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After months of discussion with consumer groups and industry representatives, including the American Securitization Forum, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, introduced "The Mortgage Reform and Anti-Predatory Lending Act of 2007" to mixed reviews on Oct. 22.
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Widespread confusion appears to exist in the minds of many practitioners regarding the concepts of "duration" and "average life". -
The commercial mortgage-backed securities market has traditionally offered fairly stable spreads.
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The most recent version of the credit-default swaps on collateralized debt obligation terms and form of confirmation published in August by the International Swaps and Derivatives Association contains two annexes covering interest shortfalls.
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Many collateralized debt obligations are structured to experience an event of default when a minimum overcollateralization ratio for senior liabilities is not maintained.
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The 2007 crisis in the U.S. retail mortgage market has had a significant impact on the secondary market for commercial real estate assets, primarily by freezing the CMBS market.
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Amid a crisis in confidence in AAA-rated asset-backed securities and growing turmoil in the asset-backed commercial paper markets, we saw for the first time prime mortgage borrowers--whose performance did not warrant a retrenchment in lending--swept into the subprime-initiated liquidity vortex.
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The growing diversity and complexity of covered bonds is requiring investors to take a closer look at the risks to which they are exposed.
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In recent months, Fitch Ratings has received several requests for the application of Refinancing Registers (RRs) in German mortgage-backed-securities transactions.
