Read the latest articles and press releases about securitization and structured finance.

Press Releases

Structured Finance Association Provides Recommendations on ABS Climate Disclosures in Letter to SEC

The Structured Finance Association (SFA) submitted a letter to the U.S. Securities and Exchange Commission (SEC) in response to the SEC’s proposed rule “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Proposed Rule”).

Press Releases

Structured Finance Association Statement on New Basis Point Guarantee on UMBS Collateral

The Structured Finance Association (SFA) is gathering market feedback on the new upfront 50 basis point cross-collateral guarantee on Uniform Mortgage-Backed Securities (UMBS) underlying certain TBA securities that was announced by Fannie Mae and Freddie Mac.

SFA News

SFA Joins Joint Trades Letter to FHFA on Credit Scores Proposal

On May 13, SFA alongside six other trade associations submitted a letter to the Federal Housing Finance Agency urging to incorporate a fulsome transition plan for any potential changes in how Fannie Mae and Freddie Mac utilize credit scores as they implement Congress’ mandate to establish a process where other credit models can be approved and used in the GSEs mortgage purchase decisions.

Press Releases

Structured Finance Foundation Honors UDC Scholarship Recipients

The Structured Finance Foundation, an affiliate of the Structured Finance Association (SFA), on Friday, May 13, 2022 honored recipients of a scholarship it established at the University of the District of Columbia (UDC) for students pursuing an undergraduate or graduate degree in finance, accounting, or economics in the School of Business and Public Administration. The scholarship was established in 2020 with a gift of $80,000. Manda Burnham and Hansi Lara Cruz were both awarded a $10,000 scholarship at a ceremony on campus.

SFA News

CFPB v. NCSLT: Third Circuit Decides to Hear Appeal

On May 3, the Third Circuit Court of Appeals granted an appeal in Consumer Financial Protection Bureau (CFPB) v. The National Collegiate Master Student Loan Trusts filed by the Trust and two intervenors – Ambac, an insurer on certain Trust securities, and Transworld Systems, Inc., a servicer to the Trust who successfully intervened in the case – to review two legal findings regarding whether the Trusts are “covered persons” for the purposes of this action, and whether the CFPB failed to ratify the enforcement action before reaching the three-year statute of limitations

SFA News

SFA Responds to SEC: Cybersecurity Disclosure Proposal Must Recognize Differences in ABS

On May 9, SFA submitted a comment letter in response to the SEC’s request for comments on their cybersecurity disclosure proposal. In our letter, SFA highlights that the proposal is focused almost exclusively on corporate registrants, ignoring extensive fundamental and technical differences between the potential impact of cybersecurity risks and incidents on investors in corporate securities versus ABS. Because of this, we recommended that the SEC propose tailored rules for asset-backed issuers that are appropriately aligned with the SEC disclosure and reporting framework for ABS as well as the relevant risks to ABS investors.

SFA News

SFA Submits Response to FHFA Proposal on Updated Eligibility Requirements for GSE Seller/Servicers

On April 22, SFA submitted a response to the Federal Housing Finance Agency (FHFA) request for public input on its Re-Proposal to Enhance Eligibility Requirements for Enterprise Single-Family Seller/Servicers. In its letter, SFA expresses support for FHFA’s efforts to establish minimum capital and liquidity requirements for non-banks in order to retain eligibility as GSE seller/servicers.

SFA News

SFA Responds to SEC Proposal to Amend Investment Advisers Act

On April 25, SFA submitted a letter to the Securities and Exchange Commission (SEC) in response to its proposal to amend the Investment Advisers Act of 1940. The lengthy proposal would expand regulatory requirements and impose new prohibitions on private funds, defined in a way that includes many CLOs.

SFA News

SFA’s 2nd Annual Market Survey on ESG

SFA invites you to participate in our 2nd Annual Market Survey to continue tracking the integration of ESG (environmental, social and governance) considerations in structured finance issuance, investing and other activities as well as gathering market feedback regarding ESG disclosure practices including the SEC’s recently proposed rule on climate-related disclosure.

SFA News

SFA Releases Market Consensus Industry Guide on a Benchmark for Quoting and Pricing Fixed Rate ABS

SFA, in collaboration with its members and market participants, released a Consensus-Built Industry Guide as the market transitions away from the use of the LIBOR swap curve in pricing and quoting fixed-rate structured finance bonds.

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