Special Servicers and Defaulted CMBS Loans

Restructuring or Foreclosing Distressed Assets While Navigating Regulatory and Contractual Challenges

Recording of a 90-minute CLE webinar with Q&A


Conducted on Thursday, February 21, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

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

CMBS loan delinquencies are expected to continue and default rates are unlikely to decrease much in 2013. 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.

READ MORE

Outline

  1. Duties and responsibilities of the special servicer under pooling and servicing agreements
    1. Manage loan documentation
    2. Negotiate restructuring of mortgage loan and security documents
    3. Initiate foreclosure action and appoint receiver
    4. Enforce deficiency judgment
  2. Compliance with the servicing standard and any REMIC rules and restrictions
    1. Impact on flexibility to make significant modifications
    2. Remedies available on post-default
    3. Management and disposition of REO properties
  3. 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?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Patrick E. Mears
Patrick E. Mears

Partner
Barnes & Thornburg

Mr. Mears is Chair of the firm's Finance, Insolvency and Restructuring Department and Co-Chair of the...  |  Read More

Lori Lustberg Smith
Lori Lustberg Smith

Partner
Andrews Kurth

She regularly advises clients on issues relative to the servicing of CMBS and non-CMBS loans and compliance with...  |  Read More

Joseph E. Lubinski
Joseph E. Lubinski

Senior Associate
Ballard Spahr

Mr. Lubinski is a Senior Associate in the firm’s Real Estate Department. His multifaceted practice includes...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Audio

$297

Download

$297