Overview

Mayer Brown is a leading law firm serving the financial markets. We provide our clients with comprehensive advice and a strong, coordinated response to the challenges of market disruption. The business and legal challenges arising from financial market disruptions continue to be felt worldwide, and the ramifications for business are extensive—they include new regulations, pending and potential enforcement and litigation matters, bankruptcies, corporate dealings and financial implications.

To properly respond to the financial crisis, participants in this market need advisors with understanding and insight into a wide range of related topics including finance, financial restructuring, government investigations and prosecutions, litigation, insurance & reinsurance and regulatory practices in Asia, Europe and the United States.

Mayer Brown's Global Financial Markets Initiative (GFMI) consists of lawyers from across these practice areas. We provide our clients with comprehensive advice and a strong, coordinated response to any challenge.

Our team includes: 

  • Lawyers with deep financial institution M&A experience and resources in the legal disciplines that are key to business combinations in the sector, including tax lawyers to advise on net operating losses and other insolvency tax planning issues.
  • Seasoned financial services regulatory and government relations practitioners with substantial experience and strong relationships with financial regulatory agencies in the Americas, Europe and other jurisdictions, as well as all types of banks and other financial institutions.
  • Internationally renowned finance attorneys with vast experience in the creation and structure of CDOs, the securitization and sale of residential mortgage loans and development of innovative financing transactions for banks and state-licensed mortgage lenders.
  • Leading financial restructuring and bankruptcy practitioners who regularly advise failing banks, their holding companies, counterparties and potential investors and are experienced in the particular issues that arise when financial products become distressed.
  • Accomplished litigators who have extensive experience representing our clients in litigation before various government enforcement agencies concerning financial products.

To keep our clients abreast of current developments, we provide a popular teleconference program which delivers topical summaries of key market issues. To find details of our next teleconference, or to listen to a sound recording from one of our previous events, please visit our Events section.

Highlights

Experience

  • Ally Financial Inc.  We represented Ally Financial Inc. (f/k/a GMAC) in the sale of the European mortgage assets and businesses of its subsidiary, Residential Capital, LLC, to affiliates of certain funds managed by affiliates of Fortress Investment Group LLC.
  • American Century Investments Inc.  We represented Canadian Imperial Bank of Commerce in its $848 million acquisition of a 41 percent stake in American Century Investments Inc., a leading investment management firm, from JPMorgan Chase & Co.
  • Amherst Securities Group.  We represented Amherst Securities Group, L.P. in five ASG Resecuritization Trust transactions issuing over $657 million in new REMIC securities. The underlying transactions consisted of US residential mortgage-backed securities (RMBS) certificates. The deal assisted ASG in further strengthening its balance sheet by purchasing the underlying securities at a discount and resecuritizing them to provide AAA assets to ASG clients. A unique debt-for-tax structure was employed to create ERISA-eligible assets without the benefit of an Underwriter Exemption.
  • Assured Guaranty, Ltd.  We are representing the Assured Guaranty group in its $91 million acquisition of Municipal and Infrastructure Assurance Corporation, which was recently formed to provide insurance for municipal and infrastructure bonds, from the Radian mortgage guaranty insurance group.
  • Banco Popular de Puerto Rico.  We represented Banco Popular de Puerto Rico in the sale of a portfolio of distressed construction and commercial real estate loans to a newly created joint venture that is majority owned by a limited liability company created by Goldman Sachs and Caribbean Property Group, in which Banco Popular received in consideration a partial cash payment, a note payable by the joint venture as seller financing and a minority equity interest in the new joint venture.
  • Bank of America, N.A.  We represented Bank of America in its bulk loan auction and sale of 31 com-mercial real estate loans with an aggregate principal balance of almost $1 billion to the winning bidder, CSMI Investors LLC, a joint venture between Invesco Real Estate, Square Mile Partners III and Canyon-Johnson Urban Fund III, L.P.
  • Bank of N.T. Butterfield.  We represented CIBC and The Carlyle Group as lead investors in a $550 million equity investment to recapitalize The Bank of N.T. Butterfield & Son Limited, Bermuda’s largest independent bank.
  • Carlyle Investment Management.  We represented Carlyle Investment Management on its acquisition of the management contracts on $5.1 billion in collateralized loan obligations and other credit assets from Stanfield Capital Partners LLC. The $5.1 billion transaction consists of $4.2 billion in CLOs and $950 million of managed accounts.
  • Carrington Capital Management.  We advised Carrington Capital Management LLC as the “stalking horse” bidder and ultimate successful bidder, after a contested bankruptcy auction, for $188 million of the subprime mortgage loan servicing business of New Century Financial corporation. The auction and entire sale process was heavily contested, and our asset purchase agreement has become the model for other transactions, including for the mortgage loan servicing platform sale in the American Homes chapter 11 cases.
  • Depfa Bank plc.  We represented Depfa Bank plc, a subsidiary of Hypo Real Estate Holding AG, in the transfer of approximately €130 billion of risk positions and nonstrategic business areas to FMS Wertmanagement AöR, which is the second German bad bank.
  • German Special Financial Market Stabilization Fund (Sonderfonds Finanzmarktstabilisierung, SoFFin).  We represented SoFFin on establishing the first German bad bank for WestLB. Initially, securities in the amount of approximately €6 billion had been removed from WestLB’s balance sheet. The entire portfolio in the amount of approximately €85 billion has been transferred.
  • Kaupthing Bank.  We represented the Rowland family on the good bank-bad bank restructuring of Kaupthing Bank Luxembourg. As a result of the demerger, Kaupthing Bank Luxembourg is now known as Banque Havilland S.A.
  • LoneStar. We represented LoneStar in the acquisition of 90 percent of the shares in IKB Deutsche Industriebank AG, a bank that specializes in midsize corporate banking, from KfW Bankengruppe, the German-based state-owned development bank.
  • M-LEC.  We acted for three leading international investment banks in connection with the restructuring of the US Treasury-endorsed Master Liquidity Enhancement Conduit (M-LEC) designed to alleviate the impact of the credit crunch.
  • Ocwen Financial Corporation.  We represented Ocwen Financial Corporation and its wholly owned subsidiary, Ocwen Loan Servicing, LLC, in its $1.3 billion acquisition of the US mortgage servicing business, HomEq Servicing, from Barclays Bank PLC.
  • Straight-A Funding.  We represented the structuring banks in the creation of Straight-A Funding, a $60 billion asset-backed commercial paper vehicle for the student loan industry, the first large structured finance vehicle created following the collapse of Lehman Brother.
  • TALF.  We have been actively involved in the US Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF) from the outset of the program, leading more TALF deals than any other firm. Our work included representation of the American Securitization Forum and the Securities Industry and Financial Markets Association in preparing the industry form of customer agreement and related documentation between the primary dealers and TALF borrowers; preparing the form of customer agreement and related documentation and negotiating those forms on behalf of ten of the primary dealers participating in the TALF program; assisting dealers in updating TALF documentation to cover legacy CMBS; and assisting industry groups, such as the Independent Mortgage Servicers Coalition (IMSC) in expanding TALF asset eligibility.