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Non Consolidation Opinion in Conduit Loans
www.standardandpoors.com
More and more people have been dealing with
conduit loans these days, as rates have been
dropping and borrowers have been refinancing.
One of the more esoteric aspects of conduit
loans (which are typically securitized and
sold into portfolios as mortgage-backed securities)
is the non-consolidation opinion, which is
being required more frequently now by MBS
lenders. However, not that many people understand
or issue such opinions. You can find quite
a lot of information on these opinions at
the Standard & Poor website (click on
"credit ratings criteria" on the
left side and then click on "US CMBS
Legal and Structured Finance Criteria, May
1, 2003").
Legal Opinions in Connection with OMHAR
http://www.hud.gov/offices/omhar/index.cfm
Speaking of opinions, DIRT had a thread some
time back discussing questions about legal
opinions in connection with OMHAR (Office
of Multifamily Housing Assistance Restructuring)
loan restructuring transactions under HUD.
Working Through Defeasance Restrictions
in Securitized Loans
http://www.gmacchcapital.com/defeasance/index.asp
Since we are the topic of mortgage-backed
loans and restructurings, most of our readers
are familiar with the principle of defeasance
and the defeasance restrictions in securitized
loans. This link will help you and your client
determine the amount necessary to replace
collateral in the event your client actually
decides to replace collateral and deal with
the secured property prior to maturity.
In addition (though without endorsing the
sponsor of the site), you can find an excellent
discussion of defeasance at the Newman and
Associates webpage: http://www.newmanfs.com/SalesTrading.htm
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