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  • A Bi-Monthly Electronic Publication for Section Members
  • December 2010

Group & Committee News

Real Estate Finance Group

The five Committees within this Group have had a busy year and continue to be active in developing programming and other material of use to the membership.  Read the Committee reports below to learn more about what these Committees are up to and what they have to offer.  To learn more about the Real Estate Finance Group, contact Group Chair Cheryl Kelly at ckelly@thompsoncoburn.com, or Group Vice Chair Diane Coscarelli at Dianne.coscarelli@thompsonhine.com.

Construction Lending
The Construction Lending Committee is planning a conference call in January 2011 and is working on topics for webinars or for a “hot topics” piece at the Section’s Annual Spring Symposia.  Among the topics being considered are what borrowers and lenders are seeing in terms of construction lending standards/requirements in recent deals, and an overview of the new mechanics lien laws, in states such as Missouri and California (passed in late 2009, to be effective January 1, 2011), and pending changes to the mechanics liens laws in New Jersey and Michigan.  For more information about this Committee and its activities, contact Chair Diana Liu at diana.liu@artemisrep.com.

Legal Opinions in Real Estate Transactions
This Committee, in conjunction with Attorneys' Opinions Committee of the American College of Real Estate Lawyers (ACREL), and the Legal Opinions Committee of the American College of Mortgage Attorneys (ACMA), is working on creating an “Annotated Real Estate Finance Opinion” (a draft of which is posted under "Current Project and Publications" on the Committee's website). This document will update and expand the “Inclusive Real Estate Secured Transactions Opinion”, which the Committee co-authored in 1998. The Committee also co-sponsored a webinar with the ABA Business Law Section, presented at the 2010 RPTE Spring Symposia and co-sponsored a program at the 2010 ABA Annual Meeting. For additional information regarding this Committee, contact Chair Ed Levin at elevin@gfrlaw.com.

Mortgage Lending
The Mortgage Lending Committee is planning a conference call in January 2011 to promote the Section’s 2011 Spring Symposia, and to solicit participation for one or two substantive Committee calls/eCLEs on the enforcement of non-recourse carve-out guaranties, or possibly the unauthorized practice of law by banks.  This Committee is also working with other Group members to put together the stand alone program on the acquisition of distressed debt for the Spring Symposia.  To learn more about or become more active in this Committee, contact Chair James Wilson at jwilson@buistmoore.com.

Securitization and Special Financing Techniques
The Securitization and Special Financing Techniques Committee began 2010 by hosting the Real Estate Financing Group Call in January with the program titled “Updated IRS Guidance on Commercial Mortgage Loan Modifications: False Hope or New Start?”  The Committee was active by following various matters which impacted commercial mortgage-backed securities (CMBS), including servicing matters and real estate mortgage investment conduit (REMIC) issues.  The Committee is planning a call in early 2011 to address the continuing impact on loan servicers and borrowers of Revenue Procedure 2010-30, which was issued in August 2010.  To learn more about or become more involved in this Committee, contact Committee Chair, William Rothschild at william.rothschild@sutherland.com.

Workouts, Foreclosures and Bankruptcies
This Committee continues in its mission to complete an updated version of the ABA’s publication covering Foreclosure and Related Remedies in the 50 states.  At this time, 30 of the state chapters have been updated and are available for online purchase, with the additional 20 chapters expected to be available soon.  Over the past year, this Committee was actively involved in the planning and presentation of programs in 2010 (held at both the Section’s Spring Symposia and the ABA Annual Meeting), covering the General Growth bankruptcy decision (and various implications of that decision), and the Sunwest receivership and bankruptcy cases.  The Committee is working with other Committees in the Group to present a program on issues relating to the acquisition of distressed debt which will be featured at the 2011 Spring Symposia.  The Committee is also in the process of planning regular conference calls over the next year for participation by the membership covering topics of interest in the loan workout and enforcement and bankruptcy arena.  Those interested in being more involved in or finding out more about this Committee should contact Chair John Trott at jtrott@coxcastle.com.