Patterson Belknap Launches Subprime Mortgage Practice Team

Profession:Patterson Belknap Webb & Tyler LLP

NEW YORK, NY - July 31, 2007 - Patterson Belknap Webb & Tyler LLP announces the formation of an interdisciplinary Subprime Mortgage Practice Team focused on assisting clients with the significant fallout from recent events in that market. The team works with clients to analyze and evaluate the risks and potential liabilities in today's market and to develop and implement appropriate responses and approaches to these issues, including litigation when appropriate.

The firm is currently representing stakeholders in the mortgage-backed securities market in investigations of anomalous losses in a number of transactions in which these participants hold interests. In one case, the irregularities appear to be servicing-related. In another, the quality of the collateral is at issue, potentially giving rise to loan repurchase obligations for breach of representations and warranties contained in the transaction documents. In these cases, the team is assisting clients with an assessment of potential claims that can be made against issuers and/or servicers in these deals, in the hopes of recouping actual and anticipated losses. In a previous, similar matter, the firm obtained a very sizable negotiated settlement for a client who had exposure to several hundred million dollars in a number of poorly performing subprime deals. That matter involved claims relating to both origination and servicing of the loan pools.

If there are allegations of wrongdoing, the firm's white collar defense and investigations team, which is uniquely qualified to handle attorney general investigations and other matters, provides counsel. The firm's group includes Peter Harvey, the former New Jersey Attorney General, and Michael B. Mukasey, the former Chief Judge of the U.S. District Court for the Southern District of New York. The team is headed by Paul Gardephe, the former chief appellate attorney of the...

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