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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


Rating agency updates
  • Orrick, Herrington & Sutcliffe LLP
  • Canada
  • August 20 2010

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


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
  • 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


144A transactions: impact of Dodd-Frank and proposed SEC Reg AB II
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • August 5 2010

Issuers and financial intermediaries in securitization offerings made pursuant to Rule 144A of the U.S. Securities Act of 1933 should be aware of the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in the United States on July 21, 2010, as well as the proposed changes to U.S. SEC Regulation AB on their future issuances


Rating agency updates
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • July 30 2010

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