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Your Daily Dose of Financial News

We learned about Navient and its allegedly trouble-filled student-loan servicing practices yesterday. Turns out the issues are not only long-standing, but they bear similarities to the mortgage-lending issues that were at...more

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

Your Daily Dose of Financial News

On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

Your Daily Dose of Financial News

The Depository Trust & Clearing Corporation—the company that “serves as the back end for much Wall Street trading”—has announced a big step forward in the embrace of blockchain technology to track and report transactions. IBM...more

Orrick's Financial Industry Week in Review

FHFA Issues Final Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets - On December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule implementing the Duty to Serve provisions...more

Risk Retention in CMBS: A Look Back and a Look Forward

Industry participants looked forward to 2016 with a great deal of anticipation considering both the implementation of the risk retention rules, and the expected wall of maturities. By mid-year the first commercial...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 18.3

This Chapter, through a legal analysis of the new legislation changes that recently occurred in Italy and the main enforcement procedures and best practices seen in the Italian Market as utilised by international lenders,...more

Your Daily Dose of Financial News

Blackstone is spinning off a new housing maintenance and rental venture in the form of Invitation Homes LP, which could see an IPO as early as January 2017. Invitation Homes is the culmination of a four-year, $10 billion...more

Orrick's Financial Industry Week In Review

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...more

Your Daily Dose of Financial News

Bad news for RBS, which is tasked with scrounging up more capital after failing its Bank of England stress test—a bad sign for a British financial system still coping with Brexit fallout....more

Your Daily Dose of Financial News

SEC chief Mary Jo White has announced that she’ll be stepping down in early 2017—an expected move that nevertheless drives home the reality of the big changes ahead for the securities industry (and many others)....more

Your Daily Dose of Financial News

Wells Fargo is well past the rain, the pouring, and even the flooding. So why not possible liability for its RMBS practices? As part of an SEC disclosure, the bank acknowledge that it’s “in discussion” with the RMBS Working...more

Your daily dose of financial news - The Brief – 10.4.16

The Journal gives us a closer look at Italy’s Monte dei Paschi—the world’s oldest bank (founded in 1472)—that’s deeply tied to Siena and that’s threatening to drag the whole of the region’s economy down with it if it fails,...more

Your daily dose of financial news - The Brief – 9.16.16

The DOJ has reportedly proposed an eye-popping $14 billion settlement with Deutsche Bank to resolve MBS-related probes, though insiders caution that this is likely an outsized opening bid and that the ultimate settlement will...more

Deal Agent: A Structural Enhancement to Private Label RMBS

The U.S. Treasury Department (the “Treasury”) views a healthy private label residential mortgage-backed securities (“PLS”) market as “an important component of a reformed, safe, and sustainable housing finance system that...more

Your daily dose of financial news - The Brief – 9.9.16

We’ve got a number for that Wells Fargo settlement/fine, and it’s a doozy: $185 million for illegal banking practices (including secretly issuing credit cards without customer consent, signing up customers for online banking...more

Your daily dose of financial news - The Brief – 9.8.16

In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - FHFA Further Adjusts Multifamily Lending Caps for Fannie Mae and Freddie Mac - On August 18, 2016, the Federal Housing Finance Agency ("FHFA") announced an additional increase...more

Client Alert: Foreclosing Subsequently Accruing Liens no Longer a Certainty under the Lis Pendens Statute

The predictable landscape of foreclosing real property is no longer that for mortgagees, potential investors, construction professionals or municipalities in Florida. Last week, the Fourth District Court of Appeal confirmed...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

Financial Services Weekly News - August 2016 #4

Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more

Your daily dose of financial news - The Brief – 8.24.16

Apollo Global has settled its ongoing dispute with federal regulators, with the private equity firm agreeing to cough up $53 million to the SEC over an “array of [alleged] securities law violations”....more

A Primer on EB-5 and Key Issues in its Renewal

What is the EB-5 Immigrant Investor Visa Program? The EB-5 immigrant investment visa program provides a “fast track” to obtain permanent U.S. residency (a “green card”) to qualified foreign investors who satisfy...more

Your daily dose of financial news - The Brief – 8.19.16

The Journal reports that big companies [banks included] are pouring more into dividends than at “any time since the financial crisis”—likely, a response to record-low bond yields that’s “put a premium” on kicking back...more

Your daily dose of financial news - The Brief – 8.16.16

ValueAct Capital Mgmt, an activist investor, has taken a $1.1 billion stake in Morgan Stanley with 38 million shares that represent about 2% of shares outstanding. Unlike normal activists (at least for now), ValueAct took the...more

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