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Results: 1-9 of 9

ABS issuers and the Rule 3a-7 exclusion from the Investment Company Act

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • September 19 2011

On August 31, the SEC issued an advance notice of proposed rulemaking (the “ANPR”) on possible amendments to Rule 3a-7 of the Investment Company Act of 1940 (the “Act”

Mortgage REITs and the Investment Company Act 3(c)(5)(c) exclusion

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • September 9 2011

On August 31, 2011, the SEC issued a Concept Release announcing that the Commission and its staff are reviewing interpretive issues and seeking public comment on interpretations related to Section 3(c)(5)(C) of the Investment Company Act of 1940 (the “Act”) and its use by REITs in acquiring mortgages and mortgage-related instruments

FDIC final rule for “safe harbor” protection for securitizations

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • October 18 2010

On September 27, the Board of Directors of the FDIC approved a Final Rule (the "Final Rule") that governs the rights of the FDIC, as conservator or receiver of a failed insured depository institution (a "Bank"), over financial assets previously transferred by such Bank in connection with a securitization or participation transaction

IRS publishes guidance on real property lien releases by REMICs

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • August 20 2010

On August 17th, the IRS published Revenue Procedure 2010-30, which responds to various requests for relief made by CMBS market participants in response to final regulations issued by the IRS on September 16, 2009

Rating agency updates

  • Orrick Herrington & Sutcliffe LLP
  • -
  • Canada
  • -
  • August 20 2010

On August 18, Moody's released its methodology for covered bond ratings

Rating agency updates

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • August 13 2010

On August 13, Fitch published updates to 15 global master criteria reports

FDIC pilot RMBS transaction

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • August 6 2010

On July 30, the FDIC closed a sale of RMBS backed by approximately $471.3 million of performing single-family mortgages from 16 failed banks

Rating agency updates

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • July 30 2010

On July 28, DBRS released its methodology for structured finance servicer evaluations

FDIC Notice of Proposed Rulemaking for safe harbor protection for securitizations

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • May 12 2010

On May 11, the Board of Directors of the FDIC approved a Notice of Proposed Rulemaking (the "NPR") proposing a rule which would govern the treatment by the FDIC, as conservator or receiver of a failed insured depository institution (a "Bank"), of financial assets previously transferred by such Bank in a securitization or participation transaction