Special Servicers and Defaulted CMBS Loans
Restructuring or Foreclosing Distressed Assets While Navigating Regulatory and Contractual Challenges
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Wednesday, March 28, 2012
Recorded event now available
This CLE webinar will guide counsel on the role of special servicers in resolving and maximizing the recovery of troubled CMBS assets. The panel will explain best practices during loan restructuring and foreclosure while ensuring compliance with REMIC regulations and other standards.
Description
Increases in CMBS loan delinquencies indicate heavy default rates will continue through 2012. Special servicers manage, resolve or dispose of defaulted loans in a manner that maximizes the net recovery for the benefit of the REMIC trust.
Counsel should prepare special servicers to clearly understand the specific challenges they face in their duties. Special servicers must cope with their responsibilities under Pooling and Servicing Agreements and other rules that can challenge their goal of maximizing recovery.
Listen as our authoritative panel explains the challenges that special servicers face in the current real estate market and outlines best practices for special servicers during loan restructuring and foreclosures. The panel will also provide an overview of servicing standards, REMIC regulations, and other rules that impact the potential value of a troubled CMBS asset that can be returned to investors.
Outline
- Duties and responsibilities of the special servicer under Pooling and Servicing Agreements
- Manage loan documentation
- Negotiate restructuring of mortgage loan and security documents
- Initiate foreclosure action and appoint receiver
- Enforce deficiency judgment
- Compliance with the servicing standard and any REMIC rules and restrictions
- Impact on flexibility to make significant modifications
- Remedies available on post-default
- Management and disposition of REO properties
- Best practices for counsel to special servicers in the current real estate market
Benefits
The panel will review these and other key questions:
- What are the specific and complex rules that special servicers face when resolving defaulted CMBS loans?
- What areas do special servicers and their counsel need to be on the lookout for in CMBS loan documentation?
- What are some best practices for special servicers and their counsel with defaulted loans at stages of intake, demand, restructure, receivership and foreclosure?
Faculty
Patrick F. McManemin,
Partner
Patton Boggs, Dallas
With more than 30 years’ experience, his practice has included major jury trials and commercial arbitrations, as well as reorganizations and workouts of troubled and distressed companies in industries such as investment banking, financial services, insurance, real estate (including affordable housing and tax credit projects), banking, structured finance, securities and energy.
Patrick E. Mears,
Partner
Barnes & Thornburg, Grand Rapids, Mich.
He concentrates his practice in insolvency, workouts and restructurings, commercial finance, securitizations, and creditors’ rights. He represents financial institutions as individual creditors and as members of loan syndicates in matters throughout the country. He also represents debtors and creditors committees in bankruptcy cases and out-of-court workouts.
Susan C. Tarnower,
Counsel
Kilpatrick Townsend & Stockton, Charlotte, N.C.
She concentrates her practice in the area of commercial real estate. She has extensive experience in loan originations, including conduit and agency loans. She currently focuses on special servicing and servicing issues and the resolution of non-performing and sub-performing loans. Her experience includes forbearances, work-outs, deeds-in-lieu, short sales, discounted pay-offs and receiverships.
Mindy S. Planer,
Partner
Arnall Golden Gregory, Atlanta
She focuses her practice on finance, financial restructuring, real estate and securitizations. Since 1994, she has represented regional and national lenders and servicers in connection with the origination and master and special servicing of CMBS loans. She has represented clients in complex commercial lending and real estate transactions and workouts.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
Pre-approved for participatory or non-traditional/alternate format credit in: CA, HI*, NY*, WV*.
Pre-approved for self-study credit in: AK, AZ, MO, MT, TX*, VT, WA.
Upon request, also available in: CO, CT*, FL, GA, ID, KY, LA*, ME, NC, ND, NE, NH, NM, NV, OR*, SC, TN, UT, WI, WY. If you are applying for credit in one of these states, make sure to select those states when placing your order.
(*Indicates that Strafford must report attendance.)
Online CLE Audio $297.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX*, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*Indicates that Strafford needs to process the CLE — see below to purchase this option.)
Webinar Download (Slide Presentation with Audio) $297.00
Available three business days after the live event
DVD (Slide Presentation with Audio) $297.00
plus $9.45 S&H
Available ten business days after the live event
MP3 Download (Audio with Slide PDFs) $297.00
Available 24 hours after the live event
CD (Audio with Slide PDFs) $297.00
plus $9.45 S&H
Available ten business days after the live event
Webinar/Teleconference
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Program Materials
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Program Materials
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CLE Credit
Strafford's live seminars qualify for CLE in every state that accredits webinars. They offer you a high quality, cost effective, and convenient CLE option, with no lost travel time or expenses.
Customer Reviews
The program covered a fair amount of material in a short time period.
Dawn Sharff
Bradley Arant Boult Cummings LLP
Length was ideal and the topic was timely. Excellent!
Jeanette Henderson
University of Washington
Very good current, practical and applicable discussion and information provided.
Matthew Moore
Clawson & Staubes, LLC
I appreciated that there was a great deal of current case law on the subject and the speakers were concise and informative.
Thomas G. Mancuso
Haskell Slaughter
The presentation was not too long, but included a great deal of information. The speakers kept to their times and provided an opportunity for questions at the end.
Amy E. McShane
Phillips Lytle LLP
Real Estate Law Advisory Board
Partner
Alston & Bird
Partner
Stroock & Stroock & Lavan
Partner
Robinson & Cole
Of Counsel
Jenner & Block
Partner
Bryan Cave
Of Counsel
K&L Gates
Counsel
Kilpatrick Townsend & Stockton
Partner
Jones Day
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