December 3, 2014 Newsletter

SFIG News

SFIG Calendar

Advocacy Outlook

Industry News Highlights

 
SFIG NEWS
LAST WEEK TO NOMINATE SPEAKERS FOR ABS VEGAS 2015

SFIG would like to remind everyone that speaker nominations for ABS Vegas close this Friday, December 5th.

ABS Vegas 2015 momentum continues to be incredibly strong, with over 120 sponsors to-date and many more in process. We already have close to 2,000 participants registered, approximately half of which are investors and issuers. SFIG members may complete the online form to nominate a speaker for the ABS Vegas 2015 by clicking here. Non-members may fill out the form by clicking here.

 
 
SFIG MEETS WITH FHFA TO DISCUSS POTENTIAL TRANSITION TO SINGLE SECURITY STRUCTURE

Today, SFIG staff and several members met with the Federal Housing Finance Agency (“FHFA”) to discuss the potential transition to a single, common security between Fannie Mae and Freddie Mac. In August 2014, FHFA requested input on a proposed single security structure and SFIG submitted comments in response to the request.  Topics covered in the meeting included matters raised in SFIG’s submission, such as the timing of a single security, liquidity in the market during transition, and operational issues. 

If you would like to join the GSE Reform Task Force, please contact Amanda.Bateman@sfindustry.org.
 
 
SFIG INVESTORS, SEC MEET TO DISCUSS REGULATION AB II

Upon request by the Securities and Exchange Commission (“SEC”), SFIG staff and several investor members met with the SEC’s Office of Structured Finance to discuss investors’ initial reactions to the final Regulation AB II rule. Topics covered included, among others, market trends, operational aspects and scope of applicability of the final rule.

For more information, please contact Sairah.Burki@sfindustry.org. If you would like to join the Regulation AB II Task Force please contact Mary.Robinson@sfindustry.org.

 
 
SFIG SUBMITS COMMENTS TO CFTC, PRUDENTIAL REGULATORS IN RESPONSE TO MARGIN PROPOSALS

On November 24th, SFIG submitted comments on recently proposed margin and capital requirements for covered swap entities and margin requirements for uncleared swaps for swap dealers and major swap participants. The rulemakings were proposed separately by the Commodity Futures Trading Commission ("CFTC") and prudential regulators at the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the Federal Housing Finance Agency and would apply to all so-called “covered swap entities.”

SFIG previously submitted a comment letter to the Prudential Regulators and the CFTC on the margin requirements for uncleared swaps on June 27th which advocated for securitization special purpose vehicles to qualify as “low risk financial end users.” In the letter submitted last week, SFIG presented criteria for such an exemption and highlighted the impact the rules would have on the securitization industry. The comments were drafted by counsel at Chapman & Cutler LLP and based on the views of members of the Derivatives in Securitization Task Force. To learn more about the letter and SFIG’s advocacy on derivatives topics, please contact Amanda.Bateman@sfindustry.org.
 
 
IN MEMORIAM
Vicki Beal

It is with immense and deep regret that we have to inform you that Vicki Beal, Senior Vice President of Transaction Management at Clayton Holdings LLC., and a highly respected industry thought leader, passed away last week at age 62. Vicki was honored as one of HousingWire’s Influential Women in Housing Finance in 2013 and served as the face and voice of Clayton before the Senate Banking Committee and other regulatory bodies.  In her more than 20 years with Clayton, Vicki helped facilitate independent third-party review due diligence services for non-agency residential mortgage-backed securities deals. Vicki was also extremely engaged in SFIG’s activities. As a representative of Clayton, Vicki co-chaired SFIG’s RMBS 3.0 Due Diligence Working Group and provided insight and knowledge critical to SFIG’s efforts to revitalize the private label market.

Vicki will be fondly remembered by SFIG and our thoughts and condolences extend to Vicki’s colleagues at Clayton, friends, and family.  Vicki is survived by her husband of nearly 43 years Hebert Grant Beal, Jr.; two sons, Hebert Grant (Trey) Beal, III and his wife Kirstin, and John Martin Beal and wife Christy; her mother, Daisy Geiger; her mother-in-law, Anita Beal; five grandchildren, Breanne Beal, David Beal, Kyle Beal, Jordan Beal, Blake Beal and a host of nieces and nephews; also, by her brothers, Mike Grass and wife, Cheryl of Silsbee and Mark Grass and wife, Renee of Watauga, Texas.

If you wish to extend your condolences, please do so here.
 
 
SFIG CALENDAR
FDIC SENIOR REGIONAL CAPITAL MARKETS SPECIALIST SUMMIT

THURSDAY, December 4, 2014
8:15 a.m. – 4:00 p.m. (EST)
Capital Markets Branch Offices
1750 New York Ave. NW
Washington, DC

Neil Weidner (Partner, Cadwalader, Wickersham & Taft) and Wynne Comer (Managing Director, Bank of America) will be presenting for SFIG on CLOs at 9:00 a.m.

 
 
PLI SEMINAR: NEW DEVELOPMENTS IN SECURITIZATION 2014

THURSDAY, December 4, 2014
9:00 a.m. – 5:00 p.m. (EST)
PLI New York Center
1777 Avenue of the Americas
New York, NY

Richard Johns will be speaking on the “Examining Key Regulations Through a Global Lens” panel.

 
 
BIWEEKLY CREDIT CARD ISSUER COMMITTEE CALL RE: REGULATION AB II

THURSDAY, December 4, 2014
10:00 a.m. –11:00 a.m. (EST)

 
 
BIWEEKLY RESIDENTIAL MORTGAGE COMMITTEE CALL RE: REGULATION AB II

THURSDAY, December 4, 2014
2:00 p.m. – 3:00 p.m. (EST)

 
 
WEEKLY NRSRO DUE DILIGENCE INDUSTRY GUIDE WORKING GROUP CALL

THURSDAY, December 4, 2014
3:00 p.m. – 4:00 p.m. (EST)

 
 
RMBS 3.0 ROLE OF TRANSACTION PARTIES AND BONDHOLDER COMMUNICATION SIT-DOWN MEETING

WEDNESDAY, December 10, 2014
9:30 a.m. – 11:30 a.m. (EST)
Dentons
1221 Avenue of the Americas
New York, NY

 
 
WEEKLY HIGH QUALITY SECURITIZATION TASK FORCE CALL

WEDNESDAY, December 10, 2014
10:00 a.m. – 11:00 a.m. (EST)

 
 
SFIG BOARD OF DIRECTORS MEETING

WEDNESDAY, December 10, 2014
12:00 p.m. – 5:00 p.m. (EST)
Dentons
1221 Avenue of the Americas
New York, NY
Note: Closed Meeting

 
 
BIWEEKLY RISK RETENTION INDUSTRY GUIDE COMMITTEE CALL

TUESDAY, December 16, 2014
11:00 a.m. – 12:00 p.m. (EST)

 
 
SFIG & IMN ABS VEGAS 2015

SUNDAY, February 8, 2015 – WEDNESDAY, February 11, 2015
The Aria Resort and Casino
Las Vegas, NV
Registration available here

 
 
ADVOCACY OUTLOOK
If you would like to participate in the work SFIG is undertaking through our committees as highlighted below, please e-mail Committees@sfindustry.org. For specific inquiries on any of SFIG’s advocacy efforts, please contact the staff member listed for the related project.

The RMBS 3.0 Task Force released its Second Edition RMBS 3.0 Green Paper in November. Following the successful SFIG/IMN Private Label RMBS Symposium, the Task Force will continue its efforts to address key issues specific to private label mortgage securities through work streams relating to (1) Representations, Warranties, and Repurchase Enforcement; (2) Due Diligence, Data, and Loan-Level Disclosure; and (3) Role of Transaction Parties and Bondholder Communications. We encourage members to participate in any or all of the working groups to contribute towards the mission of RMBS 3.0. For additional information on RMBS 3.0, or to join the Task Force, please contact Mary.Robinson@sfindustry.org.

The GSE Reform Task Force has been actively engaging the Federal Housing Finance Agency (“FHFA”) in recent months, including SFIG’s October 13th response to the proposed structure for a single agency security. SFIG has also recently submitted comments on guarantee fee pricing and FHFA’s Strategic Plan for 2015-2019. The Task Force previously reviewed various proposals in Congress including the Johnson-Crapo bill, with SFIG staff summarizing members’ recommendations in a briefing book, and the PATH Act. If you would like to learn more about SFIG’s activities in these areas, please contact Amanda.Bateman@sfindustry.org.

The Mortgage Loan-Level Disclosure Task Force is studying the recent Regulation AB II release of Schedule AL and comparing it to SFIG’s Schedule L submission to the Securities and Exchange Commission in February of this year. SFIG also continues to have weekly Mortgage Industry Standards Maintenance Organization calls to go through data elements that lenders should deliver in securitizations. We will also be conducting an analysis of the data elements included in SFIG’s Schedule L submission in order to determine any privacy concerns. Please contact Mary.Robinson@sfindustry.org for additional information on SFIG’s work on this topic.

The Volcker Task Force has been working with SFIG’s various asset class and legal counsel committees to identify areas within the Volcker Rule in need of clarification, particularly questions regarding covered funds and the loan securitization exemption. Please contact Amanda.Bateman@sfindustry.org to participate on the Task Force.

The Risk Retention Industry Guide Workstream held its second biweekly call yesterday regarding the implementation of the Credit Risk Retention final rule. Please contact Amanda.Bateman@sfindustry.org with any questions.

SFIG’s Chinese Market Committee continues to hold regular calls focusing on a high-level description of SFIG’s partnership with the Chinese Securitization Forum, potential upcoming educational discussions and sharing recent market developments in China. If you would like more information on SFIG’s work with respect to Chinese securitization, please contact Amanda.Batemand@sfindustry.org.

SFIG’s Shadow Banking Task Force has established the following agenda:

  • Leverage the predictive powers of the G20’s shadow banking initiative to determine future SFIG advocacy initiatives;
  • Assess the level of regulation to which our members are already subject;
  • Measure the full impact of those regulations on lending decisions and business models; and
  • Provide input into IOSCO, BCBS and IAIS on the revitalization of securitization markets.

The Task Force will have its first full meeting in the coming weeks, and members from across asset classes are encouraged to participate. To register your interest in SFIG’s Shadow Banking Initiative, please contact Amanda.Bateman@sfindustry.org.

The Regulation AB II Task Force will focus on the disclosure and offering process requirements within the final rule. Two workstreams have been formed to develop a comment letter on the proposed rules that remain outstanding and to produce an industry guide for critical elements of the final rule. Monthly task force calls will be held to identify and address key questions regarding the implementation of the final rule. We will also be holding biweekly calls for the asset-level committees. SFIG members who are interested in joining this task force or asset specific committees should contact Mary.Robinson@sfindustry.org.

The Regulatory Capital and Liquidity Committee is addressing industry concerns related to the Federal Reserve Board’s Final Rule on the Liquidity Coverage Ratio (“LCR”). This committee will also review the BCBS final standard for the Net Stable Funding Ratio (“NSFR”) and to develop a comment letter when U.S. regulators release their proposed NSFR. To become involved in SFIG’s advocacy on the Final LCR rule or NSFR, please contact Mary.Robinson@sfindustry.org.

The Derivatives in Securitization Task Force submitted comments on the CFTC’s proposal on margin requirements for uncleared swaps as well as the prudential regulators’ proposal regarding margin and capital requirements for covered swap entities. SFIG submitted a comment letter at the end of June, advocating for asset-backed securities issuers to qualify for the “low-risk financial end user” designation proposed by prudential regulators in the original proposal. SFIG members who are interested in learning more about this initiative should email Amanda.Bateman@sfindustry.org.

The Due Diligence Industry Guide Workstream is continuing to review the due diligence elements of the Final Rules on NRSROs. Those interested in learning more should contact Amanda.Bateman@sfindustry.org.

The Money Market Fund Reform Working Group submitted a comment letter on October 13th regarding the Securities and Exchange Commission’s July 23rd proposal which includes, among other things, possibly amending rule 2a-7’s issuer diversification provisions to eliminate an exclusion that is currently available for securities subject to a guarantee issued by a non-controlled person. SFIG also submitted a comment letter in September 2013 on Money Market Fund Reform. If you are interested in joining this working group, please contact Amanda.Batemand@sfindustry.org.

The High Quality Securitization Task Force will serve as the forum through which SFIG will respond to recent initiatives that seek to define “qualifying securitizations,” such as the European Banking Authority’s Discussion Paper on simple standard and transparent securitization. If you are interested in joining the Task Force, please email Amanda.Bateman@sfindustry.org.

 
 
INDUSTRY NEWS HIGHLIGHTS
EUROPEAN PLEA ON BANK CAPITAL FOR ABS TO FALL ON DEAF EARS

According to a Reuters report, global regulators meeting next week will not heed European calls to ease bank capital charges to help finance the region's flagging economy, sources close to the situation said, a stance that could prompt the European Union (“EU”) to take unilateral action. The Basel Committee on Banking Supervision ("BCBS") from nearly 30 countries will finalize new rules for securitization, or bonds backed by assets like mortgages. Such asset-backed securities (“ABS”) based on poor quality U.S. mortgages became untradeable in 2007, sparking the financial crisis, and regulators want the banks originating them to set aside more capital to cover potential losses.

The European Central Bank (“ECB”) and the Bank of England (“BoE”) have repeatedly called for lighter capital charges on top-quality ABS as part of Basel's reforms. This, they argue, would help revive the top end of the ABS market and raise funds for Europe's companies as bank lending shrinks. The committee will, however, opt for a "wait and see approach" and only launch a public consultation on what could constitute top-quality ABS for consideration in 2015 for possible lighter capital treatment, the two sources told Reuters on Thursday. "It will be a consultation on criteria for simple and transparent securitization," one of the sources said. Regulators from outside Europe question why ABS not deemed top quality should be penalized.

Basel's stance is likely to disappoint the ECB and BoE and could prompt the EU to break ranks and unilaterally introduce lower capital charges. The ECB is starting to buy ABS itself in a bid to inject money into the economy but the sector is still small.

Reviving ABS is a core plank of the EU's Capital Markets Union project to lift market-based finance for small companies to boost jobs and growth. The EU's executive, the European Commission, has the power to propose binding changes to bank capital charges, though some European policymakers would be uncomfortable with departing from globally agreed norms after criticizing the United States for not applying Basel rules in the past.

There could be other friction with Europe as the committee is due to publish its review of how the EU complies with Basel III, a separate package of bank capital reforms. The review is expected to show that Europe is not fully compliant but the 28-country bloc has argued that tweaks are needed because it is applying the rules to over 8,000 lenders whose structures vary considerably.

The committee is also expected to endorse a proposal requiring banks to hold a "floor" of capital below which they cannot go, regardless of what internal calculations show is the right amount.

 
 
ECB LAUNCHES ABS PURCHASE PROGRAM

According to a Reuters article, the European Central Bank (“ECB”) started buying asset-backed securities (“ABS”) on November 21st in an effort to encourage banks to lend and revive the economy. Mario Draghi, President of the ECB, hopes to increase its balance sheet by up to €1 trillion ($1.25 trillion).

The ECB’s ABS program will last at least two years and will provide a weekly update on its purchases via the ECB’s website. In order to limit its risk, the ECB will only buy the most secure part of loans so that others line up behind it to buy riskier credit.
 
 
TREASURY WILL NOT REMOVE THE GSEs FROM CONSERVATORSHIP WITHOUT LEGISLATION

According to a recent Wall Street Journal article, a Treasury Department spokesman announced on November 21st that the Obama administration will not consider removing the government sponsored enterprises (“GSEs”) from conservatorship without legislation.

“The administration’s position has not changed,” the spokesman stated. “Comprehensive housing finance reform legislation is the only way to end the conservatorship responsibly and transition to a new system that brings stability back to the housing market while protecting taxpayers.”

This statement follows Senator Tim Johnson’s (D–SD) opening remarks at a recent Senate Banking Committee hearing during which he urged housing regulators to “engage with the Treasury Department in talks to end the conservatorship” of the GSEs if Congress does not proceed with legislative reform.
 
 
FSB RELEASES SHADOW BANKING REPORT AT G20 MEETING

At the latest G20 meeting on November 14th, the Financial Stability Board (“FSB”) released a progress report on “Transforming Shadow Banking into Resilient Market-Based Financing.”

The report provides an overview of the FSB’s two-pronged strategy to deal with specific fault lines to date: (i) the creation of a system-wide monitoring framework to track developments in the shadow banking system with a view to identifying the build-up of systemic risks and initiating corrective actions where necessary; and (ii) the development of policy measures in five areas where oversight and regulation needs to be strengthened to reduce excessive build-up of leverage, as well as maturity and liquidity mismatching in the system.

The FSB also provided a calendar of key deliverables for 2015 which include:

  • Refining the information–sharing process with its policy framework;
  • Finalizing its work on the application of numerical haircut floors for non-centrally cleared securities financing transactions to non-bank-to-non-bank transactions;
  • Publishing the final results of the International Organization Securities Commissions (“IOSCO”) “level one” peer review on the progress of national/regional regulatory reforms for money market funds as well as national/regional approaches to implement the November 2012 IOSCO recommendations to align incentives associated with securitization;
  • Launching a peer review regarding member jurisdictions’ implementation of its policy framework for other shadow banking entities;
  • Reporting to the G20 on the overview progress of shadow banking reforms;
  • Publishing results of its fifth shadow banking monitoring exercise;
  • Completing its work on the standards and processes for the global securities financing data collection and aggregation;
  • Preparing its final findings on the possible harmonization of regulatory approaches to re-hypothecation of client assets;
  • Standard setting bodies will review existing regulatory requirements in line with the FSB regulatory framework; and
  • BCBS will develop guidance for public consultation on the scope of consolidation of prudential regulatory purposes to ensure all banks’ activities are appropriately captured in prudential regimes.
 
 
IMPENDING CMBS LOAN MATURITIES COULD PRESENT CHALLENGES

Commercial mortgage-backed securities (“CMBS”) account for approximately 25 percent or more of the U.S. commercial real estate debt market, according to Brian Rich, a partner at Berger Singerman, LLP. “Numerous reports and studies indicate that there will be a wave of CMBS loan maturities in the next two to five years,” Rich writes. “A significant number of CMBS loans securitized during 2005-07 will be maturing in 2015-17.”

As an example, a developer with a completed project financed by a CMBS loan that has managed to weather the economic storm may still be at risk of losing its asset. “This might seem counterintuitive at a time when many borrowers/lenders are seeing numerous CMBS loan opportunities for new projects, but underwriting requirements are being significantly tightened as compared to pre-crisis standards,” Rich states. He added that many of these loans will likely not qualify for refinancing without a significant capital contribution from the borrowers, as property values have declined from their original value.
 
While the best option to borrowers would be to pay off the loans upon maturity, Rich writes that this is not viable as many borrowers lack sufficient capital to satisfy the loans, and an asset sale is out of the question due to the drastic declines in property values. According to Rich, a few options presented to struggling commercial loan borrowers include:

  • Negotiating a loan modification;
  • Negotiating a deed-in-lieu of foreclosure;
  • Seeking a short sale (with the CMBS servicer’s approval); or
  • Filing for chapter 11 bankruptcy in order to restructure the loan.
“Borrowers and their professionals should be acting prior to the maturity or default of the loan and seeking out solutions in anticipation of the crisis,” Rich states.
 
 
SENATOR WARNER ADDED TO SENATE DEMOCRATIC LEADERSHIP TEAM

Senator Charles Schumer (D-NY), the third-ranking member of Senate Democratic Leadership, announced that Mark Warner (D-VA) will serve as a policy development advisor to the Democratic Policy and Communications Committee ("DPCC"). Senator Warner, who had voted against Senator Harry Reid (D-NV) as Senate Minority Leader, is seen as a centrist Democrat who will bring pro-business credentials to his new post, as evidenced by his bipartisan work on housing finance reform last year. “I look forward to working with my colleagues to make the U.S. Senate a place where real work gets done to solve challenges facing the American people. Offering a constructive critic a seat at the leadership table is a positive step,” stated Senator Warner.

Senator Schumer touted the nomination as one that would round out the Democratic Senate leadership team.  “Mark is a natural leader in our caucus who will bring diverse experience of both private sector and public service work to this new role. In the next Congress, Mark will work closely with the entire DPCC team to put forward policies and a message that resonate strongly with America’s middle class.”
 
 
GAO REPORT: FSOC CAN TAKE FURTHER ACTIONS TO IMPROVE SIFI DESIGNATION PROCESS

The Government Accountability Office (“GAO”) has released a report stating that the Financial Stability Oversight Council (“FSOC”) process for designating systemically important non-bank financial institutions (“SIFIs”) could have more accountability and transparency, according to a recent Pensions & Investments article.

The report, which was requested by ranking member of the Senate Committee on Banking, Housing and Urban Affairs, Mike Crapo (R-ID), outlines three specific areas:

  1. Information tracking;
  2. Disclosure about the process; and
  3. Evaluation procedures.

The report found that “FSOC has evaluated how companies might pose a threat to financial stability using only one of two statutory determinations standards (company’s financial distress, not its activities).” This opens up FSOC to the possibility of not being able to ensure that it identified all companies that pose a financial stability threat.

Two House sponsors of the SIFI designation process reform legislation, Reps. John Delaney (D-MD) and Dennis Ross (R-FL), said the GAO report highlights their concerns. “I look forward to working with the Financial Services Committee next year to address these very real concerns in a bipartisan manner,” Rep. Delaney said in a statement.
 
 
HARP REFINANCE VOLUME DECLINES IN THIRD QUARTER OF 2014
On November 26th, the Federal Housing Finance Agency (“FHFA”) announced that the total volume of mortgage refinances under the Home Affordable Refinance Program (“HARP”) was down slightly in the third quarter to 44,136 from 54,040 in the second quarter. Overall refinances (outside of HARP) increased slightly in the third quarter. HARP refinances represented 11 percent of the total refinances in the third quarter of 2014, according to FHFA’s Refinance Report. HARP allows more streamlined refinancing to borrowers if their loans are owned or guaranteed by Fannie Mae or Freddie Mac. There is no maximum cap on the loan-to-value ratio allowed under the program but the borrower must be current on their mortgage at the time of their refinance. Since the inception of HARP, more than 3 million borrowers have refinanced through the program.
 
 
45 HOUSE GOP MEMBERS URGE TRIA REAUTHORIZATION

According to a report in The Hill, 45 House Republicans are urging House leadership to pass a long-term terrorism insurance (“TRIA”) reauthorization.  Congress must vote to reauthorize TRIA by the end of the year or the program shuts down. 

"We respectfully urge you to schedule action on a multi-year extension immediately," the lawmakers wrote in the letter sent to House Speaker John Boehner (R-OH) and House Majority Leader Kevin McCarthy (R-CA) on Monday obtained first by The Hill

The letter comes as Tea Partyers, led by House Financial Services Committee Chairman Jeb Hensarling (R-TX), have pushed for reforms to the program, which allows the government to front the costs after a catastrophic attack. 

Hensarling, who is not a signatory to the letter, and others argue that TRIA puts tax payers at risk and say that TRIA was pitched as a temporary government program in 2002 following the Sept. 11, 2001, terror attacks.
 
 
TREASURY’S OFR RELEASES ANNUAL REPORT TO CONGRESS

The Office of Financial Research (“OFR”) at the U.S. Treasury Department released its annual report to Congress today, providing its analysis of the potential threats to U.S. financial stability and highlighting areas of progress. According to the OFR, a number of financial risks have increased since the 2013 report, the most important of which are excessive risk-taking in certain markets, vulnerabilities associated with declining market liquidity, and the migration of financial activities toward opaque and less resilient corners of the financial system.

The OFR notes in the report that it will publish a detailed, five-year strategic plan. According to the OFR’s forward-looking agenda, the three goals will drive its 2015 work:

  1. Providing critical data and analysis for monitoring threats to financial stability. A top priority is a joint project with the Federal Reserve to collect repo data from firms on a voluntary basis. OFR will also improve its Financial Stability Monitor, publish a Financial Markets Monitor, and expand its suite of dashboards, monitors, metrics, and other tools.
  2. Helping develop and promote standards that improve the quality and utility of financial data. OFR will work to further integrate the Legal Entity Identifier in regulatory reporting and business practices, collaborate with the Commodity Futures Trading Commission to promote standards in derivatives markets, and create prototype entity and instrument reference databases to promote market transparency.
  3. Conducting and publishing leading edge research to improve financial stability monitoring and inform policy and risk management. Key projects will focus on macroprudential policy, stress tests, agent-based models, and innovative tools that can promote financial stability analysis. OFR will also conduct and publish research related to short-term wholesale funding, credit default swaps, hedge funds, and other important financial activities.

Important to SFIG members, the report also provides commentary in the following areas:

  1. The effect of the final credit risk retention and liquidity coverage ratio rules on the private-label securities and asset-backed securities markets,
  2. Increased pension fund and asset management purchases of collateralized loan obligations due to the effect of the Volcker Rule on bank investment,
  3. Standardizing the collection of mortgage data from bank and nonbank servicers in order to help identify risks to financial stability, and
  4. The migration of captive reinsurance, mortgage servicing and single-family rental securitizations from regulated to unregulated institutions.
 
 

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 email us for more information, including how to join.

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 or email us to learn more about membership opportunities.

Contact Information

Richard Johns Executive Director

Kristi Leo Investor Relations

Sonny Abbasi Director of MBS Policy

Sairah Burki Director of ABS Policy

Michael Flood Director of Advocacy

Mary Robinson Policy Manager

Alyssa Acevedo Policy Analyst

Amanda Bateman Policy Analyst

Jennifer Serpas Office Manager

Allison Creswell Executive Administration


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Washington, DC 20006

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