SFIG Releases RMBS 3.0 Third Edition Green Papers

On Tuesday, November 10th, SFIG released the Third Edition Green Papers. This release substantially builds upon our growing series of Green Papers, which are aimed at restoring confidence to the “private label” residential mortgage-backed securities (“RMBS”) market.

The papers are a product of SFIG’s RMBS 3.0 initiative (“RMBS 3.0”) and expand upon the First and Second Editions, released in 2014. Included in the Third Edition is:

  • The addition of 39 model Representations and Warranties, including a range of proposed standardized constructs. This release completes the full framework of 47 representations and warranties.
  • A Transaction Parties Roles and Functions Matrix, designed to provide clarity as to the roles and responsibilities of transaction parties, including a Deal Agent.

The Green Papers are preliminary documents released with the aim of stimulating further debate and discussion, and SFIG is looking forward to continuing further development of the substantive topics included in the Third Edition.

The release of SFIG’s Third Edition Green Papers coincides with SFIG & IMN’s Private Label RMBS Reform Symposium, taking place today in New York. This symposium brings together investors, issuers, and other industry participants to continue addressing the major obstacles inhibiting revitalization of a private label RMBS market, as well as the potential solutions presented in the Third Edition Green Papers.

Representative Scott Garrett (R-NJ) delivered the keynote address, and the day’s sessions addressed new developments in PLS reform as well as items on the forward looking agenda.

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 and join the Task Force, please contact Amanda.Bateman@sfindustry.org.

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