November 21, 2014

Does Morningstar Speak with Forked Tongue?

By David Reiss

Morningstar Credit Ratings, a small Nationally Recognized Statistical Rating Organization (albeit a subsidiary of Morningstar, the large investment research firm), has issued a Structured Credit Ratings Commentary on Rating Shopping in Asset Securitization Markets. It finds that Rating shopping is … Continue reading

June 13, 2014

S&P: Future of Private-Label RMBS Uncertain

By David Reiss

S&P has posted an Executive Comment, Lifted By Improving Economic Conditions, The U.S. Leads The Global Securitization Rebound–But Headwinds Remain. It concludes, After surviving its first severe test, the market for securitization is slowly emerging from a sharp downturn, demonstrating … Continue reading

June 5, 2014

The (R)evolution of Single-Family Rental Securitization

By David Reiss

Kroll Bond Rating Agency distributed its Single-Family Rental Securitization Methodology. Because this is a new asset class, it is interesting to watch how rating agency’s assess the risks inherent in it. And it will be interesting, of course, to evaluate … Continue reading

February 7, 2014

The Road to Securitization

By David Reiss

Miguel Segoviano et al. of the IMF released a helpful Working Paper, Securitization:  Lessons Learned and the Road Ahead (also on SSRN). It opens, Like most forms of financial innovation, there are cost and benefits associated with the securitization of … Continue reading

November 4, 2013

Balancing Consumer Protection and Access to Credit

By David Reiss

S&P posted U.S. RMBS Roundtable: Originators, Aggregators, and Counsel Discuss New Qualified Mortgage Rules. In summarizing the roundtable, S&P notes that The ability-to-repay rule, ostensibly to prevent defaults and another housing crisis, is still very much open to interpretation. To … Continue reading

October 28, 2013

S&P on Rating Mortgage-Backed Securities Before The Crisis

By David Reiss

S&P has posted The Role of Credit Rating Agencies in The Financial System, remarks by its president at the United Nations. The remarks reflect S&P’s narrative of the events leading up to the Subprime Crisis. This narrative is, unsurprisingly, self-serving … Continue reading

September 26, 2013

Reiss on Atlantic Yards Litigation

By David Reiss

The New York Daily News quoted me in a story, Bruce Ratner Will Have to Pay His Opponents’ Legal Bills: Judge, about the litigation over the construction of the Barclays Center and the other buildings in the Atlantic Yards project. … Continue reading

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September 26, 2013 in Rating agencies | Permalink | No Comments