Securities Residential Real Estate

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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

Recent amendments to the Act respecting duties on transfers of immovables

On March 17, 2016, the Government of Québec presented its 2016-2017 budget, which included important amendments to the Act respecting duties on transfers of immovables (the Act). The Act provides that every municipality...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

SEC Permits Immediate Resale Under Rule 144 of REIT Shares Issued in Exchange for OP Units

On March 14, 2016, the SEC issued a no-action letter permitting holders of shares of common stock of a publicly traded REIT, or REIT shares, received in exchange for privately placed units of the REIT’s operating partnership,...more

Investment in UK Real Estate - Considerations for overseas investors

There are no controls on foreign ownership or occupation of UK real estate. As a result the UK market continues to benefit from large amounts of overseas investment, attracted by its settled legal and planning system and...more

UK Budget 2016 – Key Tax Measures

The Chancellor of the Exchequer delivered the UK Budget for 2016 on 16 March 2016. The Budget was delivered against the backdrop of international tax developments, relating to the Organisation for Economic Co-operation and...more

Your daily dose of financial news The Brief – 3.14.16

Even as oil prices are rebounding and bringing some welcome hope to battered markets, the Journal worries that “this rally could lead to its own demise,” as higher prices “will likely encourage shale producers to ramp up...more

Your daily dose of financial news The Brief – 3.11.16

As expected, ECB President Mario Draghi announced yesterday an “aggressive package of quantitative easing measures” that had the immediate impact of sending stock and bond prices higher (at least for an hour or so)....more

Crowdfunding: Disclosing Both Pros and Cons?

Crowdfunding has grown tremendously in the past few years, and with the recent finalization by the Securities and Exchange Commission of its rulemaking under a 2012 law, there may be an even greater expansion of investor...more

Your daily dose of financial news The Brief – 3.10.16

The SEC’s been floating an idea that would require mutual funds “to increase their liquidity cushions to accommodate investors looking to leave in a hurry,” but the industry’s pushing back—hard—despite the recent Third Avenue...more

Supreme Court Severely Restricts Federal-Court Access for Non-Corporate Entities, Including Certain REITs and RICs

Business trusts, statutory trusts and non-corporate real-estate investment trusts now face a significant jurisdictional barrier that will reduce their access to the federal courts, following a March 7 ruling by the U.S....more

Claims Against RMBS Trustee U.S. Bank Partially Dismissed

On February 26, Judge Katherine B. Forrest of the U.S. District Court for the Southern District of New York denied U.S. Bank N.A.’s (“U.S. Bank”) motion to dismiss claims for breach of contract and violation of the Trust...more

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