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Tuesday, November 21, 2017 11:16:34 PM
Quoted from a Morrison & Foerster Bulletin
The FDIC originally adopted the Securitization Rule in 2000 to provide comfort that loans or other financial assets transferred by an IDI into a securitization trust or participation would be “legally isolated” from an FDIC conservatorship or receivership if, among other requirements, the transfer met all conditions for sale accounting treatment under generally accepted accounting principles (“GAAP”).
At the same time the original Securitization Rule was adopted by the FDIC, that accountants have a reasonable basis for concluding that securitized assets have been legally isolated from the sponsor. Quite apart from the technical accounting purpose, the Securitization Rule has provided investors and credit rating agencies with substantive comfort that securitized assets WILL NOT be reclaimed by the FDIC in conservatorship or receivership of an IDI sponsor.
(Edit: Stated Assets "will not be reclaimed" rather than "not be Recognized" in a Receivership.)
Securitization participants have thus relied for a decade on the Securitization Rule as a safe harbor for assurance that investors could satisfy payment obligations from securitized assets without fear that the FDIC might interfere as conservator or receiver.
Escrow Returns: $2-$10 Billion
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