Securitization



Securitization of financial assets is a highly complex area requiring a depth of knowledge in the areas of the capital raising process, tax, securities, bankruptcy and real estate laws, among others. Members of our Securitization group have represented issuers and underwriters on many tens of billions of dollars of offerings of public and private asset backed securities, backed by residential first and second lien mortgages, commercial mortgages, consumer auto loans, aircraft mortgages and leases, tax-exempt municipal obligations, federal energy project installation reimbursement obligations, construction loans, municipal tax liens and asset-backed commercial paper. These transactions have ranged from single class straight pass-through securities to billion dollar multi-tiered, time and credit- tranched complex structures, some of which have been sold in private offerings, including 144A eligible, and public offerings. Many transactions include derivative instruments and may be structured to be reflected on the issuer's balance sheet or as a sale for accounting and tax purposes. Our group is experienced at restructuring poorly performing securitizations and working with distressed borrowers in need of loan modifications.

Our People

Representative Matters

  • Represented multiple underwriters and issuers in securitization of tens of billions of dollars of residential mortgage loans
  • Represented issuer in securitization of several hundred million dollars of small balance commercial real estate mortgages
  • Represented equity investor in the structuring, execution and management of a several hundred million dollar distressed loan CLO (collateralized loan obligation) issued by a major U.S. bank
  • Represented issuer in one of the first private label tax lien securitizations
  • Represented investment bank in multiple transactions securitizing several hundred million dollars of aircraft lease backed securities
  • Represented issuer in multiple transactions securitizing loans secured by customer margin loans on precious metals
  • Represented issuers in multiple transactions securitizing auto loans
  • Represented investment bank in multiple transactions securitizing several hundred million dollars of aircraft lease backed securities
  • Represented issuer in securitization of over one hundred million dollars of construction loans provided to a large number of homebuilders
  • Represented GSE in first non-guaranteed agency MBS, and hundreds of millions of dollars of multi-family MBS
  • Represented underwriter in securitization of servicing advances from subprime mortgage securitization trusts
  • Represented issuer in $300 million commercial paper offering secured by investment grade bond inventory
  • Represented issuer in securitization of several hundred million dollars of municipal bonds (i.e., single family bonds, IDBs and multi-family bonds)
  • Represented multiple underwriters and issuers in resecuritization of previously issued asset backed securities
  • Represented issuer in multiple securitizations of unguaranteed portions of SBA loans
  • Represented issuer in multiple securitizations of Title I home improvement loans
  • Represented issuer in securitization of business accounts receivable of a national factoring company

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