Areas Of Practice
Mortgage Finance & Structured Products
Our firm offers transactional, consulting and litigation services related to all aspects of residential mortgage finance and other structured products. In particular, the firm has significant expertise and experience in managing mortgage putback and repurchase efforts on behalf of mortgage-backed securities (“MBS) investors and insurers, stemming from widespread breaches of representations and warranties. Spearheaded by structured finance expert Isaac Gradman, the firm’s Mortgage Finance Group has expertise in handling every phase of this process, from obtaining access to loan files and managing the re-underwriting process, to directing the trustee and presenting breach claims to the responsible parties, up to and including litigation, if necessary. The firm currently assists numerous investors in various aspects of the putback process, including in negotiating and enforcing direction and indemnity agreements with trustees, conducting securitization rights and potential recovery assessments, and managing loan file review and reimbursement processes. Leslie Perry has successfully handled mortgage litigation against some of the country’s largest banks. The firm also has expertise in enforcing servicing obligations.
Prior to joining the firm to spearhead this group Isaac Gradman practiced as a commercial litigator at Arnold & Porter (formerly Howard Rice) in San Francisco. While there, Mr. Gradman was involved in some of the earliest litigation arising from the subprime mortgage crisis, including the representation of PMI Mortgage Insurance Co. in a suit against WMC Mortgage Corp. and its parent, GE Money Bank, over breaches of reps and warranties relating to a $1 billion pool of subprime mortgages. Mr. Gradman proceeded to represent PMI in various other matters related to the insurance it issued on pre-mortgage crisis subprime and Alt-A loans and loan portfolios. In 2008, Mr. Gradman launched The Subprime Shakeout blog, which has garnered national recognition for its coverage of MBS litigation. Mr. Gradman speaks and publishes regularly on this topic and has been quoted extensively as an expert in national publications.