McDermott Will & Emery has created a subprime and credit markets practice group. The group is aimed at serving clients' needs resulting from the repricings in the subprime debt markets. The new unit will have 40 partners and 90 lawyers from McDermott's U.S., London and European offices. Head of structured finance Thomas McGavin will head up the group in New York while co-head of structured finance Nick Terras will lead the group in London. The group will advise the firm's banking and financial services clients, investment and pension funds, corporates and government agencies on issues relating to structured finance and derivatives, corporate restructuring and workouts, litigation and dispute resolution, taxation, civil and criminal regulatory investigations, government and legislative policy.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23