Rick Jones

Rick Jones

Dechert LLP

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Bail-In, or Just Bailing?

You know, there’s never a dull moment when one reports on the regulatory states’ endless and so often fruitless and wrong-headed tinkering with the global economy. So now… let’s talk bail-in. The bail-in regime, which was...more

4/26/2016 - Bail-In Provisions Bankruptcy Code EEA EU Financial Regulatory Reform

Cuba and the Booming Commercial Real Estate Industry to Come

On March 20, 2016, President Obama became the first United States president in almost 90 years to visit the island of Cuba, located a mere 90 miles from the coast of Florida—signaling not only a renewed diplomatic...more

4/20/2016 - Barack Obama Commercial Real Estate Contracts Cuba Embargo Hotels OFAC

Brushing up on Brexit – Do I Care?

The referendum on whether the UK leaves the European Community is increasingly a Today issue. With a vote on June 23 the reality of a UK exit is getting harder to ignore. I’m not sure what I think about this from my...more

4/1/2016 - EU Referendums UK UK Brexit

Three Things You Should Know about Negative Interest Rates

The Federal Reserve announced last Wednesday that it is leaving the federal funds rate where it is, for now. While the United States is pondering interest rate hikes, other parts of the world are plunging further into...more

3/24/2016 - EU European Central Bank Federal Reserve Interest Rates

Flash: Congress Fixes the CMBS Risk Retention Problem (Just Kidding)

Last week, the House Committee on Financial Services reported out the Preserving Access to CRE Capital Act of 2016 (the “bill”) in a remarkably bipartisan sort of way (paving the way for: “Well, yes, I did vote for it, but...more

3/8/2016 - CMBS CREFC Exemptions Financial Services Committee Risk Retention Securitization Vehicles

Potential Relief for CMBS Risk Retention Sent to the U.S. House of Representatives

The “Preserving Access to CRE Capital Act of 2016” (the “Act”), sponsored by Representative French Hill (R-AR), was reported favorably to the House of Representatives on March 2, 2016 by the House Committee on Financial...more

3/7/2016 - CMBS Commercial Mortgage Securitization Mortgage-Backed Securities Pending Legislation Risk Retention Securities Exchange Act

Risk Retention and the Regulatory State: What It Means to “The Folks” in 2016 and Beyond

We may be approaching a tipping point where the burden of the new federal regulatory state, purportedly designed to make our economy stronger by making the banking system safer, will begin to demonstrably become a cure that’s...more

2/25/2016 - Capital Formation CMBS Regulatory Agenda Risk Retention Securitization

CREFC and MBA/CREF: A Hitchhiker’s Guide to Alternate Universes

That whole alternate universe thing, the conceit of so many sci-fi novels, is clearly not merely the product of fevered minds. It’s real. Or, at least it seemed awfully real after having been at the CREFC meeting in Miami...more

2/5/2016 - Bonds CMBS CREFC GSE Structured Finance

If Interesting and Prosperous is a Choice, I’ll Take Door Number Two: Perspectives on 2016

As we do each year at Crunched Credit, we take the end of a calendar year as an opportunity to stop and reflect on where we are, and what the next year might hold. Recognizing the certainty that a successful prediction is...more

1/12/2016 - Banking Sector Capital Formation Corporate Financing Liquidity Coverage Ratio Mortgage Lenders

The Death of EB-5 Has Been Greatly Exaggerated

Earlier this year we discussed the uncertain future of the EB-5 Visa Program, one of the most successful inbound investment programs of recent years, as evidenced by the $5.2 billion dollars the program has generated in the...more

12/8/2015 - EB-5 Economic Development Popular Real Estate Development Real Estate Investments Targeted Employment Area USCIS

CrunchedCredit.com’s 6th Annual Golden Turkey Awards

As is our tradition here at Crunched Credit, each year, about this time, we award our Golden Turkey Awards. Once again, I must say that we are blessed, blessed with so many worthy candidates. Our government, our courts, the...more

11/25/2015 - Banking Sector Debt GSE HVCRE Rule Interest Rates

HVCRE: Surrender Is Not An Option

The way the new Basel III High Volatility Commercial Real Estate Lending Rule (HVCRE) was crafted, and is being enforced, is insane. We’ve written about this before. This is one of the purest examples of the regulatory...more

11/23/2015 - Banking Sector Basel III Commercial Loans Construction Industry HVCRE Rule

Risk Retention: Flash – These Rules Don’t Work!

As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work.  The result is troubling....more

10/13/2015 - Banking Sector Collateralized Debt Obligations Collateralized Loan Obligations EU European Commission Financial Institutions Market Participants Mortgage-Backed Securities Risk Retention Securitization Securitization Vehicles

The Regulatory State: May We Have A Little Humility, Please?

The Great Equity Correction of 2015 that is now being enjoyed by all of us is a correction, and not the beginning, of the Great Bear Market of 2015 (from my lips to God’s ears). It reminds me of just how little we know about...more

9/14/2015 - Banking Sector China Commercial Real Estate Market Dodd-Frank Equity Markets EU Financial Markets Financial Regulatory Reform Liquidity Public Policy Regulatory Standards Securitization Volcker Rule

MERS: Better Than a Faster Horse

MERSCORP, Inc. (“MERS”) has been under fire for years. We wrote about it a while back when residential mortgage borrowers challenged the ability of MERS to foreclose on mortgages it held on the theory that MERS, as a mere...more

8/18/2015 - Assignments Beneficial Owner Class Action Deed of Trust Deeds Mortgage Lenders Real Party in Interest Recording Requirements

Volcker Rule – Five Years On

After years of delays, changes and significant debate, the Volcker Rule is now, largely, in full effect. Sold to a sometimes intellectually incurious Congress and the electorate as a central piece of legislation to limit...more

8/6/2015 - Banking Sector Financial Institutions Hedge Funds Private Equity Funds Proprietary Trading Securitization Special Purpose Vehicles Volcker Rule

Risk and Rewards of CRE-CLO and CLO Securitizations: Navigating the Capital Markets

More than 100 senior executives participated in Dechert’s Risk and Rewards of CRE-CLO and CLO Securitizations: Navigating the Capital Markets seminar.  The half day event, supported by  CRE Finance Council (CREFC) and the...more

7/28/2015 - Collateralized Loan Obligations Professional Conferences Risk Retention Securitization

Grexit Deferred: The End of the Beginning for Greece?

For want of a baker, a job was lost. For want of a job, the economy was lost. For want of an economy, the banking system collapsed. For want of a banking system – well, ultimately Grexit....more

7/20/2015 - EU Eurozone Financial Crisis Germany Greece

Grexit Deferred: The End of the Beginning for Greece?

For want of a baker, a job was lost. For want of a job, the economy was lost. For want of an economy, the banking system collapsed. For want of a banking system – well, ultimately Grexit....more

7/20/2015 - EU Eurozone Financial Crisis Germany Greece

The EB-5 Visa Program: the Rebirth of the Immigration Investor Program

This is a good news story for once. But, of course, since the father of this soupcon of good news is our government, it’s almost unintended. From the ashes of the economic recession of 2008 came the rebirth of the...more

6/30/2015 - EB-5 Foreign Investment Foreign Nationals Green Cards Visas

Risk Retention – “How I Learned to Love Risk Retention and Live With It.” (Apologies to Stanley Kubrick)

As time goes by we start to get close to the first of two risk retention effective dates; December 24, 2015 for residential product and everything else looming December 24, 2016 (does anyone really think a Christmas Eve...more

6/23/2015 - Collateralized Loan Obligations Commercial Real Estate Market Dodd-Frank Mortgage-Backed Securities Rental Property Residential Real Estate Market Risk Retention SEC Securitization Single Family Housing

Whom the Gods Would Destroy, They First Make Meet A Higher Regulatory Capital Burden

Or perhaps Prometheus had it right in its original form. “Whom the Gods would destroy they first make mad.” Look at what we are doing to construction lending in the name of our seemingly endless safety and soundness...more

6/5/2015 - Banking Sector Commercial Real Estate Market Construction Loans HVCRE Rule Lenders Real Estate Development

Commercial Real Estate and the Broader US Economy: What Me, Worry?

You know, as an economist, I am a pretty good piano player. I struggle every morning, marinating in the news cycle, to try to understand what’s happened to the US economy and what its impact will be or might be upon the...more

5/13/2015 - Commercial Real Estate Market Global Economy Interest Rates Regulatory Standards

Three Top Considerations After Omnicare

In Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U. S. ____ (2015), the Supreme Court clarified issuer liability under §11 of the Securities Act. Section 11 provides that issuers are...more

4/22/2015 - Material Misstatements Omnicare v Laborers District Council Registration Statement SCOTUS Section 11 Securities Act of 1933 Statement of Opinion

A Phantom Menace for IPO Companies - US Tax Regulations Restrict the Use of Restricted Stock Units

Section 162(m) of the Internal Revenue Code (“Section 162(m)”) provides for a $1 million dollar limitation on the amount of compensation paid to each of certain named executive officers that public companies may deduct in any...more

4/20/2015 - Executive Compensation IRS Restricted Stocks Section 162(m) Stock Options

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