REFinBlog

Editor: David Reiss
Brooklyn Law School

December 8, 2015

Reviewing the Big Short

By David Reiss

Realtor.com quoted me in Explaining the Housing Crash With Jenga—Did ‘The Big Short’ Get It Right? The story reads in part, One of the more hyped movie releases this Oscar season stars the housing crisis itself: “The Big Short,” in which four … Continue reading

November 12, 2015

RMBS 3.0 and the Public Good

By David Reiss

The Structured Finance Industry Group has issued RMBS 3.0: A Comprehensive Set of Proposed Industry Standards to Promote Growth in the Private Label Securities Market. RMBS 3.0 is SFIG’s initiative to reinvigorate the “private label” residential mortgage-backed securities (“RMBS”) market: In … Continue reading

November 6, 2015

The End of Private-Label Securities?

By David Reiss

J.P. Morgan’s Securitized Products Weekly has a report, Proposed FRTB Ruling Endangers ABS, CMBS and Non-Agency RMBS Markets. This is one of those technical studies that have a lot of real world relevance to those of us concerned about the … Continue reading

October 29, 2015

Frannie v. Private-Label Smackdown

By David Reiss

S&P posted a report, Historical Data Show That Agency Mortgage Loans Are Likely to Perform Significantly Better Than Comparable Non-Agency Loans. The overview notes, We examined the default frequencies of both agency and non-­agency mortgage loans originated from 1999­-2008. As … Continue reading

September 2, 2015

Expanding the Credit Box

By David Reiss

DBRS has posted U.S. Residential Mortgage Servicing Mid-Year Review and 2015 Outlook. There is a lot of interest in it, including a table that demonstrates how “the underwriting box for prime mortgages slowly keeps getting wider.” (7) The report notes that While most lenders continue … Continue reading

April 20, 2015

Monday’s Adjudication Roundup

By Shea Cunningham

Former Freddie Mac executives, who were accused of lying about Freddie’s exposure to subprime mortgages before the financial crisis, settled with the SEC. Citibank shareholders slam the Bank’s motion to dismiss a case over mortgage-backed securities worth more than $17 … Continue reading

April 15, 2015

Wednesday’s Academic Roundup

By Shea Cunningham

Amidst the Walking Dead: Judicial and Nonjudicial Approaches for Eradicating Zombie Mortgages, by Andrea Clark, Emory Law Journal, Vol. 65, No. 3, Forthcoming. The Paradox of Judicial Foreclosure: Collateral Value Uncertainty and Mortgage Rates, by David Harrison & Michael Seiler, … Continue reading