![Risk.net](https://www.risk.net/sites/default/files/styles/print_logo/public/2018-09/print-logo.png?itok=1TpHrpuP)
The FDIC’s only safe harbour is from itself: Joseph Mason column
The US Court of Appeals has ruled against the FDIC in a case that gave rise to the regulator’s original safe harbour provisions for securitisation deals.
![joseph-mason-gray joseph-mason-gray](/sites/default/files/styles/landscape_750_463/public/import/IMG/222/90222/joseph-mason-gray-580x358.jpg.webp?itok=bAHED5qt)
While the securitisation world remains aflutter with concerns over the Federal Deposit Insurance Corp’s safe harbour rules, judicial review continues to chip away at the idea.
The original FDIC safe harbour statement was necessitated by the regulator’s treatment of securitisations in the NextBank and First Consumers National Bank failures.
In the autumn of 2001, regulators forced NextBank to reclassify losses previously booked as “fraud losses” as “credit losses”, making its securitisation deals
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Securitisation
Global banks look for profits in China ABS market
Regulatory change provides opportunity for international firms' structuring skills
Credit fears hold back US solar securitisation deals
SolarCity deals show potential and pitfalls of new asset class
Collateral damage: Capital proposals threaten Europe's ABS market
Insecuritisation
Securitisation touted as answer to '€4 trillion' funding gap
Securitisation industry group claims Europe faces big financing shortfall – and pushes securitisation as the answer
SG plans to securitise €1.9 billion of derivatives exposure
Deal is said to pay a coupon of 11% for first-loss protection – which some investors say is too low
"Deceptive and negligent": How the first CPDO got its AAA rating
An extraordinary Australian court judgement shines a light on the errors and deceit that led to the granting of an AAA rating to ABN Amro’s Surf constant proportion debt obligation in 2006. Lukas Becker reports
Dutch counsel confident of success as S&P faces new CPDO case
The fine handed out by an Australian court last year to ABN Amro and Standard & Poor’s was a rare success for post-crisis litigants in structured credit cases. The victors are hoping to repeat the trick in Europe – but what are their chances? Lukas…