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Financial Services Weekly News - May 2016 #4

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Your daily dose of financial news The Brief – 5.26.16

The SEC has opened an inquiry into Alibaba’s accounting related to affiliated companies and related-party transactions, a big deal for a company “long seen as a symbol of China’s growing technological might”...more

An Englishman’s Home is His Castle – Just!

Since the Land Registration Act 1925 the register of land in England and Wales has been interested only in legal title. All this is set to change. The Prime Minister announced on 12 May 2016 that any foreign company looking...more

Your daily dose of financial news The Brief – 5.16.16

We’ve been hearing a lot about Verizon’s bid for Yahoo. But it’s not alone. In fact, it’s bringing some odd folks to the table together. Case in point: Warren Buffet and Quicken Loans’ Dan Gilbert – NYTimes and Bloomberg...more

Orrick's Financial Industry Week in Review

FHFA Increases 2016 Multifamily Lending Caps - On May 4, 2016, the Federal Housing Finance Agency announced that it increased its 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35...more

Federal Appellate Court Reinstates RMBS Action Against Moody’s

On May 2, 2016, the First Circuit Court of Appeals reinstated a $5.9B suit brought by the Federal Home Loan Bank of Boston (“FHLBB”), alleging that Moody’s Corp and Moody’s Investor’s Service, Inc. (together, “Moody’s”)...more

A Contrarian View on the Single-Family Rental Market

More than two years after the first single-family rental securitization, the single-family rental market continues to evolve and grow. The rise of single-family rentals reflects both a demographic shift among the American...more

Financial Services Weekly News - May 2016

Regulatory Developments - CFPB Responds to Industry Concerns on Know Before You Owe Rule - On April 28, the CFPB issued a letter to banking and industry groups in response to an inquiry by the Mortgage Bankers...more

Blockchain Basics: A Primer - Blockchain, the technology underlying the cryptocurrency Bitcoin, is poised to revolutionize how all...

You have probably heard of Bitcoin, a peer-to-peer, non-governmental currency. Bitcoin is the first money that is its own payment system. That is, no bank, money transmitter or intermediary of any kind is required to clear...more

Justice Friedman of the New York Supreme Court Dismisses Two FHFA Repurchase Actions

On April 12, 2016, Justice Marcy Friedman of the New York Supreme Court granted motions to dismiss in two RMBS breach of contract actions filed by FHFA against Morgan Stanley ABS Capital I Inc. (“MSAC”) and Morgan Stanley...more

Significant Developments in Canadian Energy – For the month of April 2016

Conventional - April 21, 2016 – The Alberta government announced the technical formulas that will be used to calculate royalties and payout cost allowances on oil, natural gas, propane and butane starting in 2017....more

Brokerage Account is a Safe Account to Temporarily Hold Homestead Sale Proceeds for Reinvestment [Florida]

An individual sold his interest in a Florida homestead, and put a portion of the proceeds in two Wells Fargo brokerage investment accounts entitled “Fl. homestead account..” The account was invested in mutual funds and unit...more

Illinois AG Settles with New York Investment Bank Over RMBS Practices

Last week, Illinois AG Madigan announced a $41 million settlement with a New York-based investment bank for its alleged misconduct in connection with the marketing and selling of at risk residential mortgage-backed securities...more

"Despite Challenges, Risk Retention Rules Set to Impact All Asset-Backed Securities by End of 2016"

Credit risk retention rules are intended to promote an alignment of interests between sponsors and investors of securitizations by requiring sponsors to maintain “skin in the game” — that is, retain a certain percentage of...more

Rating Agency Developments

On April 13, Moody’s published its approach to rating obligations with variable promises, where the source of variation is related to non-standard or non-credit-related reference factors. ...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

Goldman Sachs Set to Pay $5.1 Billion in RMBS Settlement

On April 11, Goldman Sachs agreed to pay roughly $5.1 billion in a settlement with federal and state officials regarding the marketing and sale of RMBS during the years leading up to the financial crisis.  The settlement is...more

SEC Interpretive Guidance Permits Tacking of Rule 144 Holding Period for REIT Common Stock Acquired Upon Redemption of OP Units in...

On March 14, 2016, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) issued interpretive guidance (the “Guidance”) affirming that, in a traditional UPREIT structure, the...more

Plan Ahead to Avoid or Minimize US Estate Tax

If you are not a US resident or a US citizen and are considering buying assets in the US, there are ways to avoid or minimize US estate tax on those assets. ...more

Barclays and MassMutual Settle RMBS Litigation

On March 29, Barclays Capital Inc. and Massachusetts Mutual Life Insurance Co. jointly moved pursuant to a confidential settlement agreement for dismissal of an action brought by MassMutual. MassMutual brought claims under...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

March 2016 Securities & Structured Finance Litigation Update

Quinn Emanuel Obtains Significant RMBS Sampling Ruling. Quinn Emanuel recently won a significant ruling permitting the use of statistical sampling to prove liability and damages on loan repurchase claims brought by the...more

Financial Services Weekly News - March 2016 #5

Regulatory Developments - SEC Issues FAST Act IM Guidance - The SEC published an IM Guidance Update highlighting two exemptions from registration under the Investment Advisers Act of 1940 (the Advisers Act) that...more

UK Financial Regulatory Developments - March 2016 #17

FOS publishes latest Ombudsman News - The latest edition of Ombudsman News focuses on cases relating to cars and debt management. (Source: FOS publishes latest Ombudsman News)... FOS responds to feedback on...more

Financial Services Weekly News - March 2016 #4

Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

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