Mortgage and Credit Crisis Team

Since its formation in mid-2007, Patterson Belknap Webb & Tyler LLP’s Mortgage and Credit Crisis Team has been playing a significant role in cutting-edge matters arising out of today’s constantly changing financial environment.  With decades of experience in complex financial litigation, our attorneys represent clients in a host of issues stemming from the crisis, including fallout from major bankruptcies.

Our team is currently engaged in matters including:

• Representing clients in disputes over Residential Mortgage Backed Securities (RMBS), CDOs, Credit Default Swaps, Structured Investment Vehicles, Auction Rate Securities, Municipal Credit Insurance and other complex financial instruments.
  
  
• Working with investors, including hedge funds, fiduciaries and other stakeholders to evaluate the risks and potential liabilities resulting from market events.  We are working to develop and implement appropriate approaches to these matters, including litigation when advised.
  
  
• Assisting clients in claims and potential litigation matters arising out of the high-profile bankruptcies and bank failures resulting from the crisis, including multiple issues relating to the Lehman Brothers bankruptcy.
  
  
• Representing four monoline insurers in connection with remediation efforts relating to dozens of separate RMBS transactions, including investigation and prosecution of hundreds of millions of dollars in claims for breaches of representations and warranties by sponsors.
  
  
• Assisting a major commercial bank and various individuals in the financial services industry in defense of government allegations of wrongdoing or as witnesses in various state and federal actions stemming from market events.
  
  
• Represented the FDIC in enforcement actions related to the issuance of subprime credit cards in several pending administrative and federal court proceedings. The allegations involve unfair and deceptive practices to market credit cards to subprime borrowers in violation of the Federal Trade Commission Act.

Our attorneys have deep experience in complex matters involving financial instruments ranging from securities, commodities and derivatives to proprietary instruments and indexes developed by industry leaders.  We are skilled in a broad range of these disputes spanning straightforward contract law, mortgage lending practices, fraud, bankruptcy, restructuring and other issues. 

Several team members have extensive experience in matters involving the New York Attorney General’s office, including a partner who served as Transition Director for New York State Attorney General Andrew Cuomo's office.  Our group also includes a former New Jersey State Attorney General, as well as a former acting Chief of the Major Crimes Unit of the U.S. Attorney’s Office in Manhattan. 

Combining the skills of our litigation, bankruptcy, real estate and corporate practices, our cross-practice team brings all essential areas of experience to our clients.  With all of our team attorneys collaborating in our New York office, we provide a seamless and efficient approach to these matters.

For additional information regarding our Mortgage and Credit Crisis Team, please contact Philip R. Forlenza.