Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more
Following a Supreme Court decision yesterday questioning the constitutionality of the head of the Federal Housing Finance Agency, the White House ousted current FHFA chief Mark Calabria. The move is the latest “blow to...more
The years since the 2007–2008 financial crisis have been marked with milestone settlements of claims against the major mortgage “aggregators” (sometimes also known as “investors” in the mortgage purchasing context), who then...more
Fiat Chrysler and rival Peugeot have agreed to binding merger terms that, if approved by US and European regulators, would create a “$50 billion auto giant that would rank among the world’s largest car companies by sales”....more
Jobs Report Friday! Here’s what to look for in the numbers – WSJ and Bloomberg and NYTimes The White House has rolled out its “long-awaited plan” to return federal mortgage giants Fannie Mae and Freddie Mac to the private...more
Less than a day after the Journal reported that CBS and the Redstones are nearing a deal to resolve their many differences, we’ve learned that CBS chief Les Moonves—facing an investigation into alleged sexual harassment...more
A lot of the furor over Elon Musk’s recent “going private” tweets has centered on whether he actually had the financial backing needed to pull it off. The Times sets aside that initial inquiry to explore the why and how,...more
U.S. Financial Industry Developments - Credit Agreements Will Require Important Updates If a Proposed New Delaware Law Is Passed - The Delaware legislature is currently contemplating an amendment to the Delaware Limited...more
CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange - On December 1, 2017, the Commodity Futures Trading Commission ("CFTC") issued a Statement on the Self-Certification of Bitcoin...more
Financial Industry Developments - Changes Proposed to CAS and STACR Programs - On May 8, 2017, Fannie Mae and Freddie Mac announced that they are considering certain changes to the structure of their CAS and STACR...more
Another tech-related disappointment for the Winklevii, this time with ramifications for an entire means of payment, as the SEC has rejected an application by the brothers to create an ETF tied to the price of bitcoin....more
The FHLB Boston’s $5.9 billion MBS case against Morgan Stanley, UBS, and Credit Suisse, is back in Massachusetts state court—a result of the Supreme Court’s Lightfoot v. Cendant Mortgage case that held that Fannie Mae’s...more
Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more
FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...more
Financial Industry Developments - FHFA Further Adjusts Multifamily Lending Caps for Fannie Mae and Freddie Mac - On August 18, 2016, the Federal Housing Finance Agency ("FHFA") announced an additional increase...more
We’ve got numbers for Bayer’s unsolicited bid to buy Monsanto—a cash offer of $62 billion, representing a 37% premium on Monsanto’s May 9 closing price...more