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Cadwalader's participation in residential mortgage-backed securitization transactions is multi-dimensional. Globally, we advise issuers, underwriters, institutional investors, loan sellers, trustees, servicers and credit-support providers.
Since 1983, when we helped the Federal Home Loan Mortgage Corporation, now known as Freddie Mac, create the first collateralized mortgage obligation, we have participated in over $1 trillion of residential mortgage securitization transactions. Our experience extends to a broad spectrum of residential mortgage products, including: traditional "A" credit mortgage loans; “alternative A" and "B and C" credit quality loans; ARMs with a variety of indices; relocation loans; "scratch and dent" loans; re-performing and non-performing loans; balloon loans; manufactured housing loans; co-op loans; buy-down loans; employer subsidized loans; Title I home improvement loans; home equity loans; high LTV loans and reverse mortgage loans.
We have structured transactions featuring every type of mortgage security designed by Wall Street, such as PACs, TACs, floaters, inverse floaters, COFI floaters, WAC IOs, "IO-ettes", ratio stripped POs, "lockout bonds", accrual bonds and component structures, and every form of credit enhancement currently or previously used in the market, including shifting interest senior subordination, overcollateralization, mortgage pool insurance, surety bonds and various combinations of the foregoing. We have also been extensively involved in the resecuritization of agency pass-through certificates and agency REMICs and of senior and subordinate private label mortgage securities.
