Securitizations: Legal and Regulatory Issues

Front Cover
Law Journal Press, 2000 - Law - 1764 pages

Securitizations: Legal and Regulatory Issues is a much-needed guide to one of the most strategically important areas of structured finance. Written by over two dozen experts with hands-on experience, this timely and insightful work explains the benefits--and risks--of securitization, and the legal, tax, accounting, and other issues involved. It includes: detailed discussion of the assets that can be securitized; rating agency considerations; the legal structure of securitization transactions; tax consequences for issuers and investors; the effect of an issuer' bankruptcy; contractual restrictions; regulatory concerns; cross-border and future-flow transactions; financial guaranty insurance; insurance securitizations; and securitization issues unique to specific foreign countries. For newcomers to the field, Securitizations: Legal and Regulatory Issues quickly brings you up to speed. For the experienced practitioner, it serves as an essential companion and reference as new techniques arise and new markets emerge.

Book ʎ looseleaf, one volume, 1,234 pages; published in 2000, updated as needed; no additional charge for updates during your subscription. Looseleaf print subscribers receive supplements. The online edition is updated automatically. ISBN: 978-1-58852-091-3

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Contents

CHAPTER
2-1
CHAPTER 4
4-1
CHAPTER 5
5-1
Securitizations 530
6-5
2 QSPE Criteria 610
6-10
3 QSPESPEs and Consolidated Financial Statements 618
6-18
4 The Effect on QSPE Status of Servicer Activities Including Sales of QSPE Assets 621
6-21
5 Put and Call Options 625
6-25
Where Loans are the Referenced
9-1
b True Sales and Revised Article 9 516
9-9
CHAPTER 9
10-9
CHAPTER 12
11-5
CHAPTER 10
12-1
CHAPTER 13
13-1
CHAPTER 14
13-14
CHAPTER 21
14-21

6 Knowing the ROAPs 628
6-28
7 DebtForTax and Sale of GAAP 630
6-30
8 OffBalance Sheet Warehouse Funding Arrangements 632
6-32
9 Converting Loans to Securities 634
6-34
10 TwoTier Structures 635
6-35
11 Lawyers Opinion Letters 636
6-36
12 TwoStep Transfers Required for Banks by FASB 140 Extended Effective Date for Banks 639
6-39
13 Abandoning Gain on Sale Accounting 642
6-42
03 Determining Gain or Loss on Sales 647
6-47
2 Calculating Gain or Loss in a Revolving
6-48
Structure 648
6-49
4 A Revolving Credit Card Securitization Calculation Example 651
6-51
5 A Lease Securitization Example 652
6-52
6 Fair Value 654
6-56
8 Estimating Fair Value 657
6-57
9 Recording an Asset for Servicing 658
6-58
10 Recording Retained Credit Risk 663
6-63
12 Desecuritization Transactions 665
6-65
Prepayment andor Credit Risk 666
6-66
2 Determining Periodic Interest Income 668
6-68
3 Determining Whether an Impairment Charge is Required 669
6-69
4 Changing the Yield and Recognizing a WriteDown on an Investment Covered by EITF 9920 670
6-70
CHAPTER 7
7-1
CHAPTER 8
7-25
Commercial Mortgage Loan Securitizations
8-1
CHAPTER 15
15-1
CHAPTER 16
16-1
CHAPTER 18
18-1
9 Interpretation of Various SEC Rules
18-9
CMBS
19-1
2 Rating CMBS Secured by FloatingRate
19-12
Securitizations in Ireland
21-1
CHAPTER 23
23-1
CHAPTER 11
23-11
CHAPTER 24
24-2
CHAPTER 19
24-19
CHAPTER 25
25-1
6 Foreign Exchange Gains and Losses 2573
25-73
Insurance Securitizations
26-1
Relief 267
26-7
CHAPTER 27
27-1
ii Procedure for the Acquisition
27-7
1 General Characteristics of a Master
1
CHAPTER 17
8
Structures 172
17
Consolidation of Variable
1
Glossary of Mnemonics
Index
1-1
Copyright

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About the author (2000)

Patrick D. Dolan is a partner at Dechert, an international law firm with approximately 600 lawyers, and is a member of the firms securitization practice group.nbsp; Mr. Dolan received his B.A. from Swarthmore and his J.D. from the University if Chicago.

C. VanLeer Davis III is a Of Counsel to the Philadelphia office of Dechert LLP and a member of the firms domestic tax group. Mr. Davis received his B.A. from Princeton University and his J.D. from Harvard University.

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