Structured Finance Spectrum - February 2019

ALSTON & BIRD ANNOTATIONS Asset-Backed Alert recently ranked Alston & Bird among the top counsel for both issuers and underwriters of asset-backed and mortgage- backed securities. READ M ORE BANKRUPTCY BEAT – Feeling Entitled to Make-Whole Premiums and Post-Petition Default Interest? Might Want to Avoid the Fifth Circuit On January 17, 2019, the Fifth Circuit Court of Appeals issued another significant opinion concerning the viability/enforceability of a contractual “make-whole” provision... READ ARTICLE POLITICS AND THE MARKET – Pass the Antacid: A Brief Briefing on Political and Economic Cross-Currents Consider the vantage point of Federal Reserve’s Beige Book (January 2019): Economic activity increased in most of the U.S., with eight of twelve Federal Reserve Districts reporting modest to moderate growth. Nonauto sales grew modestly…. Auto sales were flat on balance.… READ ARTICLE SECURITIZATION SIDE NOTES – EU Risk Retention: DidThis Come with a Gift Receipt? We’d Like to Return It A new year brings new laws and regulations into effect, in this case a complicated and confusing gift from our friends across the pond. READ ARTICLE PRACTITIONER NOTES – “These need to go on the DTC . . .”– A Tax Perspective The Depository Trust Compa- ny (DTC) serves as a securities listing and trading platform providing needed liquidity and payment processing support for securities issuers, financial institutions (e.g., in their capacities as banks, un- derwriters, placement agents, broker-dealers, trustees/ paying agents), institutional investors, and their respective investors. At a high-level, listing a security on the DTC involves... READ ARTICLE FEBRUARY 2019 REGULATORY REPORT – For the Resi Crowd: Loosening FIRREA’s Reins on Appraisal Requirements On December 7, the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corporation (the “agencies”) published in the Federal Register a proposed rule that would make four principal changes to the existing Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) requirements for appraisals in con- nection with residential real-estate-related transactions. Comments on the proposal were due by February 5, 2019. READ ARTICLE