Stewart McQueen

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Stewart McQueen focuses his practice on securitization transactions, complex real estate finance and capital markets. Mr. McQueen has significant experience in representing issuers, underwriters, servicers and collateral managers in securitization transactions, particularly CMBS and CRE CDOs; borrowers and lenders in repurchase facilities, warehouse facilities and revolving credit facilities; and purchasers and sellers of subordinate debt, particularly mezzanine financings.

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Risk and Rewards of CRE-CLO and CLO Securitizations: Navigating the Capital Markets

More than 100 senior executives participated in Dechert’s Risk and Rewards of CRE-CLO and CLO Securitizations: Navigating the Capital Markets seminar.  The half day event, supported by  CRE Finance Council (CREFC) and the Loan Syndications and Trading Association (LSTA), focused on themes important to the CLO market and the CRE securitization market.  Panelists addressed market … Continue Reading

Crowdfunding: The Next Commercial Real Estate Frontier?

In a world where we buy groceries, book travel, and even date online, it should come as no surprise that online investment is becoming increasingly prevalent. The rapid shift towards an internet-centric world has made crowdfunding the next “big thing” when it comes to raising capital and finding investment opportunities. What is Crowdfunding? In the … Continue Reading

New York Premiere of A Price Worth Paying?

Don’t miss your opportunity to catch the New York premiere of the new film,  A Price Worth Paying?, hosted by AIG, AON, Nasdaq OMX and Dechert LLP, happening Tuesday, July 23, at the NASDAQ MarketSite at 5:00pm.  Duncan Wiggetts, a Dechert partner, wrote this drama exploring how important it is for boards of directors to … Continue Reading

Unintended Consequences Avoided? CFTC Provides Relief for Certain Securitization Vehicles

Last Thursday, the U.S. Commodity Futures Trading Commission (“CFTC”) responded to ASF’s and SIFMA’s requests for relief from the new CFTC rules which implemented certain Dodd-Frank amendments that brought swaps within the purview of the CFTC.  The new rules, which took effect on October 12, 2012, threatened to regulate many securitization vehicles as commodity pools … Continue Reading

Massachusetts Lenders Can Find Solace in Eaton v. Federal National Mortgage Association

We previously covered the Massachusetts Supreme Judicial Court’s decisions in Ibanez and Bevilacqua on these pages, in which the court gave Massachusetts lenders agita when it upheld lower court decisions invalidating residential mortgage foreclosures.  In a recent decision in Eaton v. Federal National Mortgage Association, the SJC set the record straight by clarifying foreclosure requirements … Continue Reading

U.S. Banking Agencies Issue Final Rule on Capital Requirements to Address Market Risk

Several U.S. banking agencies recently approved a joint final rule, set to go into effect on January 1, 2013, regarding the amount of capital required under risk-based capital rules for banking organizations to cover market risk.  The new rule aims to revise banking organizations’ internal modeling practices to better analyze and calculate their exposure to … Continue Reading

New Indiana Law May Terminate Certain Mortgage Liens This Sunday

Do your mortgages in Indiana expressly state the maturity date of the secured obligation? If not, you better take action, quickly — especially for any mortgage loan that has been outstanding for at least 10 years. Earlier this year, the Indiana legislature enacted certain amendments to current Indiana law that may affect the duration of … Continue Reading

Eurozone, CMBS Outlook and PSA Initiatives among Hot Topics at CREFC’s Annual Conference

Next week, hundreds of industry participants will make their way to our Nation’s capital for CREFC’s Annual Conference.    The Conference promises to provide a forum to explore the effect of increasing financial instability in the Eurozone as well as the opportunity to develop important industry initiatives.  CREFC’s PSA Task Force will kick things off on … Continue Reading

Covered Bond Update: The Slow Road to…Nowhere?

Dechert Partners Patrick Dolan, Thomas Vartanian and Robert Ledig recently reviewed the current status of and proposed amendments to Representative Garrett’s covered bond legislation in the latest Dechert On Point. As this bill continues to slog through the congressional halls (for now, the bill appears to have stalled in the Senate, as the Senate faces … Continue Reading

Risk Retention Updates

As you may have heard, several federal regulatory agencies recently jointly issued the Notice of Proposed Rulemaking ("NPR") regarding the general credit risk retention requirements for asset-backed securitizations ("ABS") and the proposed requirements for exemptions from the risk retention requirement for certain securitizations as mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act. … Continue Reading

Covered Bond Update: Inching Closer?

Recently, while visiting my in-laws, I took a break from college basketball and the Daytona 500 and caught up on the latest developments in the quest for covered bond legislation in the United States.  Not surprisingly, I quickly found that the quest for covered bond legislation is, well, still a quest. We have discussed the … Continue Reading

Liquidating Trusts: Let’s Detoxify the System at Last

Although there is renewed optimism for a vibrant CRE lending market in 2011 (or at least a significantly better market than the prior 3 years), many lenders and servicers continue to face challenges in dealing with delinquent or defaulted commercial mortgage and mezzanine loans (whether held on balance-sheet or securitized). The volume of these “scratch … Continue Reading

Covered Bonds Anyone?

Covered bond legislation is once again a hot topic on Capitol Hill. Representative Scott Garrett (R-NJ) co-sponsored the latest iteration of his proposed legislation (United States Covered Bond Act of 2010 or H.R. 5823 (pdf)) along with Representatives Kanjorski (D-NJ) and Bachus (R-AL). The House Financial Services Committee recently voted in favor of reporting H.R. 5823 … Continue Reading

Fin. Reg. Leaves Covered Bonds Uncovered

Notwithstanding our optimism, it appears that there was not enough support from the Senate side of the reconciliation committee to include the proposed covered bond amendment in the final financial reform bill approved by the reconciliation committee.  However, the support received by the House and some members of the Senate committee indicates that covered bond … Continue Reading

Reconciliation Update: Covered Bonds

Earlier this week, Representative Scott Garrett (R-NJ) introduced an amendment to the proposed financial reform legislation that will establish a regulatory framework for a covered bond market in the United States.  The House side of the reconciliation committee quickly passed the measure – the Senate side is now considering it.  This development is welcomed news … Continue Reading
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