Program Details
On Demand

Residential Mortgage Backed Securities: Financial Genius or the New Alchemy

Content Partner:  Boston Bar Association
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Price: $155.00*
Member Price:  $125.00
This program is no longer available.

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Residential mortgage backed securities (RMBS) were, for a time, a financial engine for the capital markets. Year after year, it appeared that Wall Street had successfully converted individually risky loans into safe pools of shared capital. The conversion of sub-prime and risky debt into securitized investments containing individual “tranches,” some rated AAA, made converting lead into gold seem like child’s play. The market responded with a seemingly insatiable appetite for collateralized debt with large institutional investors, pension funds, investment banks and hedge funds leading the way.

The real estate / credit crisis of 2008 brought the risks of such investments into sharp focus.  The value of residential real estate suffered sharp declines.  Homeowners defaulted on mortgages and, in many cases lost their homes.  Pension funds, insurance companies and financial institutions that had purchased billions of dollars of mostly sub-prime RMBS suffered substantial losses. 

Federal and state enforcement authorities have actively investigated, and, in some instances, brought enforcement actions against originators, lenders and securitizers. Sophisticated institutional investors, although traditionally litigation averse, brought suit when it became clear that ultimate losses on those investments would reach into the billions. Today, enforcement authorities are seeking substantial settlements and large institutional investors are battling for huge damage awards in state and federal courts around the country, including Massachusetts.

This seminar provides an overview of key issues in federal and state enforcement investigations as well as private litigation.

You will learn:

• The structure of RMBS and how they operate;
• The financial risks and historical performance of RMBS
• What statutes are used by regulators to pursue the various participants in RMBS, including originators, securitizers and lenders;
• The issues raised by the settled and pending enforcement actions and those to come;
• The private  litigation that has been brought and that is on the horizon;
• The applicability of federal securities laws and state “blue sky” laws to the claims;
• The applicability of common law fraud, misrepresentation and fiduciary duty law to the claims;
• The damage theories and valuation analyses for the various claims; and
• The expectations going forward for litigation and the asset class.

Christopher Barry-Smith/Massachusetts Office of the Attorney General
Frances Cohen/Bingham McCutchen LLP
Rosemary Connolly/U.S. Attorney’s Office
Paul Marcus/Duff & Phelps
Jonathan Sablone/Nixon Peabody LLP
Michael Marcucci/Jones Day

Practice Areas: Banking & Finance Law, Corporate & Securities, Real Estate Law, Residential Real Estate, Securities & SEC Regulation
Online Media Type: Video
Production Date: 11/08/2012
Level: Intermediate
Category: Standard
Duration: 2 Hours, 41 Minutes
Online Format: On Demand

Click here for information on subscription discounts and Group Viewing opportunities.

Purchase of this product provides online access for 180 days. If you are purchasing a live webcast, you will receive complimentary access to the on demand version for 180 days once it becomes available. Please note that the on demand and podcast versions may, or may not be accredited in your state.

If you intend to take a course for CLE credit, please make sure your state is listed in the "Accreditation" section to the upper right of the program description. Accreditation displayed is unique to the purchased program format (live conference, live webcast, on demand, podcast). Credit totals listed for live conferences are the maximum credits available. Credits issued will be based upon actual time in attendance.  Credit totals for other formats are for complete programs.  Partial credit is not available for any online or downloadable format. 


West LegalEdcenter will not provide accreditation for states not listed. 

This product is intended for individual use by the named purchaser. Group viewings for online programs may be arranged for five or more attorneys within the same organization prior to viewing by emailing

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Total Credits: 2.5
Specialty Credits: 
Status: Reciprocal Credit Available
Expiration: N/A
Training Type: Online

West LegalEdcenter provides accreditation as described here. You may be able to self apply for credits in states not listed.

Check your state requirements and get contact information.
Christopher Barry-Smith - Massachusetts Office of the Attorney General
Frances S. Cohen - Bingham McCutchen LLP
Rosemary Connolly, Esq. - U.S. Attorney's Office
Michael Thomas Marcucci - Jones Day
Paul Marcus - Duff & Phelps
Jonathan Sablone - Nixon Peabody LLP
This product is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

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