Mortgage-Related Securities

Orrick has long been one of the leading firms representing parties involved in mortgage-backed securities transactions and other real estate structured finance transactions.

Since the onset of the financial crisis, we have taken a leadership role advising on innovative transactions that are set to become templates for the future of the industry, including our representation of Redwood Trust in all of its pioneering public offerings of private-label MBS.

We serve as counsel in public and private RMBS and resecuritization transactions. Our experience includes:

  • single-family residential mortgage loans
  • commercial mortgage loans
  • multifamily mortgage loans
  • home equity loans
  • revolving lines of credit
  • revolving manufactured housing contracts
  • Single-Family Residential

    Orrick has extensive global experience representing issuers, underwriters and credit enhancement providers with the securitization of a variety of single family residential mortgage loans, including traditional mortgage loans, mortgage loans made to subprime borrowers, high LTV mortgage loans, seasoned portfolios of loans, residential REO properties and resecuritizations of mortgage-backed securities. We also regularly represent clients in connection with whole loan sales, participation certificates, mortgage warehouse financings and similar transactions.

    Commercial and Multifamily Loans

    Orrick has served as counsel to issuers, underwriters, placement agents, master servicers and special servicers, originators, sellers, borrowers, credit enhancement providers and institutional purchasers in connection with the global origination and securitization of a variety of commercial and multifamily mortgage loans. These include conduit and large loan fixed and floating rate offerings, offerings of securities backed by loans made to a single borrower, offerings of securities backed by loans secured by a single property, securities backed by credit lease loans, and securities backed by loans on cooperative housing and tax credit properties.

    We also represent lenders in a number of loan warehousing programs for commercial and multifamily loans in both CMBS and CRE CDO structures. We have assisted clients with the establishment of opportunity funds for investment in subordinated commercial loans, mezzanine loans and subordinated CMBS, as well as in the purchase of commercial loans and participations, subordinated interests in CMBS, and interest in portfolios of commercial loans.

    Home Equity Loans and Lines of Credit

    Orrick has served as issuer's counsel, underwriter's counsel and credit enhancement provider's counsel in connection with numerous offerings of pass-through certificates and asset-backed notes backed by closed end home equity loans, home improvement loans, high LTV home equity loans, and home equity revolving lines of credit.

    Manufactured Housing

    Orrick has served as issuer's counsel, collateral manager's counsel and credit enhancement provider's counsel with numerous offerings backed by manufactured housing contracts.