Eyeing Securitized Residential Servicing Advance TALF Deals
National Mortgage News
Making use of recent legislative changes to the TALF program, Hunton & Williams lawyers represented American Home Mortgage Servicing, Inc. and an affiliated issuer, AH Mortgage Advance Trust 2009-ADV1, in a $550 million sale of term notes. Tom Hiner, who led the Hunton & Williams team explained that TALF affords servicers expanded opportunities for financing of servicing advance receivables at rates attractive to both issuers and investors. According to Rudene Bascomb, a member of the Hunton & Williams team representing American Home, the transaction marks the first TALF issuance involving the pledge of asset-backed securities, or ABS, backed by servicer advance receivables collateral.
