tailieunhanh - United States Government Accountability Office GAO November 2011_part9

CỤC CỦA KHO BẠC | VĂN PHÒNG CỦA ổn định tài chính OFS đối tác sau khi trở lại PPIFs 100% vốn góp của đối tác không OFS. Phân phối liên quan đến đảm bảo sẽ xảy ra thường khi phân phối cuối cùng của mỗi mối quan hệ đối tác. PPIFs được phép mua dân cư thương mại và phi-cơ quan thế chấp chứng khoán (CMBS và RMBS, tương ứng) ban hành trước ngày 1 tháng 1 năm 2009 | THE DEPARTMENT OF THE TREASURY OFFICE OF FINANCIAL STABILITY OFS partners after the PPIFs return of 100 of the non-OFS partners capital contributions. Distributions relating to the warrants would occur generally upon the final distribution of each partnership. The PPIFs are allowed to purchase commercial and non-agency residential mortgage-backed securities CMBS and RMBS respectively issued prior to January 1 2009 that were originally rated AAA or an equivalent rating by two or more nationally recognized statistical rating organizations without external credit enhancement and that are secured directly by the actual mortgage loans leases or other assets eligible assets and not other securities. The PPIFs may invest in the aforementioned securities for a period of 3 years using proceeds from capital contribution loans and amounts generated by previously purchased investments subject to the requirements of the waterfall . The PPIFs are also permitted to invest in certain temporary securities including bank deposits . Treasury securities and certain money market mutual funds. At least 90 percent of the assets underlying any eligible asset must be situated in the United States. As of September 30 2011 the approximate split between RMBS and CMBS was 79 RMBS and 21 CMBS. As of September 30 2010 the approximate split between RMBS and CMBS was 82 RMBS and 18 CMBS. The PPIFs pay a management fee to the fund manager from the OFS share of investment proceeds. During the Investment Period the management fee is equal to per annum of the OFS capital commitment as of the last day of the applicable quarter. Thereafter the management fee will be equal to per annum of the lesser of a the OFS capital commitment as of the last day of the applicable quarter or b the OFS Interest Value as of the last day of the quarter. During fiscal year 2011 the OFS disbursed billion as equity investments and billion as loans to PPIFs. During fiscal year 2010 OFS disbursed .