OTS Rules Thrift Op Subs May Underwrite ABS.
Mondaq Business Briefing › Nbr. 2004, May 2004
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Summary
Asset-backed securities
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OTS Rules Thrift Op Subs May Underwrite ABS.
The OTS issued an interpretive letter ("P-2004-5") holding that thrifts may establish an operating subsidiary to own, sell and underwrite asset-backed securities ("ABS"). The thrift had conducted such ABS underwriting activities through a holding company subsidiary, but to save on discounts and commissions, now wished to perform the activities through an operating subsidiary. The ABS underwriting activities at issue concerned mortgage loans, automobile loans and receivables, and other consumer loans, including securities that are unrated or are rated less than investment grade. P-2004...
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