and the Institute of International Bankers (IIB) filed a legal challenge to the Commodity Futures Trading Commission’s (CFTC) Interpretive Guidance and Policy Statement Regarding Compliance With Certain Swap Regulations (Cross-Border Rule), and to the crossborder aspects of related rules. The Cross-Border Rule was published by the CFTC in July 2013.

The Associations have filed suit in federal court in the District of Columbia, stating that the

CFTC:

  • Unlawfully circumvented the requirements of the Administrative Procedure Act and the Commodity Exchange Act by characterizing its regulations as “guidance”;
  • Failed to conduct any cost-benefit analysis, as required by law;
  • Conducted a flawed rulemaking process; and
  • Imposed a series of rules that are contrary to the spirit and the letter of international cooperation and may harm global markets.

The lawsuit alleges that the CFTC failed to follow key requirements mandated by law with regard to development and issuance of the Cross-Border Rule. The Associations believe that the Cross-Border Rule violates existing agreements between global policymakers, and works against the G20 Commitment to “implement global standards consistently in a way that ensures a level playing field and avoids fragmentation of markets.” The Cross-Border Rule further creates significant financial, legal and administrative burdens on market participants that could harm

liquidity and the ability of end-users to manage their risks.
 

 

OBAMA THREATENS TO VETO BILL EXEMPTING PRIVATE EQUITY ADVISORS FROM REGISTRATION
The Obama administration said it would veto the Small Business Capital Access and Job Preservation Act, which would amend the Investment Advisers Act of 1940 to exempt nearly all private equity fund advisors from registration.

The bill is up for a vote Wednesday afternoon on the House floor. According to the Obama administration, “[t]he legislation effectively provides a blanket registration and reporting exemption for private equity funds, undermining advances in investor protection and regulatory oversight implemented by the Securities and Exchange Commission under Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”
 

 

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) TO START REGULATING NON-BANK STUDENT LOAN SERVICERS
The CFPB has stated that non-bank companies that process student loan payments will soon be subject to federal examinations. Starting March 1, 2013, the CFPB will begin regulating the seven largest student-loan servicers that process payments for more than 49 million borrower accounts — representing a majority of the market. The CFPB will begin assessing whether these nonbank student-loan servicers are complying with federal consumer financial law, including providing borrowers with accurate information and applying payments as indicated.
 

 

FEDERAL RESERVE BOARD ANNOUNCES FINAL RULE REGARDING FEDERAL RESERVE BANK ACCOUNTS AND SERVICES FOR FINANCIAL MARKET UTILITIES (FMUS) DESIGNATED AS SYSTEMICALLY IMPORTANT
The Federal Reserve Board on December 5, 2013 issued a final rule that amends Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council.

In addition, the final rule, which implements provisions of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would authorize a Reserve Bank to pay interest on the balances maintained by a designated financial market utility in accordance with the statute and other terms and conditions as the Board may prescribe. The final rule will become effective 60 days after it is published in the Federal Register, which is expected shortly.

Click here for a copy of the rule.
 

 

FEDERAL RESERVE BOARD RELEASES GUIDANCE REMINDING FINANCIAL INSTITUTIONS TO EXERCISE APPROPRIATE RISK MANAGEMENT AND OVERSIGHT WHEN USING SERVICE PROVIDERS
The Federal Reserve Board on December 5, 2013 released guidance reminding financial institutions it supervises to exercise appropriate risk management and oversight when using service providers. The guidance describes factors financial institutions should consider when choosing a service provider and how service providers should be overseen. A service provider is defined as any organization or entity--such as a consultant--that enters into a contractual relationship with a financial institution to provide business functions or activities, such as accounting, auditing, loan review, compliance, and risk management.

The guidance states that the use of service providers does not relieve a financial institution's board of directors or senior managers of responsibility for the activities performed by service providers. Financial institutions are responsible for ensuring that all activities conducted by service providers comply with applicable laws and regulations and are consistent with safe and sound banking practices. The guidance is applicable to state-chartered banks that are members of the Federal Reserve System, bank and savings and loan holding companies and their nonbank subsidiaries, and U.S. operations of foreign banking organizations.

Click here for a copy of the guidance.
 

 

FEDERAL RESERVE BOARD ISSUES FINAL RULE ALIGNING MARKET RISK CAPITAL RULE WITH BASEL III
The Federal Reserve Board on Friday issued a final rule that makes technical changes to the Board's market risk capital rule to align it with the Basel III revised capital framework adopted by the Board earlier this year.

The market risk capital rule is used by banking organizations with significant trading activities to calculate regulatory capital requirements for market risk. Technical changes to the rule reflect modifications by the Organization for Economic Cooperation and Development regarding country risk classifications. The final rule also clarifies criteria for determining whether underlying assets are delinquent for certain traded securitization positions. It clarifies disclosure deadlines, and modifies the definition of a covered position. Each of these changes makes the market risk capital rule consistent with the revised capital framework that will come into effect in January 2015.

Click here for a copy of the rule.
 

 

NEWARK MOVES FORWARD WITH EMINENT DOMAIN PLAN
On December 4, 2013, Newark, New Jersey city council voted to begin legal research into Eminent Domain as a means of seizing underwater mortgages for the purpose of principal reduction. Newark’s action comes on the heels of numerous municipalities advancing proposals on using the tactic of Eminent Domain to seize underwater mortgages. All in all cities in about 12 states have now advanced proposals.
 

 

FOUR US SENATORS SEND LETTER TO HUD AND TREASURY SECRETARIES OPPOSING EMINENT DOMAIN
Four United Senates Senators led by Senator Pat Toomey sent a letter opposing the use of Eminent Domain and asking the Secretary of Housing and Urban Development Shaun Donovan and Secretary of the Treasury Jack Lew to prohibit the Federal Housing Administration from insuring mortgages on any affected properties. The three other Senators joining in the letter were Senator John Boozman, Senator Mark Begich, and Senator Heidi Heitkamp. The letter is dated November 27, 2013.

Click here for a copy of the letter.
 

 

10 MEMBERS OF THE HOUSE SUPPORT EMINENT DOMAIN IN LETTER TO HUD SECRETARY
Ten members of the House of the Representatives, led by Representative Keith Ellison, sent a letter to Secretary of Housing and Urban Development Shaun Donovan asking that he allow access to FHA programs for mortgages modified as a result of Eminent Domain. The letter is dated November 15, 2013.

Click here for a copy of the letter.
 

 

NOVEMBER HOUSING SCORECARD RELEASED BY HUD AND TREASURY
On December 9, 2013, the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released the November edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation's housing market. The latest data show progress among many key indicators. The purchase of new homes and home prices remain strong and foreclosures are down. Although there is much good news, officials caution that the overall recovery remains fragile. The report highlights that through October, more than 1.2 million borrowers have received assistance through the Home Affordable Modification Program or HAMP.

The full Housing Scorecard is available online here.
 

 

TREASURY RELEASES A WORKING PAPER ON UNIVERSAL MORTGAGE IDENTIFIER
On December 5, 2013, the Office of Financial Research of the Department of the Treasury released a working paper on the need for a universal mortgage identifier. The paper sets forth the argument that a mortgage loan identifier is needed. It indicates that a unique identifier from “cradle to grave” would increase efficiencies in the mortgage market.

Click here for the full Working Paper.
 

 

FEDERAL HOUSING FINANCE AGENCY (FHFA) DIRECTS FANNIE AND FREDDIE TO INCREASE GUARANTEE FEES (G-FEE)
On December 9, 2013, FHFA directed Freddie Mac and Fannie Mae to raise guarantee fees in three components:
  • The base g-fee (or ongoing g-fee) for all mortgages will increase by 10 basis points;
  • The up-front g-fee grid will be updated to better align pricing with the credit risk characteristics of the borrower; and
  • The up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Freddie Mac and Fannie Mae since 2008 is being eliminated except in the four states whose foreclosure carrying costs are more than two standard deviations greater than the national average.

Guarantee fees are assessed by Fannie Mae and Freddie Mac on loans they purchase to compensate them for the credit risk associated with the purchase of a mortgage. FHFA, as conservator, stated in a release that it has adjusted guarantee fees to have private capital return to the market and to reduce the market share of Fannie Mae and Freddie Mac.

Click here for a copy of the release.
 

 

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) BOARD RELEASES RESOLUTION STRATEGY FOR PUBLIC COMMENT
The Board of Directors of the FDIC approved for publication in the Federal Register the Single Point of Entry (SPOE) strategy for the resolution of Systemically Important Financial Institutions (SIFIs) with request for comment.

After consultation with public and private sector stakeholders, the FDIC has been developing the SPOE strategy to achieve the policy goals outlined in Title II of the Dodd-Frank Act. The FDIC is required under the Act to resolve a SIFI in a manner that holds accountable the owners and management responsible for the failure of the company while maintaining the stability of the U.S. financial system. Creditors and shareholders must bear the losses of the financial company in accordance with statutory priorities and without imposing a cost on U.S. taxpayers.

FDIC Chairman Martin J. Gruenberg said, "The purpose of today's Board action is to seek public comment on the single point of entry strategy that the FDIC is developing under Title II of the Dodd-Frank Act. The FDIC has provided greater detail on how it envisions the implementation of various aspects of this strategy including such key issues such as capital, liquidity, governance and restructuring. The FDIC looks forward to detailed public comment to further inform our resolution strategy planning."

The Single Point of Entry Strategy will be published in the Federal Register and open for public comment for 60 days after publication. Click here for the full proposal.
 

 

SFIG COMMITTEES AND TASK FORCES

SFIG has a number of Committees and Task Forces meeting and working on many topics of interest to the securitization industry.  Please visit our website for more information, including how to join.

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SFIG is pleased to share this edition of its newsletter with our members, as well as our supporters in the structured finance community.  To ensure that you receive future editions of the newsletter, please visit our website (www.sfindustry.org) to learn about membership opportunities.

SFINDUSTRY.ORG

Contact Information

Richard Johns for all matters

Kristi Leo for Investor related matters

Sairah Burki for ABS Policy related matters

Sonny Abbasi for MBS Policy related matters

 

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