Seth Eaton Discusses Modifications and Workouts of Commercial Real Estate Loans during the COVID-19 Pandemic
On January 25, 2023, the SEC reproposed its 2011 proposed rule to prohibit certain securitization participants from engaging in transactions that present conflicts of interest vis-à-vis ABS investors. This note answers a...more
In the inaugural edition of Debt Download, we covered recent trends in the U.S. debt finance markets. This month, we take a look at what’s happening in the U.K. and Europe....more
The Luxembourg law dated 5 August 2005 on financial collateral arrangements, as amended (the “Collateral Law”), has been tremendously successful in providing a framework for Luxembourg security interests, offering bankruptcy...more
The update generally provides further clarifications to existing guidance, but one change regarding the Expanded Loan Facility could enable eligible borrowers to access additional funding that was previously unavailable to...more
The Situation: The regulatory agencies responsible for administering the Volcker Rule have amended the covered fund provisions of the rule. The Result: Modifications to the definitions of "ownership interest" and "loan...more
Last week the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures...more
Structured finance transactions, whether of the CLO or CDO variety, are highly regulated today, following the losses certain types of these products suffered in and around the 2008 financial crisis. Nevertheless, with the...more
Miller Canfield participated in the Commercial Real Estate Finance Council (CREFC) Winter Conference in Miami in January 2019. The conference offers a candid insider’s view that looks both backward and forward and has proven...more
Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more
On October 11, 2016, S&P published its methodology for surveilling ratings of U.S. residential mortgage-backed securities principal only strip securities. Report. On October 7, 2016, Moody’s published its rating methodology...more
As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work. The result is troubling....more
On September 24, DBRS published a report describing its approach for monitoring European CMBS ratings. On September 25, DBRS published its methodology for rating European RMBS transactions issued in Europe with residential...more
We will leave the hand wringing and teeth gnashing to others. We expect there will be a lot of that in the days ahead. We have had our say on the misguided premises and tortured statutory interpretation underpinning the final...more
Collateralized Loan Obligations (CLOs) are a type of Collateralized Debt Obligation (CDO) created by pooling large commercial loans and debt instruments. This pool is divided into various tranches with different risk–return...more
In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more
During the past several years, CRE Securitizations were airbrushed off the financial products reviewing podium like a discredited Politburo member. Not here, never ever here; nope, never heard of it. This was a mistake rooted...more
On January 23, Fitch released its criteria for analyzing interest rate stresses in structured finance transactions and covered bonds. On January 22, DBRS released its methodology for rating wind power projects. On January 22,...more
Originally published in International Financial Law Review on February 5th, 2013. Structured products have come under considerably greater regulatory scrutiny in recent years. In the US, regulators have become...more