SFIG Releases RMBS 3.0 Fifth Edition Green Papers
SFIG is pleased to announce the release of the Fifth Edition Green Papers. This release substantially builds upon our growing series of Green Papers, which are aimed at restoring confidence to the private label RMBS market. (SFIG members can access the Green Papers after log in. Non-members can request a digital copy by filling out a form here.)
The papers are a product of SFIG’s RMBS 3.0 initiative and expand upon the collective series of Green Paper editions released over the past two years. Included in the Fifth Edition is an introduction to SFIG’s Deal Agent Agreement, Recommendations on Bondholder Communications, MISMO/SFIG Data Standardization Recommendations, and Considerations for Materiality Standards and Enforcement in the Event of Breaches.
"The Deal Agent Agreement was identified by our investor membership as one of the key requirements for revitalizing markets as early as our first symposium back in 2013. To arrive at this point thanks to the efforts of both members and non-members alike, is a significant step forward and couldn't come at a better time considering the change in administration and new-found optimism around the potential for private capital to play a meaningful role in housing finance,” said Richard Johns, Executive Director of SFIG.
RMBS 3.0 is a broad industry supported endeavor designed to develop proposed standards and reduce substantive differences within current market practices. The Green Papers are preliminary documents released with the aim of stimulating further debate and discussion. The initiative was launched in October 2013, and brings representatives from various industry sectors together to identify, debate and develop solutions to the issues inhibiting the return of the RMBS market.
The RMBS 3.0 Task Force includes individuals from over 50 institutional members across all industry sectors. Work-streams are co-chaired by at least one investor, one issuer, and other relevant market participants.
RMBS 3.0 Seeks To:
- Create standardization where possible, in a manner that reflects widely agreed upon best practices and procedures
- Clarify differences in alternative standards in a centralized and easily comprehendible manner to improve transparency across RMBS deals
- Develop new solutions to the challenges that impede the emergence of a sustainable, scalable and fluid post-crisis RMBS market
- Draft or endorse model contractual provisions, or alternative “benchmark” structural approaches, where appropriate to reflect the foregoing
SFIG encourages interested members to join the RMBS 3.0 Task Force and contribute to the ongoing dialogue surrounding the updates and new topics released in today’s Green Papers, as well as future subject areas. To learn more about RMBS 3.0, please contact Daniel.Goodwin@sfindustry.org.