Staying Ahead.

Financial Crisis – News and Resources

See also Regulatory Reform - News and Resources

Financial Crisis News Briefs

Please click on the links below or scroll down to view our client alerts, attorney articles and other resources relating to the financial crisis.

One-Page Reference Guides (a/k/a Cheat Sheets) and Timeline of Events
Presentations
Financial Stability Plan and Related Financial Markets Legislation
TARP Programs and Emergency Economic Stabilization Act
Liability Management
Covered Bonds
Accounting Rules and Best Practices
Consumer Finance and Mortgages
Outsourcing
Financial Crisis Response Outside the US
Links to Other Legal and Government Resources

One-Page Reference Guides (a/k/a Cheat Sheets) and Timeline of Events

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics.

Presentations

Financial Stability Plan and Related Financial Markets Legislation

Client Alerts

TARP Programs and Emergency Economic Stabilization Act

Cheat Sheets

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics.

Client Alerts

3/2009 Capital Purchase Program Overview
2/18/2009 Treasury's Asset Guarantee Program
1/16/2009 From TARP to ARRP: Is 2009 the Year We Get Out from Under the TARP?
1/15/2009 CaPP: Subchapter S-Corporations
12/12/2008 GAO Calls for Increased Oversight of TARP Contractors
11/25/2008 TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
11/23/2008 Insurance Companies Adopt Thrift Holding Company Structure to Become Eligible for Treasury Capital Purchase Program and FDIC Liquidity Guarantee
11/23/2008 FDIC Approves Temporary Liquidity Guarantee Program Final Rule
11/18/2008 CaPP: Private Bank Program
11/13/2008 TARP UPDATE: Troubled Assets Will Not be Purchased
11/10/2008 SIFMA TARP Conference
11/10/2008 The Emergency Economic Stabilization Act's Effect on Employee Benefits and Executive Compensation
10/21/2008 Update to Treasury’s Capital Purchase Program
10/17/2008 New Liquidity and Capital Alternatives for Financial Institutions: Treasury’s TARP Capital Purchase Program; FDIC’s Temporary Liquidity Guarantee Program
10/14/2008 TARP and the Various Federal Tent Poles: Will it be Enough?
10/3/2008 Economic Stabilization Act: Overview of Transactions Involving Troubled Assets
10/3/2008 Recovery Legislation Creates Both Opportunities and Risks for Government Contractors
10/3/2008 Economic Stabilization Act: Employee Benefits and Executive Compensation
10/3/2008 Bailout Bill Tax Provisions - An Executive Summary

Liability Management

Client Alerts and Articles

Covered Bonds

Client Alerts and Articles

4/1/2010 Covered Bond Legislation: Is the Fourth Time the Charm? by Melissa Beck, Jerry Marlatt, and Kenneth Kohler
2/2010 Covered Bonds in the US by Anna Pinedo
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12/16/2009 Hearing on Covered Bond Legislation
6/17/2009 U.S. Covered Bond Legislation Introduced in Congress
4/1/2009 An Update on Covered Bonds
2/9/2009 Covered Bonds - Will Insurance Companies Follow Banks? by Chiahua Pan
First published in Asset Securitization Report February 9, 2009. Used by permission.
12/3/2008 Update on the FSA’s Approach to Covered Bond Issuance and Asset Encumbrance
10/21/08 A Separate Piece by Anna Pinedo and James Tanenbaum
First published in Total Securitization October 21, 2008. Used by permission.
9/18/2008 Finance: Covering Your Assets by Peter Green and Jeremy Jennings-Mares
First published in Legal Week September 18, 2008. Used by permission
9/2008 The Not So New Thing—Covered Bonds by Mara Goldsmith and Anna Pinedo
First published in Wall Street Lawyer September 2008. Used by permission.
9/2008 U.S. covered bonds: Coming soon to a financial institution near you by Anna Pinedo and James Tanenbaum
First published in Euromoney Global Banking & Financial Policy Review September 2008. Used by permission.
7/29/2008 Treasury Announces Best Practices for Covered Bonds
7/16/2008 The FDIC Offers Certainty on Covered Bonds—a step in the right direction
6/30/2008 Something to Talk About
6/2008 Expanding the U.S. covered bonds market Anna Pinedo quoted
First published in Financier Worldwide June 2008. Used by permission.
5/2008 Bridging the Gap: Regulatory moves in the U.K. and U.S. seek to close the gap with Europe on covered bonds by Peter Green and Jeremy Jennings-Mares
First published in Institutional Investor News: The 2008 Global Securitization Guide. Used by permission.
4/21/2008 Covered Bonds and U.S. Regulators
3/2008 Creating a Level Playing Field—a covered bond framework for the U.K. by Peter Green and Jeremy Jennings-Mares
First published in Financier Worldwide March 2008. Used by permission.
11/6/2007 Amidst the Turmoil, Covered Bonds Bounce Back by Anna Pinedo and James Tanenbaum
First published in Asset Securitization Report November 2007. Used by permission.
8/2007 Lucrative Knock-offs: Covered bonds in the U.S. by Anna Pinedo and James Tanenbaum
First published in Euromoney Global Banking & Financial Policy Review 2007. Used by permission.
Morrison & Foerster’s Frequently Asked Questions About Covered Bonds

For more information about our covered bonds practice please click here.

Accounting Rules and Best Practices

Client Alerts and Articles

1/25/2010 Banking Agencies Issue Final Regulatory Capital Rule Related to FAS 166 and 167
11/16/2009 FASB Proposes to Defer Application of FAS 167 to Certain Investment Funds
4/29/2009 PCAOB Issues Staff Audit Practice Alert on Fair Value Determinations and OTTI
4/13/2009 Mark-to-Market Update: FASB Issues New Fair Value Accounting Guidance
3/19/2009 Mark-to-Market Update: After Congressional Hearing, FASB Proposes New Fair Value Accounting Guidance
1/7/2009 SEC Study Recommends Keeping Mark-to-Market Accounting
11/2008 Wall Street in Crisis: Fair Value & the Recent Market Turmoil by Melissa Beck and Anna Pinedo
First published in Wall Street Lawyer November 2008. Used by permission.
10/13/2008 Fair Value and the Recent Market Turmoil
8/29/2008 Institute of International Finance's (IIF) Final Report on Market Best Practices for Financial Institutions and Financial Products
8/11/2008 The Counterparty Risk Management Policy Group III Report Includes Detailed Suggestions for Financial Intermediaries
7/25/2008 New FASB Accounting Rules on Convertible Debt
7/22/2008 If It Quacks Like a Duck: Financial Instruments with Characteristics of Equity—Still Equity for FASB?
7/2008 International Briefings: Glass half empty accounting by Anna Pinedo and James Tanenbaum
First published in International Financial Law Review July 2008. Used by permission.

Consumer Finance and Mortgages

Cheat Sheets

Term Asset-Backed Securities Loan Facility*

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics.

Client Alerts and Articles

2009 Federal Mortgage Modification and Foreclosure Prevention Efforts by Anna Pinedo
First published in Uniform Commercial Code Law Journal (Vol. 41, No. 4) 2009. Used by permission.
2009 Easing Into a New Model for Housing Finance: A Postmortem on Securitization and the Financial Crisis by Anna Pinedo
First published in Uniform Commercial Code Law Journal (Vol. 41, No. 3) 2009. Used by permission.
3/6/2009 The Rear View Mirror: Mortgage Finance and Mortgage Modification Efforts
3/3/2009 California’s New Law Trading Foreclosure Moratorium for Mortgage Modification – Updated
11/25/2008 TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
10/29/2008 Issues to Consider in Connection with the Reevaluation of Credit Card Lending and Charge-Off Policies
10/14/2008 Steps for Lenders to Consider in Connection with Mortgage Modification Programs

Resources

Outsourcing

Client Alerts

Financial Crisis Response Outside the US

Client Alerts

12/29/2009 The Will to Live: Recovery and Resolution Plans for UK Banks
12/15/2009 New UK Bank Levy on Employee Bonuses
11/13/2009 What Counts? An Update on the Debate Concerning Regulatory Capital
7/9/2009 UK White Paper on Reforming Financial Markets
5/8/2009 Reforming Remuneration Practices in Financial Services
4/28/2009 The EU Rating Agency Regulation
4/24/2009 UK Government’s 2009 Asset-Backed Securities Guarantee Scheme
3/30/2009 Update on UK Government’s Banking Support Measures and the Banking Act 2009
2/4/2009 UK Government’s Banking Support Measures
1/26/2009 Global Sourcing Trends in 2009
12/17/2008 Outsourcings and the Economic Crises, Part II: Re-structuring Existing Outsourcings
11/6/2008 Outsourcing Services in the Face of an Economic Downturn

Links to Other Legal and Government Resources

Stress Test Results

Financial Stability Plan

Please see Consumer Finance and Mortgages Resources above for links to Making Home Affordable documents

Financial Stability Plan Website

The Next Phase of Government Financial Stabilization and Rehabilitation Policies (September 2009)

Financial Stability Plan Fact Sheet

Joint Bank Regulatory Announcement of Economic Assessments of Major Banking Organizations

FAQs on Economic Assessments

Capital Assistance Program (CAP) Announcement

Capital Assistance Program (CAP) White Paper

Capital Assistance Program (CAP) Term Sheet

Capital Assistance Program (CAP) FAQs

Stress Tests: Federal Reserve White Paper April 2009

Treasury Department Announces Additional Initial Closings of Legacy Securities Public-Private Investment Funds (October 5, 2009)

Treasury Department Announces Initial Closings of Legacy Securities Public-Private Investment Funds (September 30, 2009)

Joint Statement re PPIP Legacy Asset Program

Conflict of Interest Rules

Legacy Securities PPIP--Additional FAQs (updated July 8, 2009)

Letter of Intent and Term Sheet

Treasury Department Releases Details on Public Private Partnership Investment Program

White Paper

Legacy Securities Summary of Terms

Legacy Securities FAQs

Application for Private Assets Managers

Legacy Loans Summary of Terms

Legacy Loans FAQs

Federal Reserve Resources

Proposed Interagency Bank Regulatory Guidance on Funding and Liquidity Risk Management

Term Asset-Backed Securities Loan Facility

TALF Extension (August 17, 2009)

TALF Terms and Conditions

TALF Frequently Asked Questions

TALF Announcements

TALF Documents and Forms

TALF Guide for Investors

TALF (non-CMBS) Operations

Federal Reserve May 1st Press Release

CMBS Terms and Conditions

CMBS Frequently Asked Questions

Commercial Paper Funding Facility

Commercial Paper Funding Facility Terms and Conditions

Commercial Paper Funding Facility – FAQs

Treasury Capital Purchase Program Resources
Capital Purchase Documents

Publicly-Held Program

Securities Purchase Agreement

Form of Letter Agreement

Form of Warrant

Form of Warrant (Stockholder Approval Required)

SEC, FASB Letter on Warrant Accounting

Form of Certificate of Designation (Cumulative for Public Issuer)

Form of Certificate of Designation (Non-Cumulative for Public Issuer)

Term Sheet

MoFo Annotated Term Sheet

Publicly-Held Program FAQs

Privately-Held Program

Securities Purchase Agreement

Form of Letter Agreement

Standard Preferred Certificate of Designation (Cumulative for Private Issuer)

Standard Preferred Certificate of Designation (Non-Cumulative for Private Issuer)

Warrant Preferred Certificate of Designation (Cumulative for Private Issuer)

Warrant Preferred Certificate of Designation (Non-Cumulative for Private Issuer)

Private Warrant – UST

Term Sheet (Non-Public Qualifying Financial Institution)

Private Bank Program Q&A

S-Corporations

Term Sheet – S-Corporations

FAQ – S-Corporations

Mutual Institutions

Senior Preferred Terms

Preferred Terms

Senior Securities Terms

FAQs

General

Executed Transaction Documents

CPP Guidelines under the American Recovery and Reinvestment Act

Federal Reserve Board Interim Final Rule – Treatment of Perpetual Preferred as Tier 1 Capital

Repurchase Documents for Public Institutions

Repurchase Documents for Private Institutions

FDIC Resources
Establishment of Emergency Guarantee Facility (September 9, 2009)

TLGP Extension (August 27, 2009)

Proposed Interagency Bank Regulatory Guidance on Funding and Liquidity Risk Management

FDIC Resources Page – Temporary Liquidity Guarantee Program

TLGP to be Extended

FDIC Temporary Liquidity Guarantee Program -- FAQs (Updated October 13, 2009)

FDIC No-Action Request Letter regarding TLCP

SEC No-Action Letter regarding TLGP

Master Agreement

FIL 2-2009 Guidance for Reporting

FIL 141-2008 Regulatory Reports

FIL 139-2008 Debt Instrument Reporting

Congressional Resources
GAO Report: TARP One Year Later (October 2009)

Barney Frank Proposal (TARP Reform and Accountability Act of 2009), H.R. 384

Managers Amendment to H.R. 384