Scenario: JP Morgan Chase is interviewing on campus and you are interested in a job. You learn from your advisor that they are considering a new unit to re-start their private label mortgage-backed securitization activities as an issuer of MBS. JP Morgan had largely discontinued this activity after the 2008 financial crisis and after paying a $13 billion settlement in 2013 over mortgage-backed securities sold ahead of the financial crisis.
A significant legal issue that would affect the new unit is Section 942 of the Dodd-Frank Act and new regulations that were written to standardize asset level information for MBS and ABS (asset-backed securities). You want to impress the recruiter by researching Section 942 and the new rule that implements 942 (called "Asset-Backed Securities Disclosure and Registration"). You also decide that you will write a 2 page summary of what you learn to give to the recruiter if asked.
The summary should be roughly 400-600 words in length and in your own words.
- Remember to organize your thoughts and the structure of what you want to write about. Stay focused.
- Be sure to identify all the resources you use. Cite statutes, regulations and any "commentary" pieces or other sources you use.
- Email me if you have questions or want to discuss.
The objective of this assignment is to demonstrate the ability to (a) research a section of law and its implementing regulation, and (b) synthesize and articulately summarize a complex rule.