The Securities and Exchange Commission has released its telephone interpretations on Item 122 of Regulation AB. These were released after Paula Dubberly, SEC associate director, gave a preview on the Commission's stance on this item at the recently concluded American Securitization Forum conference held in Las Vegas.

In its updated telephone interpretations, the SEC has allowed servicers to assume responsibility for assessing vendor compliance under the servicing criteria enumerated in Item 1122 (d) of Reg AB.

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