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FAS 167

FDIC Approves Final Rule Regarding Safe Harbor Protection for Securitizations

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The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved a final rule to extend through Dec. 31, 2010, the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. Under this safe harbor, all securitizations or participations in process before the end of 2010 are permanently grandfathered under the existing terms of 12 C.F.R. Part 360.6.Click to continue

Conference Committee approves measures to support commercial real estate recovery

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The House-Senate Conference Committee on financial reform legislation has finalized several provisions that have been top priorities for the CRE Finance Council. The finalized provisions reflect amendments authored by Sen. Mike Crapo (R-ID) that now enable regulators to customize the new risk "retention" mandate for commercial real estate finance, and another measure offered by Rep. Scott Garrett (R-NJ) that requires regulators to consider the combined impact of new reforms and mandates, prior to any rule-making, and that encourage greater coordination among policymakers.Click to continue

House narrowly passes the Wall Street Reform and Consumer Protection Act of 2009

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The U.S. House of Representatives has announced the passage of HR 4173, the Wall Street Reform and Consumer Protection Act of 2009, by a narrow vote of 223-202. Among other enforcements, HR 4173 will create a Consumer Financial Protection Agency (CFPA) to regulate the credit and housing industries, places restrictions on executive compensation, and increases the government's authority when dealing with failing financial institutions.Click to continue

CMSA applauds house 'retention' amendment to financial reform bill

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The Commercial Mortgage Securities Association (CMSA) has applauded Reps. John Adler (D-NJ), John Campbell (R-CA), Dennis Moore (D-KS) and Gary Miller (R-CA) for working on an amendment offered by Reps. Walt Minnick (D-ID) and Melissa Bean (D-IL) to the House Financial Services Committee financial regulatory reform bill that passed the Committee unanimously and would support a recovery in the commercial mortgage-backed securities (CMBS) market and the overall commercial real estate sector.Click to continue

CMSA and MBA file comment letter to address capital treatment of assets

Commercial Real Estate

The Commercial Mortgage Securities Association (CMSA) and the Mortgage Bankers Association (MBA) filed a comment letter with banking regulators Oct. 7 to address the proposed risk-based capital treatment of assets coming on the books of banks on Jan.Click to continue