News & Analysis as of

Securitization Vehicles Commercial Mortgage Backed Securities

Cadwalader, Wickersham & Taft LLP

A Tale of Two Continents - European CMBS v U.S. CMBS & CRE CLOs

U.S. CMBS issuance equalled approximately $171 billion during 2018. In the same period, European CMBS issuance equalled approximately €4 billion which, whilst not close to the issuance levels of the U.S. CMBS market,...more

Polsinelli

Blockchain: Coming to a CMBS Near You

Polsinelli on

Although at first glance the underlying technology behind Bitcoin and mortgaged backed securities have little in common, blockchain technology has the potential to revolutionize securitizations because it permits value and...more

Dechert LLP

It’s Time to Bring Back the Square State Conduit:  If We Build It, They Will Come.

Dechert LLP on

What in the world have we done to ourselves? Our CRE Securitization business, or at least the conduit part of our business, continues to shrink: $800 billion in outstanding principal balance in 2007 and now, $400 billion? ...more

Burr & Forman

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

Burr & Forman on

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

Dechert LLP

CREFC Annual Conference 2016: Headwinds or Head First Into the Wall?

Dechert LLP on

The slow start to 2016 did not dampen the enthusiasm at CREFC’s Annual Conference, held last week in New York City. The conference saw record attendance, with standing-room-only crowds at virtually every panel. As with the...more

Dechert LLP

Flash: Congress Fixes the CMBS Risk Retention Problem (Just Kidding)

Dechert LLP on

Last week, the House Committee on Financial Services reported out the Preserving Access to CRE Capital Act of 2016 (the “bill”) in a remarkably bipartisan sort of way (paving the way for: “Well, yes, I did vote for it, but...more

Alston & Bird

Finance Advisory: Risk Retention and the Preserving Access to CRE Capital Act

Alston & Bird on

The final rules for implementing Section 941 of the Dodd-Frank Act as it relates to credit risk retention will become effective December 24 of this year. With the effective date quickly approaching, Congress has stepped in to...more

Dechert LLP

Section 546(e) Protects Two Tiered Securitization Structures

Dechert LLP on

What happens when a debtor, whose loan is pooled and securitized, files for bankruptcy? Are payments made to investors recoverable as fraudulent transfers or preferences? Until recently, no published court opinion...more

Dechert LLP

Payments to Investors in a Securitization Structure Protected from Avoidance

Dechert LLP on

In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

Orrick - Finance 20/20

Rating Agency Developments

On March 6, Fitch revised its criteria for rating granular corporate balance-sheet securitizations (SME CLOs). On March 5, Moody’s revised its global approach to data quality evaluation. On March 3, Kroll released CMBS...more

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