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Trust Planning for Your Lake Home

Part of your family legacy takes place on the lake. Lake homes are significant investments. You have memories of family trips, of children, and maybe even grandchildren, growing up at the home. Preserving the lake home and...more

When is a Wrongful Foreclosure Case a “SLAPP”?

California’s anti-SLAPP statute (Code of Civil Procedure section 425.16) arms a defendant with an early method to challenge a lawsuit known as a “SLAPP” — a Strategic Lawsuit Against Public Participation. SLAPPs are...more

Tax and Non-Tax Reasons to be Cautious about “Bad Boy Nonrecourse Carve-out Guarantees” - IRS Backtracks on Recent Conclusion that...

On April 15, 2016 the IRS reversed its controversial position that bad boy guarantees may convert nonrecourse debt into recourse debt. General Legal Advice Memorandum Number AM2016-001 released April 15, 2016 effectively...more

Financial Services Weekly News - April 2016 #3

Regulatory Developments - FHFA Announces Principal Reduction Program for Struggling Underwater Homeowners - On April 14, the Federal Housing Finance Agency (FHFA) announced a new Principal Reduction Modification...more

"Proposed Treasury Regulations Dramatically Alter Existing Debt/Equity Law"

On April 4, 2016, the Internal Revenue Service (IRS) and Treasury Department proposed new Treasury regulations that, if finalized, would become retroactively effective to April 4, 2016, and dramatically alter the tax...more

The Economist Frames the Argument Against Excessive Bank Regulation (somewhat unintentionally)

On March 26, 2016, The Economist published an article entitled “The Problem with Profits.” That article discussed the high profitability of U.S. firms and why that seemingly positive fact is actually harmful to the overall...more

Tax Treatment of “Bad Boy Guarantees” Challenged by Recent IRS Memorandum

I. OVERVIEW - A recently released legal memorandum by the Internal Revenue Service (IRS) Office of Chief Counsel, CCA 201606027 (the “Memorandum”), concluded that a so-called “bad boy guarantee” provided by a sponsor of...more

"Corporate Finance Alert: SEC Staff Issues Rule 144 Guidance Related to REIT Shares Received in Exchange for Operating Partnership...

The staff of the SEC’s Division of Corporation Finance recently issued an interpretive letter concluding that, for purposes of Rule 144 under the Securities Act, the holding period for shares of a publicly traded real estate...more

SEC Issues Guidance with respect to the Conversion of a REIT’s OP Units

On March 14, 2016, the Staff of the Securities and Exchange Commission (SEC) issued interpretative guidance in response to a request from Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated with respect...more

IRS Memo on Bad Boy Guarantees May Recharacterize Non-Recourse Debt as Recourse Liability

On February 5, 2016, the Office of Chief Counsel of the Internal Revenue Service (“IRS”) released a memorandum (a “Memo”) related to the appropriate tax treatment of individuals or entities that invest in real estate limited...more

Consistent Basis Reporting Update: Treasury Issues Proposed Rules on Portability Returns, Final Values, and After-Discovered...

On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more

What You Need to Know About the CFPB's Priorities for 2016 and 2017

The CFPB recently announced its policy priorities for the next two years. There are not too many surprises, since the CFPB has been targeting most of these areas in recent months and years. Here's what the Bureau is planning,...more

Federal Reserve Set to Update Regulation Z to Add CFPB Rules

On February 19, the Federal Reserve noticed an information collection regarding recent changes to Regulation Z. The Notice (81 Fed. Reg. 8492) explains that the Federal Reserve is planning to update Regulation Z to include a...more

U.S. Treasury Department Takes Aim at All-Cash Real Estate Purchases

In an effort to detect money laundering and ill-gotten gains, the U.S. Treasury Department has imposed new rules requiring title companies to identify and disclose the beneficial owners of a corporate entity behind any...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

IRS Releases March 2016 Interest Rates

The 7520 rate for March 2016 has decreased to 1.8%... Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property… Rev. Rul. 2016-07 – This revenue ruling provides...more

Can New Beneficial Owner Identification Requirement for Cash-Only Real Estate Deals in Miami and New York City Be Avoided if...

Why it matters - After years of concern about money laundering through shell corporations, repeated legislative and regulatory efforts to gain more information on beneficial owners of entities involved in various types...more

Big Picture—What Could We See in 2016?

The other shoe finally dropped last month when the Federal Reserve announced the first interest rate hike in seven years. Now in its 37th edition, "Emerging Trends in Real Estate 2016," the highly regarded annual report...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

Eric Stern on How Higher Education Does Real Estate [Video]

Eric Stern, partner and co-leader of the real estate practice at Morgan Lewis, talks about the ways universities and colleges in the United States work with real estate developers to make their institutions more attractive to...more

Overview of Affordable Housing Programs

Standard & Poor’s (S&P) has rating criteria for municipal and corporate bonds, the proceeds of which are to be used to finance the acquisition, refinancing, or renovation of affordable rental housing communities. These...more

SEC Regulations on Investment Securities Crowdfunding

Crowdfunding has created a revolution in the raising of funds for startup companies and for other projects, including both for-profit and not-for-profit projects. Crowdfunding is a process by which a company or project can...more

Orrick's Financial Industry Week in Review

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

First Regulation A+ Offering Document Appears on EDGAR

Perhaps the first Regulation A+ offering document has appeared on EDGAR. According to the documents it is a Tier 2 offering for up to $50,000,000. The offering circular states the offering commenced on June 19, 2015. The...more

Loan Originator Compensation: CFPB Grabs the “Steering” Wheel

The CFPB took action against two mortgage companies for violations of the Loan Originator Compensation Rule (“LO Comp Rule”), which prohibits compensation to loan originators based on loan terms, claiming that the companies’...more

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