...Dodd-Frank Act: Pursuant to the Dodd-Frank Act, the SEC adopted Rule 17g-7, which requires nationally recognized statistical rating organizations (NRSROs) to include in credit reports for asset-backed securities (ABS) offerings a description of the reps, warranties and enforcement mechanisms (RW&Es) available to investors and to compare them with those of similar securities. This report describes the RW&Es Fitch typically sees in structured finance (SF) transactions. Application of Rule: Fitch will apply the rule to the majority of global SF transactions currently identified with the "sf" modifier, including virtually all global ABS, residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and structured credit products for which Fitch's initial rating report is published on or after Sept. 26, 2011. Presale and New Issue Reports: The transaction's RW&Es will be taken directly from the transaction's documentation. Fitch will comment in the presale or new...
