Thacher Proffitt & Wood LLP, a leading law firm to the securitization industry, has published "Structured Finance Notes: ASF Streamlined Foreclosure and Loss Avoidance Framework." The ASF's Framework is intended to provide a streamlined foreclosure avoidance mechanism for securitized sub-prime ARMs.
Thacher Proffitt's white paper discusses aspects of the Framework that apply to servicers of first-lien sub-prime residential ARMs. The white paper also addresses tax treatment of modified loan pools.
Starting in 2007 when the credit crisis substantially affected the mortgage underwriting and securitization markets, Thacher Proffitt served as outside counsel to the ASF for its loan modifications task force. In that role, the Firm helped prepare a number of ASF statements and publications, including the Streamlined Foreclosure and Loss Avoidance Framework developed by the ASF and subsequently announced and endorsed by President Bush on December 6, 2007. Thacher Proffitt attorneys included in this initiative are: partners Stephen S. Kudenholdt and Marlo A. Young; and associates Timothy Hauck and Edward J.L. Southgate.
To request a complimentary printed copy of the white paper, send your name, title, company name, and street address to lcospito@tpw.com and include in your subject line "Request for SF Notes: ASF Framework." Thacher Proffitt respectfully reserves the right to decline requests, where applicable.
Useful Resources
- Thacher Proffitt's "Structured
Finance Notes: ASF Streamlined Foreclosure and Loss Avoidance Framework"
http://www.tpw.com/publications.cfm?id=1386
- ASF's Streamlined Foreclosure and Loss
Avoidance Framework
http://www.americansecuritization.com/uploadedFiles/ FinalASFStatementonStreamlinedServicingPocedures.pdf
- ASF's Q&A on the Streamlined Foreclosure
and Loss Avoidance Framework
http://www.americansecuritization.com/uploadedFiles/ ASFStreamlinedFrameworkQA121707.pdf
About Thacher Proffitt & Wood LLP
A 159-year-old law firm that focuses on the capital markets and financial services industries, Thacher Proffitt advises domestic and global clients in a wide range of areas, including corporate and financial institutions law, securities, structured finance, international trade matters, investment funds, swaps and derivatives, cross-border transactions, real estate, commercial lending, insurance, admiralty and ship finance, litigation and dispute resolution, technology and intellectual property, executive compensation and employee benefits, taxation, trusts and estates, bankruptcy, reorganizations and restructurings. The Firm has more than 300 lawyers with five offices located in New York, NY, Washington, DC, White Plains, NY, Summit, NJ and Mexico City, Mexico. The Firm was named "Best Legal Advisor for North America" by Global Finance magazine, and was named top issuers' counsel and #1 for securitizations (Thomson Financial, year-end 2006 rankings). Thacher Proffitt is on the Web at www.tpw.com.
