Michael H. Sugarman

Managing Associate

Los Angeles


Read full biography at www.orrick.com

Michael H. Sugarman, an attorney in the Los Angeles office, is a member of Orrick’s Structured Finance Group, where he represents issuers, sponsors, lenders, servicers, underwriters and other market participants in connection with both public offerings and private placements, as well as with other types of transactions.

Michael’s practice focuses on securitizations, warehouse financings and various other types of debt finance transactions for banks, non-bank lenders, fintech companies and private equity funds. Representative transactions include the following: (i) residential mortgage-backed securitizations (for Non-QM, performing, non-performing and other types of mortgage loans); (ii) PACE financing securitizations; (iii) whole loan purchase and sale transactions; (iv) diligence and structure servicing rights transfers; (v) financings for GNMA early buyout loans; (vi) Fannie Mae and Freddie Mac securitizations; and (vii) re-securitizations.

He has also advised clients regarding issues concerning legacy securitizations and servicing related issues and worked on numerous master repurchase facilities and debt restructurings.

He also dedicates significant time and effort to pro bono representations for a wide variety of groups to, among other things, obtain needed financing or push for the passage of significant legislation. He is also active in various community groups.

Posts by: Michael Sugarman

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.

Capital: Notice of Proposed Rulemaking

 

On December 17, three entities – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency – “published a notice of proposed rulemaking [] to provide an updated framework for measuring derivative counterparty credit exposure.” Release.

SEC Adopts Final Rules for Disclosure of Hedging Policies

 

On December 18, “[t]he Securities and Exchange Commission (“SEC”) [] approved final rules to require companies to disclose in proxy or information statements for the election of directors any practices or policies regarding the ability of employees or directors to engage in certain hedging transactions with respect to company equity securities.” Release.

SEC Adopts Rule of Practice 194

 

On December 19, the Securities and Exchange Commission (“SEC”) published its adoption of Rule of Practice 194, which, generally speaking, “creates a transparent, efficient, and comprehensive process for a registered security-based swap dealer or major security-based swap participant, collectively known as SBS Entities, to apply to the Commission for relief from the statutory disqualification prohibition found in Exchange Act Section 15F(b)(6).” Release.