Real Estate

Prognosis: Reluctant Optimism

On August 15, 2013, Nassau County executives announced Forest City Ratner Cos. had been selected to redevelop Nassau Coliseum.  The latest “to-do” surrounding the dank, labyrinthine arena that has become the image of a faltering Nassau County proposes to do more than simply triage an economic hemorrhage.  The latest proposal promises to tap into a […]

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POSTED IN Real Estate

Settling for Injustice: The Conundrum of Mortgage Crisis Settlements

This week Bank of America finds itself facing the largest fraud lawsuit thus far as a result of the mortgage debacle.  The Justice Department filed the complaint in Manhattan federal court on Wednesday, and powerhouse U.S. Attorney Preet Bharara, who led the charge against Raj Rajaratnam of the Galleon Group, is at the head of […]

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POSTED IN Banking & Finance, Housing, Litigation, Real Estate

The Link Between GSE Reform and QE3

On August 17th, the Treasury Department revamped its financial support of Fannie Mae and Freddie Mac. The new agreements increased the share of profits payable to the Treasury. The Treasury Department also accelerated the pace at which the mortgage-finance giants are required to wind down their mortgage portfolios and pay back the government for their […]

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POSTED IN Capital Markets, Housing, Real Estate

Government Sponsored Enterprise Reform: A Historical Perspective Part III

In February of 2011, the Treasury released a whitepaper outlining three possible GSE reform proposals. The first proposal calls for a fully privatized system of housing finance. The second proposal calls for a fully privatized system with an explicit guarantee mechanism that can scale up during times of crisis.

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POSTED IN Capital Markets, Consumer Finance, Housing, Real Estate

Government Sponsored Enterprise Reform: A Historical Perspective Part II

(Editor’s note: This is the second post in a three part series. The first post covers the history of the mortgage market and the advent of modern mortgage securitization practice. This post examines some of the roots of the financial crisis and discusses the impact of the financial crisis on the mortgage market.  Look forward to […]

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POSTED IN Capital Markets, Consumer Finance, Housing

Government Sponsored Enterprise Reform: A Historical Perspective

In September 2008, just days before the subprime financial crisis, the Federal Reserve placed mortgage giants Fannie Mae and Freddie Mac into conservatorship. This act represented the collapse of a mortgage system that originated nearly eighty years earlier and arguably triggered the near collapse of the broader financial system. This series of three blog posts […]

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POSTED IN Capital Markets, Consumer Finance, Housing

A Settlement So Big, It Has Its Own Website

After negotiating for several months, chronicled throughout on the Fordham Corporate Law Forum, 49 states and five banks have signed onto a reported $25 billion settlement.  Although terms of the settlement are still being released, it is clear that five banks – Wells Fargo, Bank of America, JPMorgan Chase, Citigroup and Ally Financial – will […]

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POSTED IN Housing, Real Estate

Defending Skin-in-the-Game in the Market For Residential Mortgages

Securitization of residential mortgage loans increases credit availability and liquidity as capital market funders from around the world are linked with consumer borrowers. The distance created between consumer borrower and ultimate bondholder, however, results in an originate-to-distribute model of lending that misaligns incentives and encourages shady—and even predatory—lending practices. As we all know, underwriting standards […]

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POSTED IN Capital Markets, Dodd-Frank, Housing, Real Estate, Securities Regulation

Progress Made in Subprime Litigation

It is hard to open a newspaper or watch a news program without coming across some reference to the ongoing Occupy Wall Street protests at Zucotti Park.  Every Occupier seems to have an opinion, and everyone seems to have an opinion on the Occupiers — be it to support or to criticize. This is unfortunate, […]

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POSTED IN Corporate Law, Real Estate

Obama Announces Housing Plan

Obama’s Plan Announced On Monday, the Obama administration announced a plan which will attempt to help struggling homeowners refinance their mortgages.  Mr. Obama’s plan revamps a federal initiative known as the Home Affordable Refinance Program (“HARP”), which was started in 2009 as one of the first initiatives of the new presidency.  The HARP revamp plan […]

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POSTED IN Housing, Legislation, Real Estate

- Fordham Corporate Center