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Results: 1-8 of 8

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

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

Court invalidates foreclosures based on ineffective mortgage assignments

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • 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

Bankruptcy court rules that “flip clauses” violate Bankruptcy Code

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 5 2010

On January 25, Judge Peck of the U.S. Bankruptcy Court for the Southern District of New York entered a declaratory judgment in favor of Lehman Brothers Special Financing Inc. (LBSF) in a case examining a collateralized debt obligation (CDO) transaction and concerning the effect of event of default provisions on the payment priorities of LBSF as swap counterparty under certain swap agreements and the holders of certain credit-linked synthetic portfolio notes

Investment in “tenancy in common” interests provided basis for securities violations

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

The U.S. District Court for the District of Oregon granted summary judgment to the Securities and Exchange Commission in a securities fraud case involving a large-scale real estate securitization and management business

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

U.S. bankruptcy court denies motions to dismiss GGP bankruptcy cases

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 14 2009

On August 11, the U.S. Bankruptcy Court for the Southern District of New York denied five motions to dismiss certain Chapter 11 bankruptcy cases filed by debtors, including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc. (GGP

Fannie Mae and Freddie Mac placed in conservatorship by U.S. Treasury and FHFA

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • September 12 2008

On September 7, the U.S. Treasury Department and the Federal Housing Finance Authority (FHFA) placed Fannie Mae and Freddie Mac into conservatorship, and announced (i) Treasury’s entry into a Senior Preferred Stock Purchase Agreement with each Government Sponsored Entity (GSE), (ii) the creation of a Government Sponsored Entity Credit Facility (GSECF), and (iii) the adoption of a GSE Mortgage Backed Securities (MBS) Purchase Program