Skip to main content

Calyx integrates hazard insurance category into Point

National Mortgage Professional
Jun 11, 2008

New York Attorney General Cuomo announces agreements with credit rating agenciesMortgagePress.comAndrew Cuomo, Standard and Poors, Moodys Investors Service, Fitch, RMBS New York Attorney General Andrew Cuomo has announced that he reached agreements with the three principal credit rating agencies, Standard and Poor's, Moody's Investors Service, Inc. and Fitch Inc., to reduce their incentive to give favorable ratings on the residential mortgage-backed securities (RMBS). The agreements will establish a fee-for-service structure, where the rating agencies will be compensated regardless of whether the investment bank ultimately selects them to rate a RMBS. In addition, the three rating agencies have agreed to implement the following changes: • Credit rating agencies will disclose information about all securitizations submitted for their initial review, which is intended to enable investors to determine whether issuers sought, but subsequently decided not to use, ratings from a credit rating agency; • Credit rating agencies will review and evaluate individual mortgage lenders and disclose their evaluations on their Web sites; • Credit rating agencies will receive loan level results of due diligence and review those results prior to issuing ratings; • Credit rating agencies will perform an annual review of their RMBS businesses to identify practices that could compromise their independent ratings; and • Credit rating agencies will require a series of representations and warranties from investment banks and other financially responsible parties about the loans underlying the RMBS. "Today's announcement stands as an excellent example of how state and federal authorities can work together in a complementary manner," said Securities and Exchange Commission Chairman Christopher Cox. "I am most appreciative of the efforts of Attorney General Cuomo and his staff to consult with the Commission and coordinate their efforts in a way that is consistent with the Commission's pending rulemaking for credit rating agencies. The Attorney General's actions, as well as the comprehensive new rules for all nationally registered credit rating agencies that the Commission will consider next week, are motivated by our mutual desire to promote ratings with integrity and curb the questionable practices that contributed to the credit market turmoil."
Published
Jun 11, 2008
More from
Tech
E-Closing Technology: Norcom Mortgage’s Implementation Lessons

Norcom Mortgage outlines its implementation lessons learned as the company transitioned to its digital experience.

Tech
Sep 17, 2021
New York Community Bank Creates Groundbreaking Digital Payment Process

Now Figure Technologies Inc. can conduct real-time secondary trading in digital shares of its stock by utilizing Figure’s alternative trading system (ATS) that operates on Provenance Blockchain.

Tech
Sep 14, 2021
NAMB Partners With Dell Technologies

Offers Discounts To Members To Help With Technology Upgrades

Tech
Sep 13, 2021
Notarize And Snapdocs Announce Partnership

Notarize and Snapdocs, Inc. entered a partnership in which brings two digital closing companies together in hopes to further streamline the closing process.

Tech
Sep 09, 2021
Hold The Phone: Agile Formally Launches Platform For TBA MBS Quotes

Trade Auction Manager Allows Small to Mid-Size Broker Dealers To Quote Digitally

Tech
Sep 09, 2021
SimpleNexus Approved As eClosing Solution Provider For Both GSEs

SimpleNexus, a homeownership platform developer, is now a Fannie Mae- and Freddie Mac-reviewed eClosing solution provider.

Tech
Sep 07, 2021