NY State Legislature Considers Bill Proposing Tax On Mezzanine Debt And Preferred Equity

Earlier this year, Senator Julia Salazar and Assembly Member Harvey Epstein introduced a bill (S7231/A09041) in the New York State Legislature proposing to charge a recording tax (similar to the mortgage tax) on mezzanine debt financings to help fund public housing. On August 17, 2020, an updated version of the bill was introduced in the New York State Assembly that proposed extending the application of the mortgage recording tax to preferred equity investments.

The updated bill […]

By | August 28th, 2020 ||

CFPB’s First Redlining Action Against A Non-Bank Lender: Key Takeaways

Last month the Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender, alleging that the company “redlined” African-American neighborhoods in the Chicago Metropolitan Statistical Area and discouraged prospective applicants from applying for mortgage loans on the basis of race. This marks the first time that a federal regulator has taken a public redlining action against a non-bank mortgage lender. Please join Mayer Brown attorneys Tori Shinohara and Jim Williams for a […]

By | August 27th, 2020 ||

Fund Finance Market Update: NAV Credit Facilities And COVID-19

The outbreak of the current novel coronavirus (also known as COVID-19) has caused significant and wide-ranging disruptions to business and economic activity worldwide. These disruptions have similarly impacted global financial markets and financial reporting. By most accounts, the fund finance markets have seen increased activity notwithstanding (or because of) COVID-19 in the first months of 2020.1 While the long-term impacts of COVID-19 on global financial markets are unknown, there are a few immediate issues that […]

By | August 25th, 2020 ||