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This past summer, Senator Sherrod Brown, a Democratic senator from Ohio and the then-ranking member of the US Senate Committee on Banking, Housing and Urban Affairs, introduced a draft bill that, if enacted, would impact the insurance sector’s use of big data and, more specifically, affect how insurance products are underwritten. With Democrats set to take control of the Senate today, Sen. Brown will now hold the gavel as the new chairman of this powerful committee that oversees the financial services sector, including the insurance industry. The chances that this draft legislation – or some version of it – becomes law has significantly increased with Democratic control of both chambers of the US Congress and the White House.
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KBRA Releases Research – The Price of Uncertainty: Final General QM Rule and Its Potential Credit Implications
January 20, 2021 GMT
NEW YORK (BUSINESS WIRE) Jan 20, 2021
Kroll Bond Rating Agency (KBRA) discusses the changes to the final Qualified Mortgage (QM) Rule issued by the Consumer Financial Protection Bureau (CFPB) in December 2020. We also evaluate the potential effects of the rule on origination, RMBS issuance, and credit risks.
In our view, some of the more significant impacts of the final QM Rule include the following:
An increase in purported QM originations as a result of the broader QM definition including, for example, “Alt-Doc” QM.
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Kroll Bond Rating Agency (KBRA) releases a CMBS Loss Compendium, which provides base loss estimates for 266 KBRA-rated conduit transactions.
Since the onset of the COVID-19 pandemic, surveillance has taken center stage in KBRA s ongoing discussions with CMBS investors. This is not surprising given the stress experienced by the commercial real estate (CRE) sector which is expected to continue as the performance of the asset class tends to lag that of the general economy. This is evidenced by CMBS 2.0 delinquencies, which increased to 7.04% as of year-end 2020 from just 0.91% prior to the onset of the pandemic.
Expectations of increased losses can contribute to downgrades. In this report and the accompanying spreadsheet, we provide insight on loss estimates for 266 KBRA-rated conduit transactions. The compendium uses the following two tables to present the loss figures: KBRA Lifetime Base Loss (KLBL), which represents our loss estimate for each transaction during its lifetime
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