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Sep022013

10:48:47 pm

Report: Ge To Spin Off Consumer Finance Business









EDT Structured Finance Industry Group Challenges Use of Eminent Domain to Seize Mortgage Loans Leading Association Representing the Structured Finance and Securitization Markets Files Brief Supporting Plaintiffs in Case Against City of Richmond, California WASHINGTON, Aug. 30, 2013 /PRNewswire via COMTEX/ -- The Structured Finance Industry Group, Inc. ("SFIG"), a member-based trade industry advocacy group focused on improving and strengthening the broader structured finance and securitization market, today announced that it has filed an amicus curiae brief in support of Wells Fargo National Association's motion for a preliminary injunction against the City of Richmond, California and Mortgage Resolution Partners LLC ("MRP"). The case, which First Financial attempts to halt the city's proposed use of eminent domain to seize mortgage loans from private label securitization trusts ("PLS Trusts"), is currently proceeding in the United States District Court, Northern District of California, San Francisco Division. "While SFIG recognizes the challenges currently confronting municipalities and borrowers, the use of eminent domain to seize mortgage loans is an illegitimate tactic that undermines the integrity of the entire home mortgage system," said Richard Johns, Executive Director of SFIG. "Allowing this type of practice is a short-sighted and unconstitutional idea. Not only would it do irreparable damage to the private mortgage market, undermining Congressional efforts to encourage private capital in the market, but it would also actually injure the local residents these efforts are supposed to be helping." The SFIG brief argues that efforts by Richmond and MRP to seize loans held in PLS Trusts is unconstitutional and could do permanent damage to the U.S. home mortgage system. The brief points to significant risk on three levels: -- The market for securities issued by PLS Trusts will be fundamentally shaken if the structure can be pulled apart by municipalities seizing loans, especially by cherry-picking individual performing loans. -- Each PLS Trust which holds to-be-seized loans will be damaged by an amount that exceeds the face value of the loan, because the structure, as a fixed, geographically diverse pool, will be undermined.








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