Any day now, maybe even today, Ginnie Mae will announce the details on its Pass-Through Assistance Program (“PTAP”), through which Ginnie Mae will provide a liquidity facility for issuers that need help meeting their obligation as issuers to pass-through payments
Retained Interest
An Analysis of Structured Finance, Financial Assets and Related Topics
The Mayer Brown blog covers a broad spectrum of legal topics with a focus on financial services, banking and finance, lending, and private credit. It provides analysis and updates on regulatory developments, litigation, and transactional issues affecting sectors such as capital markets, corporate and securities law, cybersecurity and data privacy, and international trade. The blog also addresses industry-specific matters including fintech, insurance, private equity, and infrastructure projects. Mayer Brown's insights include discussions on legislative changes, compliance requirements, and risk management strategies relevant to financial institutions, corporations, and investors globally.
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The Case for Supporting Nonbank Mortgage Servicers
For many of us who have been around for a while, it seems as if we have seen this movie before. An economic downturn leads to increased borrower delinquencies on mortgage loans with a progressively increasing obligation for the servicers…
SBA Issues New Official FAQs for the Paycheck Protection Program (PPP) Addressing Borrower Eligibility, Affiliation, Underwriting, and Updates to Previously Submitted Applications
The SBA’s Paycheck Protection Program, a $349 billion loan guaranty program established by the CARES Act to provide deferrable, forgivable loans up to $10 million to small business owners addressed in more detail in prior Mayer Brown posts regarding the…
The CARES Act and CLOs
As discussed in a previous post, Section 4003 of the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, authorizes $500 billion of liquidity to support businesses, states and municipalities “related to losses incurred as a result of…
SBA Releases Guidance on PPP Small Business Loans
The Small Business Administration (SBA) released an interim final rule the evening of April 2 outlining key provisions of the SBA’s Paycheck Protection Program (PPP) and the provisions of the CARES Act relating to loan forgiveness. The rule is effective…
Legal Update on Section 4003 of the CARES Act – Liquidity for Eligible Businesses, States, and Municipalities
In a development with potential relevance for leveraged borrowers and, by extension, the CLO market, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was signed into law by President Trump on March 27, 2020. The CARES…
CARES Act Payroll Protection Program
On March 31, 2020, the U.S. Department of the Treasury issued guidance on the Payroll Protection Program (PPP) under the CARES Act. The PPP provides small business with funds to pay payroll costs, including employee benefits. The funds can also…
Potential for Fintech Lenders and other “Additional Lenders” to enter the SBA Market: What Lenders Need to Know
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. Among other things, the CARES Act creates the “Paycheck Protection Program” (PPP), which provides up to $349 billion to expand the Small…
Small Business Loans under the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law.
Among other things, the CARES Act creates the “Paycheck Protection Program,” which provides up to $349 billion to expand the Small Business…
US Treasury and Federal Reserve Announce Two New Corporate Credit Facilities for Large Employers
On Monday, March 23, 2020, in response to the evolving economic crisis created by the COVID-19 epidemic, U.S. Treasury and the Federal Reserve authorized the establishment of two new facilities to support credit for large employers:
- The Primary Market Corporate
…