Source: https://jsf.pm-research.com/node/3418.full.print
Timestamp: 2019-08-18 18:30:23
Document Index: 628549542

Matched Legal Cases: ['§ 1851', 'arts 44', '§ 1026', '§ 403', '§ 43', '§ 44', '§ 1851', '§ 1026']

is the editor of The Journal of Structured Finance in New York, NY. (m.adelson{at}pageantmedia.com) (markadelson{at}nyc.rr.com)
1“Buy-Side Impasse Obscures MBS Outlook,” Asset-Backed Alert (September 21, 2018). (“While a growing volume of non-agency mortgage bonds has met with strong demand from mid-size insurers and mutual fund operators in recent years, many of the deepest-pocket buy-side firms have remained on the sidelines. The reason: Issuers still haven’t implemented bondholder protections those shops sought in the wake of the 2007–2008 market crash.”).
2Regulation (EU) 2017/2402 of the European Parliament and of the Council, 2017 O.J. L 347/5, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R2402&from=EN.
3Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), https://www.govinfo.gov/content/pkg/USCOURTS-ca2-14-02131/pdf/USCOURTS-ca2-14-02131-0.pdf.
4Loan Syndication and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System, No. 17-5004 (D. C. Cir. February 9, 2018), https://www.govinfo.gov/content/pkg/USCOURTS-caDC-17-05004/pdf/USCOURTS-caDC-17-05004-0.pdf.
5Ratings of CLO combination notes were the subject of an SEC enforcement action earlier in the year: Moody’s Investors Service, Securities and Exchange Commission, Release No. 34-83966 (August 28, 2018), https://www.sec.gov/litigation/admin/2018/34-83966.pdf.
612 U.S.C. § 1851 (2017), https://www.govinfo.gov/content/pkg/USCODE-2017-title12/pdf/USCODE-2017-title12-chap17-sec1851.pdf; 12 C. F. R. Parts 44, 248, and 351 (2018); Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Securities and Exchange Commission, Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds, 79 Fed. Reg. 5536 (January 31, 2014), https://www.govinfo.gov/content/pkg/FR-2014-01-31/pdf/2013-31511.pdF.
7The term “delay days” refers to the lag, expressed as a number of days, between the start of an interest accrual period and the distribution of the accrued interest to investors. Different kinds of MBS have lag periods of different lengths.
8Fannie Mae and Freddie Mac, Single Security Initiative Market Adoption Playbook (September 2018), http://www.fanniemae.com/resources/file/single-security/pdf/market-adoption-playbook.pdf.
9TRID refers to TILA-RESPA integrated disclosure. TILA refers to the Truth in Lending Act. RESPA refers to the Real Estate Settlement Procedures Act. See Bureau of Consumer Financial Protection, Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z), 78 Fed. Reg. 79730 (December 31, 2013); CFPB, 2013 Integrated Mortgage Disclosures Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) and Amendments; Delay of Effective Date, 80 Fed. Reg. 43911 (July 24, 2015); CFPB, 2013 Integrated Mortgage Disclosures Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z); Correction, 80 Fed. Reg. 80228 (December 24, 2015); CFPB, 2013 Integrated Mortgage Disclosures Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z); Correction of Supplementary Information, 81 Fed. Reg. 7032 (February 10, 2016).
1012 C.R.F. § 1026.43(e)(2) (2018) (definition of qualified mortgage), https://www.govinfo.gov/content/pkg/CFR-2018-title12-vol9/pdf/CFR-2018-title12-vol9-sec1026-43.pdf.
11Applying principal to cover delinquent interest essentially shifts risk from subordinate securities to senior ones.
12Dodd–Frank Wall Street Reform and Consumer Protection Act, Pub. Law No. 111-203, 124 Stat. 1376 (2010), https://www.govinfo.gov/content/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf.
13Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837 (1984), http://cdn.loc.gov/service/ll/usrep/usrep467/usrep467837/usrep467837.pdf.
14Securities and Exchange Commission, Asset-Backed Securities Disclosure and Registration, Release Nos. 33-9638, 34-72982, 79 Fed. Reg. 57184, 57190-91 (September 24, 2014), https://www.govinfo.gov/content/pkg/FR-2014-09-24/pdf/2014-21375.pdf.
15Delivorias, Angelos, Common Rules and New Framework for Securitisation, European Parliamentary Research Service, PE 608.777 (January 2018), http://www.europarl.europa.eu/RegData/etudes/BRIE/2017/608777/EPRS_BRI(2017)608777_EN.pdf.
16Economic Growth, Regulatory Relief, and Consumer Protection Act, § 403, Pub. Law No. 115-174 (2018), https://www.congress.gov/bill/115th-congress/senate-bill/2155/text/.
17Loan Syndication and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System, No. 17-5004 (D.C. Cir. February 9, 2018), https://www.govinfo.gov/content/pkg/USCOURTS-caDC-17-05004/pdf/USCOURTS-caDC-17-05004-0.pdf.
1812 C.F.R. § 43.7 (2018), https://www.govinfo.gov/content/pkg/CFR-2018-title12-vol1/pdf/CFR-2018-title12-vol1-sec43-7.pdf; OCC, Federal Reserve, FDIC, FHFA, SEC, and HUD, Credit Risk Retention, 79 Fed. Reg. 77602, 77643-49 (December 24, 2014), https://www.govinfo.gov/content/pkg/FR-2014-12-24/pdf/2014-29256.pdf.
1912 C.F.R. §§ 44.4, 44.5, 248.4, 248.5, 351.4, 351.5 (2018); see generally 12 U.S.C. § 1851 (2017), https://www.govinfo.gov/content/pkg/USCODE-2017-title12/pdf/USCODE-2017-title12-chap17-sec1851.pdf; Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Securities and Exchange Commission, Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds, 79 Fed. Reg. 5536 (January 31, 2014), https://www.govinfo.gov/content/pkg/FR-2014-01-31/pdf/2013-31511.pdf.
20The Board of the International Organization of Securities Commissions, Statement on Matters to Consider in the Use of Financial Benchmarks (January 5, 2018), https://www.iosco.org/library/pubdocs/pdf/IOSCOPD589.pdf; The Board of the International Organization of Securities Commissions, Principles for Financial Benchmarks, Final Report, FR07/13 (July 2013), http://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.
21A. Bailey, “Interest Rate Benchmark Reform: Transition to a World without LIBOR” (July 12, 2018), https://www.fca.org.uk/news/speeches/interest-rate-benchmark-reform-transition-world-without-libor (speech by Andrew Bailey, chief executive of the FCA, at Bloomberg, London, on transitioning from LIBOR to alternative interest rate benchmarks).
22Panelists do not explain why one-month, three-month, and six-month Treasury bill rates cannot fill the void.
23See Note 1.
2412 C.F.R. § 1026.43(e)(4)(iii) (2018), https://www.govinfo.gov/content/pkg/CFR-2018-title12-vol9/pdf/CFR-2018-title12-vol9-sec1026-43.pdf.