![]() The agencies have taken the position that the types of automobiles excluded from the definition of “automobile loans” exhibit a higher risk profile and employ a different set of underwriting guidelines than those used for vehicles purchased for personal, family or household use and therefore cannot meet the QAL underwriting standards. As such, the definition of “automobile loans” includes first-lien loans on light passenger vehicles, including a minivan, van, sport utility vehicle, or light truck purchased for personal, family or household use, and excludes asset-backed securities backed by automobile leases, loans to finance fleet and other commercial automobiles, motorcycle loans and recreational vehicle loans. Despite comments received from auto industry participants, for purposes of establishing the standard of a QAL, the Final Rule adopts the definition of “automobile loans” that was reflected in the Re-proposed Rule. The Final Rule provides for a general exception (with a zero percent risk retention requirement) if the assets meet the underwriting standards set forth for qualifying automobile loans (QAL). Pursuant to the Final Rule, a sponsor not otherwise exempt may satisfy its risk retention obligation by retaining an eligible vertical interest, an eligible horizontal interest or a combination of the two, as long as the percentage of the vertical interest and the percentage of the horizontal interest combined equal no less than 5 percent. The Final Rule takes effect one year after publication in the Federal Register for residential mortgage-backed securities and two years after publication for all other types of asset-backed securities, including autos. The agencies first issued the proposed rule in March 2011, and re-proposed the rule in August 2013 (the “Re-proposed Rule”). The Final Rule applies to both private and public securitization transactions. The Final Rule also prohibits a securitizer from directly or indirectly hedging, including through third-party credit support (e.g., guarantees or letters of credit), or otherwise transferring such credit risk however, there are certain exceptions available for qualifying loans, including auto loans that meet the underwriting standards set forth in the Final Rule. ![]() The Final Rule implements the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as added by Section 941 of the Dodd-Frank Act, and requires securitizers to retain not less than 5 percent of the credit risk of the assets (or “skin in the game”) that collateralize any asset-backed securities transferred to a third party. ![]() We are so confident in the quality of our service we offer a money back guarantee if you are not happy with the result.Ĭontact us today to arrange a demo and see how you can take control of your finances.On October 22, 2014, the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency and the Securities and Exchange Commission (SEC and collectively, the “agencies”) jointly issued a final rule regarding risk retention by securitizers of asset-backed securities (the “Final Rule”). Instead what you get is control assurance that your tax affairs are dealt with legitimately and a professional service from a professional practice at an appropriate price. No third parties holding your money no unknown individuals as co-shareholders and directors no extortionate fees and most importantly no exposure to PRSI claims from Revenue or the Department of Social Protection. ![]() No umbrella or composite companies just your own contracting company owned and managed by you. We will structure your affairs to maximise your profit and minimise your taxes. Noone Casey is Irelands leading provider of financial, taxation and accounting services to the professional contractor. Access this information at home, at your desk or on the move and you will never have an unexpected tax liability again. How much have you invoiced this year? What VAT & PAYE do you owe? How much profit do you have available to distribute? All the answers are found on your personalised I-Finance dashboard. Utilising cutting edge technology, I-Finance provides a powerful online real-time accounting solution to all your financial requirements. I-Finance is the leading accounting and taxation tool for professional contractors.
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