Posts tagged CMBS.
The SEC's administrative forum has been under increasing scrutiny over the past year. Now the SEC has removed an ALJ from a high-profile case, after he refused the Commission's "invitation" to provide a no-bias affidavit in similar case. In a May 6 article, "SEC Wins With In-House Judges," the Wall Street Journal reported that former ALJ Lillian McEwen felt pressured by the SEC's Chief Administrative Law Judge over her failure to rule more often in the Commission's favor. Respondents appealing an administrative case to the full Commission have alleged the process is unfair and ...
Posted in: SEC
Tags: ALJ, Barbara Duka, burr forman, CMBS, Duka, Lillian McEwen, no-bias affidavit, SEC, SECs Chief Administrative Law Judge, Securities Litigation & Arbitration, Timbervest
On February 3, the Department of Justice and 19 State Attorneys General announced their $1.375 Billion settlement of DOJ's FIRREA suit and related State AG actions against Standard & Poor's and its parent McGraw-Hill Companies over ratings practices in CDO and RMBS securities contributing to the 2007-2008 financial crisis. The companies entered a separate $125M settlement with Calpers, California's public retirement system. S&P will pay half the $1.375 Bn to DOJ (as a FIRREA "civil monetary penalty"), and the other half among the various State AG plaintiffs ($25M to Tennessee ...
Tags: CDO Evaluator Model, civil monetary penalty, CMBS, Department of Justice, FIRREA, McGraw-Hill, McGraw-Hill Companies, RMBS, S&P, Standard & Poor, The Covered Conduct
The SEC and the Attorneys General of New York and Massachusetts this week fined Standard & Poor's almost $77 million, suspended S&P from conduit-fusion CMBS ratings work for a year and imposed other undertakings, for violations from 2010-2014. The SEC announced three settled administrative proceedings against the firm. The first settled charges that during 2010-2011 S&P changed the way it analyzed debt-service coverage ratios in a way that lessened credit-enhancement requirements in conduit-fusion commercial mortgage-backed securities (CMBS) issues. The SEC also found S&P ...
Posted in: SEC
Tags: Attorney General of Massachusetts, Attorney General of New York, CMBS, CMBS rating, MBS, RMBS, S&P, SEC, Standard & Poor