Legal analysis of servicer safe harbor

The Helping Families Save Their Homes Act (H.R. 1106) has been passed by the U.S. House of Representatives and is now under consideration in the U.S. Senate. It is aimed at preventing mortgage foreclosures and enhancing mortgage credit availability.

The bill, and the concept of servicer safe harbor, also is now the subject of a free audio webcast and white paper from securitization litigation expert Talcott J. Franklin, co-author of two noted legal treatises on securitization from West.

In addition to Franklin, the webcast features:

• Aline van Duyn, U.S. Markets Editor, Financial Times
• Eric J. Brenner, partner, Boies, Schiller & Flexner LLP
• Micah S. Green, partner, Patton Boggs LLP, and former President and CEO of The Bond Market Association
• Hamish P. M. Hume, partner, Boies, Schiller & Flexner LLP
• Katherine M. Porter, associate professor, The University of Iowa College of Law

The free webcast, titled The Next Scandal in the Credit Crisis, is available here.

The free white paper from Franklin, titled Mortgage Servicer Safe Harbor: A Legal and Policy Analysis, is here.

Franklin is the co-author of , Emergency Economic Stabilization Act Handbook and Mortgage and Asset Backed Securities Litigation Handbook, published by West Legalworks.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters

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Free career advice webcast

The challenging state of the legal market is forcing many law firms to make tough decisions about their budgets and staffing. Unfortunately, that means many legal professionals are, or will be, looking for new positions.

“The key to surviving is to enhance your profile and establish and strengthen your business relationships,” says Ari Kaplan, author of The Opportunity Maker from West. “There is tremendous upside in the downturn. Businesses are experiencing common pressures and individuals are searching for safety. If you can provide guidance on their concerns or offer them opportunities to stand out, you will enhance your own profile and build a stronger network by creating lasting relationships.”

This Thursday, Feb. 26, Kaplan will lead a free career advice webcast hosted by West LegalEdcenter and West Legalworks at Noon Eastern. The webcast is titled Creating Job Opportunities in a Turbulent Legal Market.

The seminar will help both recently unemployed professionals and those looking to strengthen their careers where they are at. It will focus on the concepts in Kaplan’s book, including self-promotion, asking for advice, key resources and organizations and experimenting with online networking and blogging.

“The silver lining in the current faltering economy is the renewed recognition by many in the professional community that connecting with others is critically important,” Kaplan says. “But the more you sit in your office, the narrower your prospects will appear.”

You can register here for the free one-hour program on West LegalEdcenter.

Kaplan also recently wrote about some strategies for approaching the economic slowdown in an article for The Complete Lawyer. And, he’s now offering a study guide for The Opportunity Maker, which is available here.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters

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E-discovery expert offers advice

Electronic discovery’s rise as a critical component of civil and criminal cases has been swift.

Mistakes in the records management process can prove costly to the bottom line, and in the courtroom, after e-discovery efforts get underway.

“The problem comes not just in searching for electronic material, it’s the searching for it in dozens of locations,” says Jay Grenig, professor of law at Marquette University Law School. “The costs can become exceptional because of the difficulty in determining where those locations are.”

Grenig says the major part of the cost is in the review of the electronic information that is discovered and logged.

“The real cost comes from the privilege and relevance review, going through these documents to make sure that you have not disclosed something that is privileged or protected by work product,” says Grenig.

Grenig says organizations need to ask three questions:

• What is a record?
• How long are we required to retain them?
• What do we do when it comes time to preserve or protect our records?

Grenig is a co-author of “Electronic Discovery and Records Management Guide: Rules, Checklists and Forms, 2008-2009 ed.” from West LegalWorks, with Mary Pat Poteet and Browning E. Marean. Their book takes a proactive approach to discovery of electronically stored information, with an emphasis on proper planning.

“About a third of the book is devoted to records management,” says Grenig. “If you’re going to control these costs you have to think about it at the beginning. You have to have a program to determine when you should destroy documents. You’ve got to cull. You’ve got to get rid of stuff that you don’t need to keep. Because if you don’t, when the lawsuit comes, you’re going to be going through a lot of overburden in order to get to the vein of ore.” Hear from Grenig about how long records should be kept and the need to stop automatic delete systems (1:20).

“Electronic Discovery and Records Management Guide: Rules, Checklists and Forms, 2008-2009 ed.” is available on the West Web site.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters

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The future for hedge funds

Hedge funds have been an important part of capital markets for the last several years. When the capital markets were healthy and flourishing, hedge funds were very active in encouraging companies to increase shareholder value.

In the last few months hedge funds have not fared as well, leaving investors and the counsel that represent them looking for answers in the courts.

“With the capital markets in a downturn, hedge funds have faced new problems,” says Stephen Fraidin, partner at Kirkland & Ellis LLP and co-chair of a West LegalEdcenter conference coming up Dec. 11 in New York.

“Hedge Funds: Issues and Opportunities in Today’s Capital Markets” will examine current Issues affecting hedge fund activism, the response to activism, how to prepare and respond to a hedge fund attack, and distressed hedge funds.

“People want guidance and we’re gonna try to give them some guidance,” says Fraidin. “I’m hoping that the various participants on the panels, some of whom typically represent hedge funds and some of whom typically represent companies that are the target of hedge fund activism, are going to be able to have a healthy interchange of views so that the people who attend the conference will get a sense of the two sides of the story.” Hear more from Fraidin in this audio clip (:50).

Conference attendees include hedge fund COOs, CFOs, general counsel, portfolio managers and attorneys representing hedge funds.

To register for “Hedge Funds: Issues and Opportunities in Today’s Capital Markets” call 800-308-1700 or go to West LegalEdcenter.com.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters

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Is today’s jury listening?

Sonya Hamlin knows what the jury is thinking. No matter what their age, gender, or job. So it’s no wonder lawyers turn to her for advice to help make their case in courtrooms across the United States and around the world.

“Dramatic changes have taken place in how jurors learn and listen, in what they care about and believe in and what new approaches they need from advocates now,” says Hamlin. “Lawyers who are still stuck in yesterday’s format of simply standing up and talking need to understand what else they now need to consider as they plan and present every aspect of a trial.” 

Hamlin cites three major issues that she says “have changed everything radically” in the jury box:

• Technology – “We don’t talk to each other now, we type! We get our information about anything online, on our own, fast and easy,” Hamlin says. “So, learning from someone talking at us has lost its power and credibility. And our attention span is now one and a-half minutes.”
• Generational differences – “We now have four generations sitting on the jury: seniors, baby boomers, generation X and generation Y. They’re almost from different planets. Reaching each one requires new information in order to reach and persuade them.”
• Multicultural diversity – “We have people on juries who have become American citizens but are conditioned by other societies, other governments and other kinds of laws.”

Hamlin is considered a pioneer in courtroom communication, having created and taught the first such course at the Harvard Law School. Today, she lectures worldwide and consults on cases with law firms, analyzing jury issues about cases and what advocacy skills are needed, preparing witnesses, developing strategies and creating visual presentations of evidence.

Hamlin’s landmark books “What Makes Juries Listen” and ”What Makes Juries Listen Today” are now joined by her latest title, from West Legalworks, titled “Now What Makes Juries Listen.” It reflects the changing attitudes and behaviors of today’s jury members and gives new techniques and approaches for every aspect of the trial. 

You can hear more from Hamlin in this Westcast podcast. Hamlin also will be featured in a continuing legal education (CLE) program on West LegalEdcenter, which we’ll update you about when it gets scheduled.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters

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Marketing Partner Forum 2009

The Hildebrandt Institute and West Legalworks are taking registrations for the 16th Annual Marketing Partner Forum 2009. The conference will be held Jan. 28-30, 2009 at the St. Regis Monarch Beach Resort in Dana Point, Calif.

Considered the legal industry’s leading conference on client development, the 2009 event’s theme is ”Lighting the Way: Strategies for Influencing Change.” Sessions will cover issues and opportunities driven by the crisis economy and how firms can capitalize on them.

The conference attracts senior-level law-firm marketers and managing partners, as well as senior leaders in marketing and business development within law firms, other professional service firms and client corporations.

To register, or for additional information on West Legalworks, go to WestLegalworks.com/events or call (800) 308-1700.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters

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Free CLE: “Bailout or Washout?”

A free webcast offered by West LegalEdcenter and West Legalworks regarding the Treasury Department’s proposal to buy assets of troubled financial institutions is now available on-demand on the West LegalEdcenter web site.

Participants in the discussion included:

• Chris Bell – Former U. S. Congressman (D-TX), of Counsel, Patton Boggs LLP, Dallas
• Talcott J. Franklin – Partner, Patton Boggs LLP, Dallas, TX; Co-Author, Mortgage and Asset Backed Securities Litigation, published by West
• Micah Green – Public Policy Partner, Patton Boggs LLP; former President and CEO, Bond Market Association
• Thomas F. Nealon, III – Group General Counsel, Real Estate Finance & Servicing Group, LNR Partners, Inc., Miami Beach; Co-Author, Mortgage and Asset Backed Securities Litigation, published by West
• Kevin Wodicka – Director of Investment Management, LNR Property Corporation

The webcast was recorded Monday while the vote on the bailout was taking place in the U.S. House. The proposal was defeated 225 to 208.

In the webcast, the group discusses why the Treasury Department proposal was met with skepticism from Congress and the American public. Critics said it represented a bailout of Wall Street, according to Green, not something “that would affect main street.”

Bell said, with anything, Americans wonder “what’s in it for them.”

The webcast participants analyze the impact of the political pressures, the proposed benefits of government ownership of the assets in the plan and the risks.

The webcast is available to listen to, for free, on the West LegalEdcenter Web site.

With registration, a free white paper also is available about the Treasury Department proposal, written and revised recently by Franklin.

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Bank bailout: Free white paper and webcast

 

As the attention in Washington, D.C. is on a Treasury Department proposal for a $700 billion bailout of major lenders, West LegalEdcenter and West Legalworks are providing some free resources for anyone involved in the mortgage and asset-related securities market to learn more about the bailout proposal.

First, a free white paper titled “The Impact of Securitization on the Legislative Proposal for Treasury Authority to Purchase Mortgage-Related Assets” was just written by Talcott J. Franklin.

He is the co-author of the Mortgage and Asset Backed Securities Litigation Handbook from West, and is a partner and head of litigation in the Dallas office of Patton Boggs LLP.

“Everyone has questions and anger with respect to who caused this mess and why no one acted sooner,” Franklin writes.

“But the fact is, we have to act quickly to reduce the impact of this crisis. When Americans act together, we can overcome every challenge, and we will overcome this one. But if we fall into partisan bickering and the laying of blame, if we are motivated solely by self-interest and not the overall good, if we act rashly and without careful thought, the crisis will grow, as will the sacrifice required to remedy it.”

Franklin adds, “This paper takes no position on whether the Treasury Proposal should be adopted, only that it can be improved. Many excellent points have been raised during the course of the hearings on the Treasury Proposal. This paper points out some additional issues for consideration.”

In addition to the free white paper, a free live webcast titled “Bailout or Washout: An Analysis of the Treasury Proposal to Purchase Mortgage-Related Assets,” will take place Monday, Sept. 29, from 1 p.m. to 2 p.m. Eastern.

The webcast will address a number of questions, including:

• What would the Treasury own if it bought mortgage-backed securities?
• How will the oversight mechanism of Treasury’s investments operate?
• What are the benefits of the proposal? The risks?
• What will determine the success or failure of this plan?
• How will the taxpayers be compensated for their investment?

The webcast will feature Franklin, the Hon. Chris Bell – a former member of Congress and member of the House Financial Services Committee – and Thomas F. Nealon, Franklin’s co-author of the Mortgage and Asset Backed Securities Litigation Handbook. Nealson is general counsel at LNR Partners, Inc.

Again, you can download the free white paper here and register for the free webcast here.

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West authors discuss credit crisis

Whether it is out-of-control personal credit card debt, the reality of a mortgage payment going up, or the difficulty of getting or paying a student loan… the credit crisis is touching many Americans.

A Westcast podcast explores the reasons for the crisis and the challenges for litigating disputes in these areas. The podcast features the two authors of a new book from Thomson West and West Legalworks titled “Mortgage and Asset Backed Securities Litigation Handbook.”

The interview is with Thomas F. Nealon III, General Counsel of LNR Partners, Inc. and Talcott J. Franklin, a partner and head of litigation of the Dallas office of Patton Boggs LLP.

in addition to that Westcast, you also can get cutting-edge information about trends in the subprime crisis through West First Focus: Subprime Mortgage Crisis, a new multimedia service from West.

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