Despite the lack of new deal flow, rating agencies are hard at work making improvements to their evaluation processes in hope of luring back investor confidence and restarting new issuance.

Last week, Moody's Investors Service rolled out an overhaul of its RMBS ratings methodology, specifically regarding its originator assessments and rating criteria for evaluating independent third-party loan level reviews and representations (reps) and warranties in U.S. RMBS. These changes, which have been in the works for over a year now, are aimed at enhancing third party accountability while also bringing new deal transparency.

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