The U.S. commercial real estate market, valued at $20 trillion in 2021 by some estimates, touches nearly every facet of urban and suburban dwellers’ lives – from where they live (multi-family housing or apartment buildings)...more
If you thought Lehman Brothers Holdings Inc. (“LBHI”) was done suing lenders as a result of its settlements with RMBS trustees years ago, think again. ...more
The Commercial Mortgage Market Since the Covid-19 Pandemic - The COVID-19 pandemic has caused disruption to many facets of what was once everyday life. As Americans sheltered in place, brick-and-mortar retail shopping and...more
Residential mortgage-backed securities offerings prior to 2008 gave rise to an abundance of litigation, some of which continues to this day. There may be reason to anticipate an increase in commercial mortgage-backed...more
The global market for credit is estimated to be more than $200 trillion, approximately three times larger in aggregate than the global equity market. It consists of bank loans, sovereign and sub-sovereign debt, corporate...more
The years since the 2007–2008 financial crisis have been marked with milestone settlements of claims against the major mortgage “aggregators” (sometimes also known as “investors” in the mortgage purchasing context), who then...more
There were significant developments in 2019 as courts continued to issue important decisions in this space and significant legislation impacting the residential mortgage-backed securities (“RMBS”) market came into effect. A...more
The United States and Mexico appear poised to move past a last-minute snag over new language on Labor Department attaches to posts in Mexico. Mexico feared that the diplomats would “act as labor inspectors,” and for a day or...more
The fallout from the last financial crisis and recession is far from over. More than a decade after the demise of Lehman and Bear Stearns, among others, litigation continues related to alleged deficiencies in mortgage loans...more
REGULATORY REPORT – FASB’s New Current Expected Credit Loss Model - Sharpen your pencils and put on your green eyeshades – the Financial Accounting Standards Board is making major changes to the credit loss accounting...more
On July 25, 2018, U.S. Bank NA and UBS AG announced they had reached an $850 million settlement in connection with a dispute over loans in three residential mortgage-backed securities trusts. ...more
On May 17, 2018, Judge Jesse M. Furman of the United States District Court for the Southern District of New York denied the BlackRock Plaintiffs’ request to use sampling to prove their case against an RMBS trustee in...more
On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more
On March 1, 2018, Fitch issued a report entitled: U.S. Auto Loan ABS Rating Criteria. On March 2, 2018, Fitch issued a report entitled: Covered Bonds Rating Criteria. On March 2, 2018, Fitch issued a report entitled:...more
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
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
On December 29, 2016, the New York Supreme Court, Appellate Division, First Department, in a 4-1 decision, affirmed a 2015 New York Supreme Court order dismissing certain claims in an RMBS action brought by Trustee U.S. Bank...more
Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more
China’s expected to announce Q3 economic growth of 6.7 percent this week—a number envied by any other country in the world but the sign of major slowdown there. Dealbook looks at what, exactly, a less-gangbusters Chinese...more
Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more
It's official. Risk retention became effective for residential mortgage-backed securities (“RMBS”) on December 24, 2015. Since the final rules (the “Rules”) were issued, there has been a lot of talk throughout the broader...more
The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more
ESMA Q& A on Application of the AIFMD - On December 2, 2015 the European Securities and Markets Authority (ESMA) published an updated Question and Answer document in relation to the Alternative Investment Fund Managers...more
On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union Administration Board (NCUA), as liquidating...more