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Unintended consequences
  • Winston & Strawn LLP
  • USA
  • October 29 2012

On October 26th, Asset-Backed Alert discussed one of the unintended consequences of the Dodd-Frank Act's delegation of authority over derivatives to the CFTC: how the Federal Housing Finance Agency can avoid registration as a commodity pool operator as a result of its use of synthetic derivatives in its securitization of mortgages


Post-trade transparency amendments are approved
  • Winston & Strawn LLP
  • USA
  • October 29 2012

On October 23rd, the SEC approved the Financial Industry Regulatory Authority's proposal relating to post-trade transparency for agency pass-through mortgage-backed securities transactions and SBA-backed asset-backed securities transactions


Mortgage securitization case reinstated
  • Winston & Strawn LLP
  • USA
  • June 3 2013

On May 17th the U.S. District Court for the Southern District of New York, on its own initiative, vacated an order granting summary judgment to


Financial services update February 3 2015 banking agency developments
  • Winston & Strawn LLP
  • USA
  • February 3 2015

On January 30th, the Federal Deposit Insurance Corporation ("FDIC") requested comment on a proposed rule that would amend the definition of


Federal Reserve Board issues final rule on TALF credit rater eligibility
  • Winston & Strawn LLP
  • USA
  • December 14 2009

On December 4th, the Federal Reserve Board announced the adoption of a final rule that would establish a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies for the Term Asset-Backed Securities Loan Facility


State court lawsuit to enforce terms of securitizations is not removable under CAFA
  • Winston & Strawn LLP
  • USA
  • April 26 2010

On April 20th, the Second Circuit addressed the removability of a case under the Class Action Fairness Act


FINRA proposes inclusion of ABS in TRACE
  • Winston & Strawn LLP
  • USA
  • October 5 2009

On October 1st, the Financial Industry Regulatory Authority proposed the expansion of its Trade Reporting and Compliance Engine to include all asset-backed securities, including mortgage-backed securities and collateralized debt obligations


New York Fed to test reverse tri-party repos
  • Winston & Strawn LLP
  • USA
  • December 7 2009

On November 30th, the Federal Reserve Bank of New York announced plans to conduct a series of small-scale, real-value transactions with primary dealers to test procedures for tri-party reverse repurchase agreements


Financial Crisis Inquiry Committee holds hearings
  • Winston & Strawn LLP
  • USA
  • January 19 2010

On January 13th and 14th, the Financial Crisis Inquiry Committee held its first public hearings


TALF and non-mortgage ABS: formal risk assessment and expansion of credit rating agency eligibility
  • Winston & Strawn LLP
  • USA
  • October 9 2009

On October 5, 2009, the Federal Reserve Board (the "Board") announced changes to the Term Asset-Backed Securities Loan Facility ("TALF"), which is maintained by the Federal Reserve Bank of New York ("FRBNY") as authorized on November 24, 2008, and is intended to aid market participants in meeting the credit needs of investors in highly rated asset-backed securities ("ABS"