Larger banks say federal regulators’ proposal to increase capital requirements is more stringent than international standards and came with insufficient explanations.
The Structured Finance Association continues to push forward on revising the disclosures used with non-agency MBS. The revisions could lead to major changes in industry practices.
The Obama-era task force set up to investigate MBS fraud that contributed to the 2008 crisis has finished its job. Its efforts led the DOJ to collect $36 billion in penalties from banks, originators and rating agencies.
New capital standards proposed for larger banks; CrossCountry Mortgage, Hildene Capital Management join hands on non-agency MBS; LIBOR update; Angelo Gordon boost emphasis on MBS and ABS.
Industry participants continue to try to influence the Securities and Exchange Commission on a proposed rule addressing conflicts of interest in the securitization market.
At one point, First Republic Bank was a major contributor to non-agency MBS. In recent years, the bank retained its production, though JPMorgan Chase could move to sell the loans.
AGNC CEO is comfortable with FDIC’s plans for sales of MBS held by failed banks; Morgan Stanley revives jumbo MBS; UBS prepares for legacy residential MBS action by DOJ; Chase offers RPLs in non-agency MBS.
Ginnie officials meet with government and private finance entities in Taiwan and South Korea; Chase hopes to use securitization to reduce capital requirements; Fitch downgrades PacWest’s credit-risk transfer deal; KBRA gives all clear on bank exposure in non-agency MBS.