DBRS settles with SEC over misrepresenting mortgage bond rating capabilities

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Credit rating agency DBRS misrepresented its mortgage bond rating capabilities over a three-year period and will pay nearly $6 million to settle charges brought against it by the Securities and Exchange Commission, the SEC announced on Monday.

SEC.gov | Mortgage-Backed Securities – Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity.

DBRS Inc. agreed to pay nearly $6 million to settle Securities and Exchange Commission claims that the credit-ratings firm misrepresented how it monitored ratings of complex real-estate securities.

The credit rating agency has settled with the regulator over charges that it misrepresented its surveillance of RMBSes and Re-REMICs. U.S. regulator, the SEC has charged credit rating agency DBRS Inc. with misrepresenting its surveillance methodology for ratings of U.S. residential mortgage-backed securities and re-securitized real estate.

DBRS Releases U.S. RMBS Rating Methodology | Asset. – DBRSreleased an updated methodology for rating U.S. RMBS that combines the previously published individual RMBS methodologies as well as related updates on default frequency, loss severity, cash flow and net interest margin securitizations.. The methodology also covers a section on the rating process for the re-securitization of real estate mortgage investment conduits or ReREMICs.

DBRS further clarified its interpretation of Securities and Exchange Commission (SEC) rule 17g-5. The credit rating agency disclosed its planned approaches for both exempt and non-exempt structured finance (SF) instruments in light of the changes to the said ruling.