Alexander Radisich

Managing Associate

Los Angeles


Read full biography at www.orrick.com

Alex Radisich, a Managing Associate in Orrick’s Los Angeles office, is a member of the firm’s Structured Finance and Banking and Finance Groups.

Alex represents a variety of market participants, including issuers, sponsors, underwriters, servicers, loan sellers and purchasers in connection with securitizations, asset-backed financings and asset acquisitions and sales. Alex has experience working with a wide range of asset classes, including agency and non-agency forward and reverse residential mortgage loans, fix-and-flip loans, servicing rights and advances, consumer loans, student loans and non-performing loans.  

Alex also has experience advising clients on securitization and servicing issues in the bankruptcy context. Alex represented Ditech Holding Corporation, one of the nation’s largest mortgage servicers, as special securitization counsel in connection with its bankruptcy proceedings. In this role, Alex negotiated the terms for the sale of Ditech’s portfolio of agency and non-agency forward mortgage servicing rights and mortgage loans and advised on various securitization and servicing issues that arose with securitization trustees and federal agencies.

During law school, Alex served as a judicial extern to the Honorable Judge Harry Pregerson of the United States Court of Appeals for the Ninth Circuit, and as a law clerk on the Senate Judiciary Committee for Senator Dianne Feinstein.

Posts by: Alexander Radisich

Federal Reserve Expands Main Street Lending Program to Small and Medium-Sized Businesses

 

On June 8, the Federal Reserve Board (the “Board”) announced that it was expanding its Main Street Lending Program to allow more small and medium-sized business to qualify for the program. Among the changes, the Board lowered the minimum loan size for certain loans from $500,000 to $250,000, increased the maximum loan size for all facilities, increased the term of each loan option from four years to five years and extended the repayment period for all loans by delaying principal payments for two years rather than one year. Release.

CFTC Approves Final Rule Regarding Registration Requirements for Commodity Pool Operators

 

On June 4, the Commodity Futures Trading Commission (CFTC) finalized a rule to prohibit certain commodity pool operators from relying on the registration exemptions found in Regulation 4.13 in Title 17 of the Code of Federal Regulations (“Regulation 4.13”). The final rule generally prohibits persons who have, or whose principals have, any of the disqualifying factors listed in Section 8a (2) of the Commodity Exchange Act from claiming one of the exemptions to the commodity-pool-operator registration requirements set forth in Regulation 4.13. Release.

Rating Agency Developments (June 4 – June 15)

 

On June 15, KBRA published a Structured Finance CMBS pre-sale report titled Bank 2020-BNK27. Report.

On June 10, DBRS Morningstar published its U.S. ABS General Ratings. Methodology.

On June 9, KBRA published a research report titled Coronavirus (COVID 19): State and Local Revenue Losses Adding Up. Report.

On June 9, Fitch published its Consumer ABS Rating. Criteria.

On June 8, Moody’s published its Approach to Rating TruPS CDOs. Methodology.

On June 8, DBRS Morningstar published its Global Methodology for Rating Banks and Banking Organizations. Methodology.

On June 8, Fitch published its National Scale Rating. Criteria.

On June 4, DBRS Morningstar published its Rating Entities in the Real Estate Industry. Methodology.

On June 4, DBRS Morningstar published its Interest Rate Stresses for U.S. Structured Finance Transactions. Methodology.

Agencies Publish Rule Simplifying Capital Calculations for Community Banks

 

On October 29, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board (FRB) adopted a final rule that simplifies capital requirements for community banks. The final rule allows community banks with less than $10 billion in total consolidated assets, a leverage ratio of greater than nine percent (9%) and limited amounts of off-balance-sheet exposures and trading assets to adopt a simple leverage ratio to measure their compliance with the capital requirements. The simplified leverage ratio framework removes requirements for calculating and reporting risk-based capital ratios for qualifying community banks that opt into the framework. FDIC Release. Federal Reserve Release.

HUD and Justice Department Sign Interagency Memorandum on Enforcement of False Claims Act

 

On October 28, the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Justice (DOJ) issued a Memorandum of Understanding (MOU) between the two agencies that provides prudential guidance on the appropriate use of the False Claims Act (FCA) for violations by Federal Housing Administration (FHA) lenders. The MOU aims to bring greater clarity to regulatory expectations within the FHA program and ease banks’ worries about facing future penalties for mortgage-lending errors. HUD expects that FHA requirements will be enforced primarily through HUD’s administrative proceedings, but the MOU specifically addresses how HUD and the DOJ will consult with each other regarding the use of the FCA in connection with defects on mortgage loans insured by the FHA. In addition to the MOU, the FHA is simplifying certain certifications that lenders make in connection with the FHA program to better track statutory requirements and address materiality and culpability considerations. HUD Release. DOJ Release.

Agencies Publish Rule Excluding Community Banks from Volcker Rule

 

On July 9, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission (SEC) adopted a final rule that excludes community banks from the Volcker Rule, which restricts banking entities from engaging in proprietary trading and from owning, sponsoring or having certain relationships with hedge funds or private equity funds. Under the final rule that was adopted, community banks with $10 billion or less in total consolidated assets, and which have total trading assets and liabilities that are 5% or less than such community bank’s total consolidated assets, will be excluded from the Volcker Rule.

 

CFTC Publishes First Enforcement Manual

 

On May 8, the Division of Enforcement (DOE) of the Commodity Futures Trading Commission (CFTC) published its first Enforcement Manual. The Enforcement Manual establishes certain general policies and procedures to guide the work of the DOE in pursing violations of the Commodity Exchange Act (CEA) and CFTC regulations, and will serve as a general reference for DOE staff in the investigation and prosecution of potential violations of the CEA and CFTC regulations.

Rating Agency Developments

 

On May 8, DBRS published its rating methodology for Public Universities. Methodology.

On May 7, Moody’s published its rating methodology for certain Nonprofit Organizations. Release.

On May 6, DBRS published its methodology for Master Canadian Structured Finance Surveillance. Release.

On May 6, Fitch published its rating criteria for Money Market Funds. Release.

On May 3, Moody’s published its rating methodology for Local Currency Country Risk Ceiling for Bonds and Other Local Currency Obligations. Release.

On May 2, Fitch published its Short-Term Ratings Criteria. Release.

On May 2, Fitch published its rating criteria for Global Structured Finance. Release.

 

Rating Agency Developments

 

On January 3, DBRS published a global rating methodology for Rating Life and P&C Insurance Companies and Insurance Organizations. Release.

On January 2, DBRS published its Master U.S. ABS Surveillance Methodology. Release.

On January 2, DBRS published its methodology for Structured Finance Flow-Through Ratings. Release.

On December 31, DBRS published its methodology regarding Legal Criteria for U.S. Structured Finance. Release.

On December 14, S&P issued a report entitled: RMBS: Reimbursement Curves for Servicer Advance Securitizations Backed by U.S. Residential Mortgage Loan Advance Receivables. Release.

On December 14, Fitch issued a report entitled: Fitch Updates U.S. State Housing Finance Agencies: Pooled Multifamily Housing Bonds Rating Criteria. Release.

On December 13, DBRS issued a report entitled: Operational Risk Assessment for U.S. ABS Originators. Release.

On December 13, Fitch issued a report entitled: Fitch Updates U.S. RMBS Seasoned and Re-Performing Loan Criteria. Release.