Subprime Market
Industries
The ongoing turmoil in the subprime lending markets and the resulting wave of defaults, bankruptcies, litigation and heightened governmental focus have industry participants facing a broad range of complex regulatory and transactional issues, as well as increasing numbers of investigations and civil lawsuits. WilmerHale has created an interdisciplinary group combining the diverse areas of legal expertise necessary to represent its clients most effectively in addressing these developments.
WilmerHale’s Subprime Market Interdisciplinary Group includes some of the best lawyers in the United States practicing in the areas of financial institutions regulation and transactions, debt finance and securitizations, bankruptcy, securities regulation and enforcement, real estate law and litigation. Our lawyers are representing lenders, investment funds, underwriters and other stakeholders in connection with the full range of issues arising out of the changes in the subprime lending markets, including, with respect to mortgage offerings, defaults and restructuring transactions, repurchase agreements, warehouse lending agreements, lines of credit, collateralized debt and loan obligations, and in handling responses to regulatory inquiries, litigation and representation in bankruptcy proceedings.
The group includes more than 30 attorneys, led by:
- Russell Bruemmer, Chair of the Financial Institutions Department and one of the leading lawyers nationwide in the areas of financial institutions regulation, transactions and governance.
- William McLucas, Chair of the Securities Group and one of the preeminent SEC enforcement lawyers in the country.
- Harry Weiss, former SEC enforcement official and leading practitioner in enforcement matters on behalf of financial institutions, public companies and officers and directors.
- Fraser Hunter, securities litigator who regularly represents major investment banking firms and broker-dealers in litigation and regulatory enforcement matters.
- Charles Platt, seasoned litigator with substantial experience defending class actions on behalf of financial institutions.
- John Sigel, Chair of the Bankruptcy and Commercial Department, a nationally recognized practitioner in commercial law, secured and unsecured lending and debt issuance, and Chapter 11 reorganizations.
- Philip Anker, Vice Chair of the Bankruptcy and Commercial Department, recognized practitioner in Chapter 11 reorganizations, creditors’ rights and a nationally recognized bankruptcy litigator.
- Andrew Goldman, Vice Chair of the Bankruptcy and Commercial Department and recognized practitioner in Chapter 11 reorganizations, creditors’ rights and bankruptcy-related litigation.
- Christopher Lipsett, partner in the Financial Institutions and Litigation Departments who has a general regulatory practice with emphasis on financial institutions and their business, including counseling and litigation.
- Joseph Christian, Chair of the Real Estate Capital Management Group, substantial experience in real estate financings, tax-exempt entities and real estate investment trusts.
- Howard Shapiro, Chair of the Litigation Department, former General Counsel of the FBI, and a recognized practitioner in the area of internal investigations and white collar criminal defense.
- Leonard Pierce, seasoned investment manager partner focusing on the representation of registered and unregistered investment companies and their investment advisers.
- Lori Martin, experienced litigation and enforcement partner whose practice focuses on complex investment advisers, open and closed-end investment companies, hedge funds, and broker dealers offering investment advisory services.
- Stephen Jonas, Chair of the Investigations and Criminal Litigation Practice Group who regularly represents public companies and their officers and directors in government investigations and criminal defense matters.
- Matthew Chambers, seasoned securities partner with significant experience in investment management matters on behalf of registered investment companies, investment advisers and private and offshore funds.
- Jeannette Boot, securities and corporate partner who regularly advises hedge funds and other financial institutions with respect to prime brokerage, ISDA, repurchase and stock loan agreements, and the structuring of various equity, credit, fixed income and hedge fund-linked derivatives products.
- Ali Stoeppelwerth, experienced antitrust partner whose practice includes private antitrust litigation at both the trial court and appellate level, antitrust counseling and representing financial services clients in both merger and nonmerger investigations before the Department of Justice and Federal Trade Commission.
Collectively, the recent experience of these attorneys includes representing (i) a hedge fund in regulatory investigations and litigation resulting from subprime mortgage investments; (ii) the purchaser of a subprime lender out of bankruptcy; (iii) the purchaser of a subprime mortgage servicer; (iv) Fannie Mae in SEC and OFHEO regulatory proceedings and in a major corporate restructuring; (v) a major consumer finance company (now HSBC Finance) in its acquisition of a $3.5 billion mortgage finance business; (vi) issuers, underwriters, lenders and investors in connection with public debt offerings and exchanges, syndicated senior and mezzanine debt transactions (including acquisition, leveraged, debtor-in-possession (DIP) and letter of credit financing), and securitizations; (vii) corporate and financial institutions in hundreds of securities matters before the DOJ, SEC, NASD, NYSE, AMEX, state regulators and Congress; (viii) debtors, committees and individual creditors in a broad range of the largest and most complex national and international reorganization and workout matters; (ix) corporate and financial institutions in regulatory agency, State Attorneys General and congressional inquiries; (x) senior executives of a major subprime servicer and investor; and (xi) numerous financial institutions, creditors and governmental entities in litigation including antitrust and securities class actions relating to mortgage banking, securities transactions and bankruptcy proceedings.