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Financial services update Vol. 10, Issue 9
  • Winston & Strawn LLP
  • European Union, USA
  • March 9 2015

I recently had the opportunity to invest in individual shortterm real estate loans. Having devoted my current liquidity to a real estate


N.Y. Attorney General wants information about Bank of America MBS settlement
  • Winston & Strawn LLP
  • USA
  • July 18 2011

On July 12th, Reuters reported that the New York Attorney General is inquiring into Bank of America's proposed $8.5 billion settlement of investor lawsuits stemming from the sale of mortgage-backed securities ("MBS"


Treasury Department considers new foreclosure avoidance plan
  • Winston & Strawn LLP
  • USA
  • July 25 2011

On July 20th, Bloomberg reported that the Treasury Department is examining the feasibility of selling non-performing and underwater home mortgages from private label securitizations in an effort to help distressed homeowners avoid foreclosure


Companies engaged in the business of acquiring mortgages and mortgage-related instruments
  • Winston & Strawn LLP
  • USA
  • September 12 2011

On August 31st, the SEC requested information about companies that are engaged in the business of acquiring mortgages and mortgage-related instruments and that rely on the exclusion from the definition of investment company in Section 3(c)(5)(C) of the Investment Company Act, and how Section 3(c)(5)(C) of the Act is interpreted by, and affects investors in, these companies


Motions to intervene granted in Bank of America securitization suit
  • Winston & Strawn LLP
  • USA
  • August 29 2011

On August 22nd, Reuters reported that the New York state trial court overseeing the settlement of lawsuits stemming from Bank of America's sale of sub-prime mortgage securitizations originated by Countrywide Financial will allow others, including the Federal Home Loan Banks and the New York Attorney General, to intervene


FINRA proposes amendments relating to post-trade transparency for Agency Pass-Through Mortgage-Backed Securities traded TBA
  • Winston & Strawn LLP
  • USA
  • December 12 2011

On December 2nd, the SEC provided notice of the Financial Industry Regulatory Authority's proposed amendments to the Rule 6700 Series (the Trade Reporting and Compliance Engine ("TRACE") rules), which are designed to provide greater transparency for transactions in Agency Pass-Through Mortgage-Backed Securities traded on a "to be announced" basis ("TBA transactions"


Regulators revisiting "qualified residential mortgage" definition
  • Winston & Strawn LLP
  • USA
  • December 12 2011

On December 6th, Reuters reported that regulators responsible for drafting risk retention rules for originators of asset-backed securities are revisiting what would be considered a "qualified residential mortgage," exempt from the risk retention requirement


FICC proposes guaranteed settlement services
  • Winston & Strawn LLP
  • USA
  • December 12 2011

On December 6th, the SEC provided notice of the Fixed Income Clearing Corporation's proposal to allow the Mortgage-Backed Securities Division to provide guaranteed settlement and central counterparty services


Justice Department examines MBS ratings practices
  • Winston & Strawn LLP
  • USA
  • August 22 2011

On August 18th, Bloomberg reported that the Justice Department is investigating the credit ratings Standard & Poor's and Moody's Investor Service gave to mortgage-backed securities


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