Monthly Archives: November 2012
FHA 2012 Annual Report on MMIF Shows Great Stress on Agency
November 19, 2012
by David Reiss
The report‘s findings show that the academic critics (here and here) of the FHA’s risk analysis were on to something over the last couple of years.
Read MoreSEC 2012 Report on NRSROs
by David Reiss
This SEC staff report has some interesting findings that relate to asset-backed securitizations. Highlights include The pie charts on page 6 that indicate the overall market share of NRSROs as well as their share by sector. It is interesting to … Continue reading
Read MoreMore on Hockett’s Eminent Domain Solution for Underwater Mortgage Debt
by David Reiss
Bob Hockett has posted this update to his plan by which localities would use their power of eminent domain to take underwater mortgages and reduce the principal amount owed so that the debt would be sustainable for homeowners. The discussion … Continue reading
Read MoreFurther Thoughts on Prosecutorial Abdication
by David Reiss
I was discussing Prosecutorial Abdication with a friend who used to work in a prosecutorial office. While she agreed with what Brad and I had written, she also highlighted the technical and training challenges that prosecutors face in putting together … Continue reading
Read MoreFederal Court of Australia Holds Standard & Poor’s Liable for Misrepresentaions in Ratings of CDOs
November 16, 2012
by Brad Borden
In a treatise-length opinion, the Federal Court of Australia held that Standard & Poor’s is liable for damages that investors incurred as a result of purchasing CDOs that Standard & Poor’s had rated AAA. See Bathurst Regional Council v Local … Continue reading
Read MoreBorden & Reiss: “Beneficial Ownership and the REMIC Classification Rules”
November 15, 2012
by David Reiss
We just posted “Beneficial Ownership and the REMIC Classification Rules” which can be most easily downloaded here. It follows up on our previous piece, “Wall Street Rules Applied to REMIC Classification,” which ban be easily downloaded here.
Read MorePrimary Architect of Mortgage Initiatives at CFPB To Leave
November 14, 2012
by David Reiss
Raj Date, the number two official at the CFPB, is leaving as the Bureau completes its mortgage regulations. Story here.
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