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Credit risk retention Final Rule with focus on auto issuers
  • Alston & Bird LLP
  • USA
  • October 30 2014

On October 22, 2014, the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit


FINRA fines Deutsche Bank Securities $7.5 million for negligent misrepresentation and other violations in connection with subprime mortgage issuances
  • Alston & Bird LLP
  • USA
  • July 23 2010

Yesterday, the Financial Industry Regulatory Authority (FINRA) announced that it has fined Deutsche Bank Securities Inc. (Deutsche Bank) $7.5 million for negligently misrepresenting and underreporting delinquency data in connection with the issuance of subprime securities, failing to correct errors by third-party vendor and servicers, and failing to establish proper systems and controls to supervise its “reporting of required historical delinquency information.”


FDIC closes pilot securitization of performing single-family mortgages
  • Alston & Bird LLP
  • USA
  • July 30 2010

Today, the FDIC announced the closing of a $471.3 million securitization of performing single-family mortgages from 16 failed banks


Q&A with Tara Castillo on impact of new SEC disclosure rules on securitization market
  • Alston & Bird LLP
  • USA
  • September 5 2014

On August 27, the Securities and Exchange Commission expanded disclosure requirements for publicly issued asset-backed securities as mandated by the


Federal Reserve issues report to Congress on risk retention required by Dodd-Frank
  • Alston & Bird LLP
  • USA
  • October 20 2010

Yesterday, the Federal Reserve issued a report outlining the "potential impact of credit risk retention requirements on securitization markets


Key members of the House Financial Services Committee introduce US covered bond legislation
  • Alston & Bird LLP
  • USA
  • March 19 2010

Yesterday, key members of the House Financial Services Committee, Ranking Member of the Capital Markets Subcommittee, Scott Garrett, (R-NJ), Chairman Paul Kanjorski, (D-PA) and Ranking Member Spencer Bachus (R-AL), introduced the United States Covered Bond Act, that “aims to help facilitate a robust covered bonds market in the U.S. to add liquidity and certainty to our nation's capital markets.”


SEC proposes rules relating to enhanced disclosure of representations and warranties in ABS transaction documents
  • Alston & Bird LLP
  • USA
  • October 6 2010

Yesterday, pursuant to Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the U.S. Securities and Exchange Commission (SEC) proposed rules that would require additional disclosures regarding the use of representations and warranties in transaction documents for asset-backed securities (ABS) offerings


Financial Crisis Inquiry Commission holds two day forum to explore the causes of the financial crisis
  • Alston & Bird LLP
  • USA
  • March 1 2010

On February 26 and 27, the Financial Crisis Inquiry Commission (FCIC) met together with financial experts tasked to research the financial crisis in a forum hosted by American University Washington College of Law


Chairman Frank urges executives of four largest U.S. banks to adopt measures beyond temporary loan modifications
  • Alston & Bird LLP
  • USA
  • March 9 2010

Last week, Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, sent a letter to the chief executive officers of Bank of America, Citigroup, JPMorgan Chase and Wells Fargo insisting that the financial institutions adopt measures to facilitate principal reductions on second mortgages


Financial Crisis Inquiry Commission continues hearings on shadow banking system
  • Alston & Bird LLP
  • USA
  • May 7 2010

Yesterday, the Financial Crisis Inquiry Commission (FCIC) held the second of a two-day hearing entitled "The Shadow Banking System."