Blog

Look inside our industry from the perspective of securitization professionals.

Under SFA and Market Participant Leadership, ARRC Securitization Working Group Publishes Options for Using SOFR in New ABS, MBS, and CMBS Products

As co-chairs of the ARRC SWG, SFA has an instrumental role in helping to enable a smooth transition and, most recently, identifying the key considerations relevant to developing new issuance of securitized products based on SOFR.

Read More

The Might of the Pen: A Lookback on 2020 SFA Written Advocacy

Effective advocacy is built with research, consensus-building, education, and communication – and often supported by more formal, written on-record communication.

Read More

Budget Reconciliation & the Byrd Amendment Explained: Democrats Planned Use for COVID-19 Relief Plan

As the Democratic majority in Congress seek to pass Biden’s $1.9 trillion COVID-19 relief plan to support the nation’s economic recovery, they plan to use a budget reconciliation to ensure its swift passage. Given we often hear how many former and current Hill staffers say they could use a refresher on what this legislative process entails, we thought it would be good opportunity to review for them as well as our other market participants that haven’t come across its use previously.

Read More

President Biden’s Economic Nominees and Policy Priorities

As the Biden administration settles in and nominees are confirmed by the Senate, the first 100 days are expected to focus on additional COVID-19 relief, a coordinated vaccine roll out, and Executive Orders that seek to overturn Trump era policies and regulations.

Read More

Investing for the Good – the Rise of ESG

Sustainable Investing is an investment discipline that integrates environmental, social and governance (ESG) considerations to the investment process and straddles across equity and fixed income markets. The unprecedented volatility that has come to define 2020 is expected to boost flows into an already thriving ESG market. SFA is committed to guiding the securitization industry towards a goal of building a robust ESG market in structured finance.

Read More

SFA Research: Triple-A CLOs Weather COVID-Induced Credit Storm

New GAO report finds highest-rated senior tranches of collateralized loan obligations (CLOs) remained “largely resilient” following the initial COVID-19 shock even as the leveraged loans deteriorated.

Read More

Shareholders and PSPAs: Summary of Collins v. Mnuchin Oral Arguments

SFA’s Director of MBS Policy Dallin Merrill recaps the Supreme Court’s oral arguments for Collins v. Mnuchin, which included a series of consolidated cases covering both the GSE’s net worth sweep to Treasury under the PSPAs, as well as the Constitutionality of the FHFA’s structure.

Read More

SFA Compares the FHFA’s Final ECF With the Proposed ECF, Highlighting Areas Where SFA Members Provided Input

SFA compares the FHFA’s Final Enterprise Capital Framework Rule against the Proposed Rule, noting that the changes largely fail to address questions and concerns raised by SFA members.

Read More

Election Postmortem: Current State of Play

President-elect Biden is set to inherit a closely divided Congress and will need to navigate a delicate policy tightrope with Congressional leadership in both parties to advance his legislative priorities.

Read More

Capitol Hill and Regulators to Remain Focused on ESG in the 117th Congress

On Capitol Hill, regulators and elected officials are also working to establish tools to help facilitate the ESG movement particularly with respect to ESG labelling and transparency obligations, which in turn, could help investors integrate and utilize ESG data.

Read More