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Mortgages › Investment Company Act of 1940

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Orrick - Finance 20/20

’40 Act Leeway for Mortgage REITS and Others

Orrick - Finance 20/20 on

The SEC Investment Management Division published a no-action letter on August 15 addressed to Redwood Trust that provides a certain degree of Section 3(c)(5)(C) compliance leeway for mortgage REITs and mortgage bankers. ...more

K&L Gates LLP

Less Form, More Substance: The SEC Staff’s Recent Functional Approach to Section 3(c)(5)(C)

K&L Gates LLP on

The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more

Morgan Lewis

SEC Grants Section 3(c)(5)(C) Relief to Depositor of Mortgage Securitization Trusts

Morgan Lewis on

The US Securities and Exchange Commission staff has confirmed that a depositor of mortgage securitization trusts may rely on the exclusion from registration provided by Section 3(c)(5)(C) of the Investment Company Act of...more

A&O Shearman

New SEC Staff Guidance Broadens the Applicability of 1940 Act Exemption for Mortgage Securitizers

A&O Shearman on

In a no-action letter dated February 12, 2018, the SEC expanded the scope of Section 3(c)(5)(C) of the Investment Company Act to apply to a sponsor of multiple securities trusts that hold whole mortgage loans....more

Orrick, Herrington & Sutcliffe LLP

SEC No Action Letter Regarding Investments in Credit Risk Transfer Securities

Orrick, Herrington & Sutcliffe LLP on

On October 16, the SEC Division of Investment Management granted no-action relief in response to a request by Orrick on behalf of Redwood Trust. The Redwood request and the SEC staff response impact the way in which...more

Orrick, Herrington & Sutcliffe LLP

SEC No-Action Letter Regarding Investments in Credit Risk Transfer Securities

Orrick, Herrington & Sutcliffe LLP on

On October 16, the SEC Division of Investment Management granted no-action relief in response to a request by Orrick on behalf of Redwood Trust. The Redwood request and the SEC staff response impact the way in which...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on

Financial Industry Developments - CFPB Proposes to Provide Flexibility in Collecting Information - On March 24, 2017, the Consumer Financial Protection Bureau ("CFPB") released a proposal to amend Equal Credit...more

K&L Gates LLP

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 20

K&L Gates LLP on

In late 2011 and early 2012, the fragile green shoots of recovery began to peek out from the barren blasted heath of the crisis-blown financial markets. Market activity was spurred by a rare confluence of secular trends,...more

Orrick - Finance 20/20

Credit Risk Transfer: Making a Successful Program Even Better

Orrick - Finance 20/20 on

On February 10, Howard Altarescu participated in the Urban Institute / CoreLogic Sunset Seminar, “Credit Risk Transfer: Making a Successful Program Even Better.” The presentation outlined the importance of credit risk...more

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