The Wall Street Journal reports that, due to the Fed raising interest rates, nonbank lenders of mortgages, auto loans and consumer lending have seen their costs of funds quadruple this year. As many of these...
Read MoreIn the December 15 FOMC meeting, the Fed voted unanimously to increase rates by 50bp, after 4 increases of 75bp, and released its projections for 2023 and beyond. Further, Fed Chair Jerome Powell proposed the continuation of rate...
Read MoreLast Friday, December 9, SFA joined with 12 other global trade associations in a letter requesting a pragmatic supervisory approach to the disclosure requirements under the EU Securitization Regulation while the regulators review the current requirements. As...
Read MoreIn advance of next week’s NAIC Meeting, the Structured Securities Group (SSG) of the Valuation of Securities (VOS) Task Force released an exposure draft of the modeling assumptions for proposed modeling methodology of the risks of CLOs....
Read MoreOn November 30, the U.S. Securities and Exchange Commission (SEC) issued a new Rule 15c2-11 No-action Letter (NAL) following recommendations from SFA and providing critical relief to the structured finance and 144A market. The revised NAL removes...
Read MoreThe Structured Finance Association (SFA) thanks the U.S. Securities and Exchange Commission (SEC) for providing crucial relief to the structured finance and corporate fixed income markets today. The SEC’s issuance of their revised No-Action Letter...
Read MoreYesterday, SFA President Kristi Leo hosted a virtual fireside chat with Rachel Rodman, Partner, Cadwalader, Wickersham & Taft LLP, to discuss the potential outcomes of the Appellate Court’s recent ruling that the CFPB’s funding mechanism is unconstitutional. The webinar also...
Read MoreSFA’s Research Corner looks at auto ABS, which in 2022 has exceeded $90 billion in new issuance, $38 billion backed by prime auto loans and $27 billion funding subprime borrowers. But economic conditions are creating challenges, the...
Read MoreCore CPI surged to a 40-year high, as prices increased 0.6% from August and 6.6% from one year ago. The strong September print, which excludes food and energy prices, followed a solid jobs report and...
Read MoreSFA’s Third-Party Review/Due Diligence Working Group has drafted a fourth iteration of the TRID Compliance Review Scope. TILA-RESPA Integrated Disclosure (TRID) Rules were developed by the CFPB to help prospective borrowers understand mortgage loan terms,...
Read MoreThis Monday, October 10th, the European Commission (EC) published their long-awaited review of the functioning of the EU Securitization Regulation. Of particular note is the EC’s interpretation of mandated EU investor due diligence and transparency requirements....
Read MoreIn a comment from S&P Global, the rating agency determined that the Biden-Harris Student Loan Debt Relief Plan will not have an impact on the ratings of student loan ABS backed by FFELP loans. Recent guidance...
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