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The Week in Review highlights this week's important
legal and regulatory developments affecting the financial
industry.
Featured in this week's edition:
Policy Statement on CRE Workouts
On October 30, the Federal Financial Institutions
Examination Council (which includes the FDIC, the
Fed, the National Credit Union Administration, the OCC, the
OTS, and the FFIEC State Liaison Committee) adopted a policy
statement on prudent commercial real estate
loan workouts. The goals of the policy statement are
to: (i) promote supervisory consistency, (ii) enhance the
transparency of CRE workout transactions, and (iii) ensure
that supervisory policies and actions do not inadvertently
curtail the availability of credit to sound borrowers.
FDIC
Release. Fed
Release. Policy
Statement.
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TALF Updates
On October 30, the New York Fed issued revised
TALF documents, FAQs, and
Terms and Conditions. The revised documents consist
of: (i) the Form of Certification as to TALF Eligibility
for Non-Mortgage-Backed ABS, (ii) the Master Loan and Security
Agreement, and (iii) Appendix 6 (Form of Prepayment Notice) to
the MLSA. Documents.
Certification
(showing changes). MLSA
(showing changes). FAQs.
FAQs
(showing changes). Terms
and Conditions. Terms
and Conditions (showing changes).
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Additional Initial PPIF
Closing
On October 30, Treasury announced that a
partnership between Angelo, Gordon & Co.,
L.P. and GE Capital Real
Estate completed an initial closing of a
Public-Private Investment Fund established under the Legacy
Securities portion of the Public-Private Investment
Program. To date, six PPIFs have completed
initial closings on approximately $3.58 billion of private
sector equity capital which, with Treasury's equity and debt
commitments, represents $14.34 billion of purchasing
power. Treasury
Release.
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Rating Agency Criteria and Methodology
Updates
On October 30, Moody's released its
revised methodology for General Obligation
Bonds issued by U.S. local governments. Moody's
Report.
On November 4, Moody's announced that it included
additional information in its Performance Overviews of
ABS and RMBS in the EMEA region in an
effort to provide further transparency to the ratings
process. Moody's
Release.
Note: Free registration is required for all rating
agency releases and reports.
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Monthly TALF Funding
Requests
The graph below displays the monthly progression of TALF
funding requests for all non-CMBS collateral. For
individual graphs showing the monthly requests for each asset
class, please click here.
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