Date

03 Jan 2022

Attendees

Agenda

1) Use Case reminder

2) Where we are on our road map.

3) Open Action Items

4) JIRA Issues Review - https://jira.edmcouncil.org/projects/SEC/issues/SEC-7?filter=allopenissues

5) Todays content discussion.

SMIF OWL-UML

SKOS

RDF/S

6) For next week.

Proceedings:

Discussed data requirements for Loan data reporting - recent requirements in the EU were revised per https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210628~ab8aa2e3e1.en.html. We will be working on this over the coming weeks.

In order to sort out whether or not we need a class to identify the instruments that are part of a specific pool, to show that some SPV is actually the owner of the pool and thus of the instruments that make up the pool, we need to ask some questions:

I am a mortgage. I was issued by Bank Z. Bank Z creates a pool of mortgages by selling them into an SPV. The SPV is a subsidiary of Bank Z. How do we connect a given mortgage to the pool that is owned by the SPV to say that the SPV is now the owner of that specific mortgage?
I am the receivables for Company X on its books at some precise point in time, such as some set of mortgage loans that the company wants to pool and use as the basis for an MBS to create more consistent cash flow. How do we connect a given mortgage that is part of the pool to the MBS? If the MBS is not an SPV, what is its structure? Is it always a separate legal entity? If it is the institution, then how do we identify them as the owner? We can say that they are the issuer of an MBS which represents some subset of or all of a given pool, but we have not connected the mortgage as an asset of the institution, so how do we know who owns it?

The SPV is the owner of the pool in case 1. A financial institution or SPV may own the pool in 2.

Other gaps we noticed include the definition of Fannie Mae, Freddie Mac, and Ginnie Mae. They are government agencies (instrumentalities) that should be covered.

Elisa will work figuring out the relationships between a pool and its owner - based on the patterns we have for ownership. In this case ownership is transitive - if the SPV or institution owns the pool they also own the individual instruments that are part of that pool.

Decisions:

Action items

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