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Bankruptcy Court determines that TBA contracts do not qualify as customer claims

Katten Muchin Rosenman LLP
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USA
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December 16 2011

The United States Bankruptcy Court for the Southern District of New York issued a memorandum decision in the Lehman Brothers Inc. (LBI) liquidation proceeding confirming the LBI trustee’s determination that certain claims relating to TBA contracts do not qualify as customer claims against LBI’s estate

ZING VII implications for the bankruptcy remoteness of special purpose entities

Katten Muchin Rosenman LLP
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USA
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September 28 2011

In re Zais Investment Grade Ltd. VII is the latest in a recent line of bankruptcy cases challenging bedrock assumptions regarding securitization special purpose entities (SPEs) and bankruptcy considerations in securitization transactions

SEC issues concept releases on investment company derivative use, mortgage securities and Rule 3a-7

Katten Muchin Rosenman LLP
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USA
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September 9 2011

On August 31, the Securities and Exchange Commission issued three concept releases regarding: (i) the use of derivatives by investment companies (Derivatives Release), (ii) companies engaged in the business of acquiring mortgages and mortgage-related instruments (Mortgage Securities Release), and (iii) the treatment of asset-backed issuers under Rule 3a-7 (Rule 3a-7 Release

LSTA to publish revised trade documentation, including biso provisions, effective September 9

Katten Muchin Rosenman LLP
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USA
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September 8 2011

The Loan Syndications and Trading Association (LSTA) is publishing a revised set of documents for distressed transactions, as well as a revised ParNear Par Trade Confirmation, effective for trades entered into on and after September 9, 2011

Agencies extend comment period on risk retention proposed rulemaking

Katten Muchin Rosenman LLP
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USA
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June 10 2011

Six federal agencies have approved and will submit a Federal Register notice that extends the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act

SEC approves amendments to transaction reporting and trading activity fee rules related to asset-backed securities transaction reporting

Katten Muchin Rosenman LLP
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USA
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May 20 2011

The Securities and Exchange Commission has approved proposed amendments to transaction reporting and notification requirements in the Financial Industry Regulatory Authority Rule 6700 Series and reporting fees in FINRA Rule 7730, which relate primarily to Asset-Backed Securities, and the method of calculating the Trading Activity Fee (TAF) for such securities in Schedule A of the FINRA By-Laws

Court invalidates foreclosures based on ineffective mortgage assignments

Katten Muchin Rosenman LLP
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USA
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March 11 2011

A recent court decision held that a foreclosure in Massachusetts that a clear chain of title must be established to show that the party foreclosing is the valid holder of the mortgage. Although the decision is binding only in Massachusetts, the case illustrates the importance for lenders and securitisation trustees of understanding state foreclosure laws and hold all relevant documents before entering foreclosure proceedings

LSTA publishes revised documents effective August 6, 2010

Katten Muchin Rosenman LLP
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USA
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August 9 2010

The Loan Syndications and Trading Association (LSTA) has released new forms of Purchase and Sale Agreement, Proceeds Letter, Distressed Trade Confirmation and ParNear Par Trade Confirmation, effective for trades entered into on or after August 6, 2010

Financial reform legislation imposes new requirements relating to asset-backed securities

Katten Muchin Rosenman LLP
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USA
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July 16 2010

On July 15, the U.S. Senate voted to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173), which contains, among other things, provisions addressing risk retention, conflict of interest issues, and the treatment of Nationally Recognized Statistical Rating Organizations (NRSROs) under existing securities laws

Ambac commutes policies supporting CDOs of asset-backed securities with banks

Katten Muchin Rosenman LLP
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USA
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June 11 2010

Ambac Financial Group, Inc., the parent of Ambac Assurance Corporation (AAC), announced yesterday that it had terminated all of its remaining exposure to collateralized debt obligations (CDOs) of asset-backed securities (ABS) totaling $16.4 billion

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