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Results: 1-10 of 83

GGP opinion leaves unanswered questions

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 28 2009

On August 11, the Honorable Allan L. Gropper issued an opinion of the U.S. Bankruptcy Court for the Southern District of New York denying five motions to dismiss certain Chapter 11 bankruptcy cases of several property-specific special purpose subsidiaries (SPE Debtors), including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc. (GGP

SEC Chairman Cox outlines anticipated rulemaking for credit agencies

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 25 2008

Against a background of criticism of rating agencies for their role in the sub-prime crisis, on April 22, Christopher Cox, Chairman of the Securities and Exchange Commission, gave testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs regarding increasing the SEC’s oversight over credit rating agencies

House Financial Services Committee holds hearing on life settlement securitization

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 2 2009

On September 24, the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled, "Recent Innovations in Securitization," which explored issues relating to securitization generally, and specifically the securitization of life insurance settlements

REMIC reform legislation proposed

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 6 2009

On February 4, Senator Jack Reed issued the text of the Real Estate Mortgage Investment Conduit (REMIC) Improvement Act of 2009, an amendment to the American Recovery and Reinvestment Act of 2009 (Economic Stimulus Bill

Treasury Department unveils new Financial Stability Plan

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 10 2009

Treasury Secretary Timothy Geithner announced today a comprehensive Financial Stability Plan that substantially overhauls the federal government's financial rescue efforts

IRS and Treasury issue guidance for modification of securitized commercial mortgages

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • September 22 2009

In recent years, a significant portion of all commercial mortgage loans have been securitized, and now are held by trusts characterized as real estate mortgage investment conduits (REMICs) for federal income tax purposes

IRS eases rules on modification of securitized commercial mortgage loans

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • September 18 2009

On September 15, the Internal Revenue Service published Revenue Procedure 2009-45 providing that a servicer may agree to a substantial modification of any commercial mortgage loan as long as the servicer reasonably believes that there is a significant risk of default of the pre-modification loan upon maturity of the loan or at an earlier date, without thereby causing the real estate mortgage investment conduit (REMIC) or grantor trust status of a securitization vehicle to be challenged

Federal Reserve adds legacy CMBS to TALF

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • May 20 2009

On May 19, the Federal Reserve Bank of New York (FRBNY) announced that, starting in late July, certain AAA-rated commercial mortgage-backed securities issued before January 1, 2009 (Legacy CMBS), will be eligible collateral under the FRBNY’s Term Asset-Backed Securities Loan Facility (TALF

Questionnaire on rating of structured finance instruments published

  • Katten Muchin Rosenman LLP
  • -
  • European Union
  • -
  • July 13 2007

On June 22, the European Committee of European Securities Regulators (CESR) published a questionnaire on the rating of structured finance instruments as part of CESR's review of the extent that credit ratings agencies are applying the International Organization of Securities Commissions (IOSCO) Code of Conduct Fundamentals for Credit Rating Agencies

CESR publishes responses to consultation on role of rating agencies in structured finance

  • Katten Muchin Rosenman LLP
  • -
  • European Union
  • -
  • April 4 2008

On April 1, the EU Committee of European Securities Regulators (CESR) published responses that it received to its consultation on the role of credit rating agencies in structured finance

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