BLP advises on the restructuring of 16 RMBS with a total value of £15bn

International law firm Berwin Leighton Paisner acted for the issuers of 16 residential mortgage-backed securitisations (RMBS) originated by Paratus AMC (formerly GMAC RFC) with a total value of £15bn.

The transactions concerned the modification of the transaction documents for each RMBS to address the requirements of Barclays Bank PLC, in its capacity as account bank, regarding the provision of direct debit services to the originator and recent changes to the Direct Debit Scheme rules.

The restructuring concerned 13 RMAC RMBS, 2 Rathmount RMBS and 1 PMAC RMBS.

The transactions followed the earlier restructuring of 34 Lehman-originated RMBS, completed by Berwin Leighton Paisner in May 2011, to address similar requirements.  Berwin Leighton Paisner has advised on the restructuring of 50 RMBS, with a total value of £33.5bn, and helped to establish a new market standard for RMBS transaction documents in relation to collections from borrowers by direct debit and the rights of the relevant account bank.

The BLP team was led by structured finance partner Tamara Box and senior associate Alex Campbell, assisted by senior associate Sarah-Jane Butler and associate Carl Shaffer.

Commenting on the transaction, Tamara Box and Alex Campbell said “We are pleased that we have been able to apply our unique experience gained on the restructuring of the Lehman-originated RMBS to other RMBS programmes in the market.  Lessons regarding the deficiencies in market standard documentation continue to be learned.”

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