Seyfarth Shaw Announces Establishment of Covered Bonds Team : Specialized Attorneys Help Clients Understand and Capitalize on Emerging Investment Opportunity in the United States


NEW YORK (PRWEB) November 6, 2008

The Covered Bonds Team will work under the direction of Shirley Curfman, partner in the Corporate Practice Group in the firm’s Los Angeles office, and Nanette Heide, partner in the Corporate Practice Group in the firm’s New York office. Curfman, who recently joined the firm’s Los Angeles office, has provided legal advice in the structured finance market for over 10 years and served as legal counsel to the mortgage bond indenture trustee in one of only two covered bond transactions in which U.S. financial institutions issued bonds. Heide’s practice focuses on corporate and financing transactions, including equity and debt financings, mergers and acquisitions, strategic alliances, joint ventures and commercial transactions. Curfman and Heide are joined by other attorneys in the Corporate and Real Estate Practice Groups, including Peter Korda and Andrew Pearlstein.

“Seyfarth Shaw is well-positioned to help clients understand and initiate covered bonds offerings,” Heide said. “Drawing on experience in structured finance, as well as Shirley’s insights into the structure of covered bonds, we are ready to meet the needs of our clients in this expanding market.”

Covered bonds are debt securities backed by cash flows from mortgages or public sector loans. In many ways, they are similar to asset-backed securities created in securitization, but covered bond assets remain on the issuer’s consolidated balance sheet. Covered bonds have been the main source of mortgage funding in Europe since the 18th century, but to date, only two U.S. depository institutions have issued covered bonds. The U.S. Treasury Secretary Henry Paulson and the Federal Deposit Insurance Corporation have been promoting a covered bond market strategy as an attractive source for funding residential mortgage loans. As a complement to the policy statement previously issued by the FDIC, the Treasury Department recently issued a best practices guide to specifically address covered bonds backed by pools of eligible residential mortgages.

“I’m pleased that covered bonds, long utilized in Europe, are making their way into the U.S. market as an additional funding source for mortgage loans,” Curfman added. “We have the resources, skills, and experience with covered bonds to work with lenders to effectively structure these financing vehicles.”

Seyfarth Shaw is a full-service law firm with over 750 attorneys located in nine offices throughout the United States including Chicago, New York, Boston, Washington D.C., Atlanta, Houston, Los Angeles, San Francisco and Sacramento, as well as Brussels, Belgium. The firm provides a broad range of legal services in the areas of real estate, labor and employment, employee benefits, litigation and business services. Seyfarth Shaw’s practice reflects virtually every industry and segment of the country’s business and social fabric. Clients include over 200 of the Fortune 500 companies, financial institutions, newspapers and other media, hotels, health care organizations, airlines and railroads. The firm also represents a number of federal, state, and local governmental and educational entities. For more information, please visit http://www.seyfarth.com.







Lance Denha Discusses Lender of The united states Announcement to Widen Its Principal Reduction Choices

(PRWEB) Might 16, 2012

Lender of The usa introduced last 7 days that it has started sending letters to countless numbers of homeowners in the United States, providing to forgive a portion of the principal stability on their home loans by an believed average of $ a hundred and fifty,000 every. This reduction for qualifying house owners could quantity to monthly cost savings of up to 35 p.c on mortgage loan payments, Financial institution of The us stated in a news launch on May seven, 2012.

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The principal reduction delivers from Financial institution of The united states House Financial loans are the immediate result of a $ twenty five billion settlement settlement previously this yr with 49 state lawyers general as properly as federal authorities who had been investigating allegations of abuses over the dealing with of foreclosures, as reported in March of this 12 months by the Linked Press. To the extent principal reduction and other modification instruments assist us flip mortgages headed for feasible foreclosures into long-phrase doing loans, it will be good for property owners, mortgage loan buyers and communities, Ron Sturzenegger, a legacy asset servicing government, stated in the assertion. Lance Denha, Esq. of the Regulation Places of work of Lance Denha commented nevertheless that The banking companies concerned have up to three many years to fulfill the provisions of this settlement although there are incentives for banking companies to help home owners in the initial twelve months.

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Financial institution of America said it planned to contact more than two hundred,000 homeowners who could be candidates for the provides, sending letters to a vast majority of them by the third quarter of this year. To be suitable for the principal reductions, nevertheless, property owners will have to meet specific conditions, like: getting a loan owned or serviced by Bank of The us owing a lot more on the mortgage than their residence is worth and getting at the very least 60 times driving on payments as of the stop of January. Mr. Denha was swift to be aware, Catering only to these borrowers 60 days or more powering on payments has the added gain to Financial institution of The united states to keep away from any potential authorized hurdles in circumstances where shoddy paperwork helps make it difficult for them to demonstrate it owns the mortgage loan and has the appropriate to foreclose. Its a strategic move by Bank of The united states to assist individuals property owners that it at first attempted to foreclose on during the Robo-signing period of time that resulted in the settlement. Many of the first troubles and irregularities nonetheless exist. The Connected Push observed at the time of the settlement that Bank of The us experienced the largest financial obligation under the settlement at $ eleven.eight billion.

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The base line is this, claims Lance Denha, Those who help them selves do well much more than they fall short. Those who are conditioned to waiting around for the condition or federal govt to make the financial institutions do the proper issue are probably to locate themselves with number of possibilities. The clever homeowner is presently pursuing his lender in the appropriate medium: the courtroom. He is nicely-ready, normally has retained an lawyer, has the proof of a securitized financial loan audit and can prove his scenario.

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The Regulation Place of work of Lance Denha P.A. is dedicated to make sure that each feasible avenue is pursed so that the property owners authorized rights are preserved. Actively monitoring the at any time modifying landscape of foreclosure regulations, recent foreclosures throughout the nation as well as point out imposed rules and methods related with foreclosure, is essential to ensure and safeguard these rights. The Legislation Workplaces of Lance Denha P.A. is a multistate legislation agency and assists lawfully defend wrongful foreclosure actions and make use of any and all lawful techniques obtainable to assist achieve preserving house owners legal rights. For further details or help, please get in touch with at 954-840-0770.

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