Busy week: Checking in
It has been a busy week around here: ULI Conference, Leads Release, MISMO Progress, preparing for the Backshop User conference and listening to Julian Marley.
Industry News
House Bill 3890
Washington, DC – This morning I attended the House Financial Service Committee markup/debate meeting for the Accountability and Transparency in Rating Agency Act — House Bill 3890.
I had a front-row view of law being made.
Movement
The buzz is starting on the shape government reform will take. Looks like the brunt of the regulation/changes will take place at the rating agency level through increased disclosure legislation. The start of this move was the SEC announcement that all rating agencies will get all deal info (SEC Ruling a Victory for Transparency).
Two more developments between the rating agencies and the Fed have created further movement:
SEC Ruling a Victory for Transparency
The SEC announced new rules a few weeks ago regarding structured finance and securitization. One rule was covered extensively in the press and has been criticized as more “extend and pretend.” The other, which was not as well covered, is a huge victory for those of us seeking more CMBS transparency.
MISMO Update
We had a very active MISMO Council of Chairs call on Tuesday. IRP 6, rent rolls in XML and transparency where all being discussed. We had a “special guest” — a master servicer who gave us perspective on the challenges of getting the standards adopted.