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IRS issues REMIC guidance on Home Affordable Modification Program

Katten Muchin Rosenman LLP
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USA
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April 17 2009

On April 10, the Internal Revenue Service released new guidance assisting servicers of residential loan pools taking advantage of the Treasury Department's Home Affordable Modification Program

IRS eases rules on modification of securitized commercial mortgage loans

Katten Muchin Rosenman LLP
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USA
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September 18 2009

On September 15, the Internal Revenue Service published Revenue Procedure 2009-45 providing that a servicer may agree to a substantial modification of any commercial mortgage loan as long as the servicer reasonably believes that there is a significant risk of default of the pre-modification loan upon maturity of the loan or at an earlier date, without thereby causing the real estate mortgage investment conduit (REMIC) or grantor trust status of a securitization vehicle to be challenged

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

New York Fed appoints PIMCO as collateral monitor

Katten Muchin Rosenman LLP
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USA
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August 7 2009

On August 4, the Federal Reserve Bank of New York posted changes to the terms and conditions, frequently asked questions and transaction documents for its 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

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

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

FRBNY releases revised FAQs and MLSA for TALF

Katten Muchin Rosenman LLP
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USA
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March 13 2009

On March 11, the Federal Reserve Bank of New York (FRBNY) released new documents relating to the Term Asset-Backed Securities Lending Facility (TALF), including, among others, a revised set of Frequently Asked Questions (FAQs) and a revised Master Loan and Security Agreement (MLSA

NYFRB extends March TALF subscriptions through March 19

Katten Muchin Rosenman LLP
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USA
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March 13 2009

On March 13, the New York Federal Reserve Bank (NYFRB) announced that it will extend the window for the first subscriptions for funding from the Term Asset-Backed Securities Loan Facility (TALF) by two days

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