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Ambac commutes policies supporting CDOs of asset-backed securities with banks

Katten Muchin Rosenman LLP
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USA
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June 11 2010

Ambac Financial Group, Inc., the parent of Ambac Assurance Corporation (AAC), announced yesterday that it had terminated all of its remaining exposure to collateralized debt obligations (CDOs) of asset-backed securities (ABS) totaling $16.4 billion

SEC proposes revisions to structured finance offering rules

Katten Muchin Rosenman LLP
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USA
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April 9 2010

On April 7, the Securities and Exchange Commission announced at its Open Meeting the release of proposed changes to rules surrounding public and private asset-backed securities (ABS) offerings

Bankruptcy court rules that “flip clauses” violate Bankruptcy Code

Katten Muchin Rosenman LLP
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USA
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February 5 2010

On January 25, Judge Peck of the U.S. Bankruptcy Court for the Southern District of New York entered a declaratory judgment in favor of Lehman Brothers Special Financing Inc. (LBSF) in a case examining a collateralized debt obligation (CDO) transaction and concerning the effect of event of default provisions on the payment priorities of LBSF as swap counterparty under certain swap agreements and the holders of certain credit-linked synthetic portfolio notes

Revised TALF documents issued by NY Federal Reserve

Katten Muchin Rosenman LLP
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USA
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January 22 2010

On January 15, the Federal Reserve Bank of New York (NY Fed) issued revised versions of its Term Asset-Backed Securities Loan Facility (TALF) documents and forms and TALF frequently asked questions (FAQs

DIC board approves interim rule extending securitization legal isolation safe harbor until March 31, 2010

Katten Muchin Rosenman LLP
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USA
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November 13 2009

On November 12, in response to concerns about the effect of the impending implementation of FAS 166167, the Federal Deposit Insurance Corporation (FDIC) voted unanimously to provide a transitional rule that will allow all securitizations and participations that have been or will be issued in compliance with the 2000 FDIC safe harbor to continue to achieve the legal isolation safe harbor from the FDIC’s reach in the case of an insured depositary institution’s conservatorship or receivership (including if they were issued as off-balance sheet entities under accounting rules prior to implementation of FAS 166167

Fitch’s re-REMIC moratorium expanded to all U.S. Alt-A RMBS

Katten Muchin Rosenman LLP
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USA
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October 23 2009

On October 16, Fitch Ratings announced that as of October 14, its moratorium on rating certain U.S. residential mortgage-backed securities (RMBS) re-securitizations was expanded to include all Alternative A-Paper (Alt-A) loan transactions

SEC announces five-year plan will include revised rules and forms for asset-backed securities

Katten Muchin Rosenman LLP
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USA
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October 16 2009

The Securities and Exchange Commission issued a comment draft on October 8 titled "Strategic Plan for Fiscal Years 2010-2015," which includes the SEC’s mission, vision, values, strategic goals, planned initiatives and performance metrics

House Committee marks up legislation, will hold hearings on securitization and systemic risk

Katten Muchin Rosenman LLP
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USA
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October 16 2009

On October 14, the House Financial Services Committee (HFSC) held a session to mark up the Over-the-Counter Derivatives Markets Act of 2009, the Consumer Financial Protection Agency Act of 2009, H.R. 3763 (which amends the Fair Credit Reporting Act to provide certain businesses with an exclusion from “red flag” guidelines), and H.R. 3639 (to expedite the Credit Card Accountability, Responsibility and Disclosure Act Reform for Consumer Act of 2009

Federal Reserve announces TALF rating agency rule and begins ABS risk assessments

Katten Muchin Rosenman LLP
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USA
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October 9 2009

On October 5, the Federal Reserve Board announced two changes to the procedures for evaluating asset-backed securities (ABS) pledged to the Term Asset-Backed Securities Loan Facility (TALF

House Financial Services Committee holds hearing on life settlement securitization

Katten Muchin Rosenman LLP
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USA
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October 2 2009

On September 24, the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled, "Recent Innovations in Securitization," which explored issues relating to securitization generally, and specifically the securitization of life insurance settlements

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