Synopsis
“To make the equilibrium that U.S. financial markets achieved in 2004 permanent, its benefits cannot be hidden in a vault. They must be applied to rebuild the productive sector of the U.S. economy and not abused so as to dismantle it. Otherwise, the long-sought financial sector goal of equilibrium will recycle in failure, as the productive sector spirals downward and drags down our financial sector.” (From: “POSTSCRIPT: IT'S STILL THE PRODUCTIVE SECTOR”) “Since the creation of money, national wealth has periodically been dragged down by the failures of financial markets. Today, an abundance of new information, an explosion of computative capacity and the financial market revolutions which we have watched are, we believe, creating a solution to instability in financial markets that can avoid or resolve crises, if only we will heed the lessons of history. If the U.S. succeeds in creating markets that are immune to crises, the worldwide benefits are truly astonishing. If markets respond in a rational manner, we will demonstrate how crises become profit opportunities, not precursors to recession or depression.” (From: “PREFACE”)
About the Author
Frederick L. Feldkamp is a partner of Foley & Lardner LLP. In 1973, Mr. Feldkamp provided the legal basis for Foley & Lardner's pioneering bankruptcy opinion that permitted issuance of America's first rated private mortgage-backed security in the post-Depression era. Throughout the years, he has provided legal advice to support numerous securitization innovations, including sponsorship of the largest non-bank financial-institution reorganization in Japan (2000) (creating the largest foreign-owned mortgage service firm in Japan); utility transition securities, including the largest ABS offering of 1998; and the first private collateralized mortgage obligation (1983). In addition to numerous publications, he was the legal advisor for the audit guidance that applies to the legal opinions required to support accounting sale treatment for the transfer of financial assets by U.S. reporting firms. Mr. Feldkamp has presented numerous speeches on U.S. securitization issues for the American Law Institute, The World Bank, the People's Republic of China, and for banks, investment banks, and banking and other regulatory groups in the U.S. and in countries throughout Asia. Mr. Feldkamp graduated from The University of Michigan (J.D., magna cum laude, Order of the Coif, 1971; A.B., economics, with distinction, 1968) and was a student fellow on the Research Seminar in Quantitative Economics. Bryan Jung is a partner in the Chicago office of Foley & Lardner LLP, focusing his practice primarily on structured and corporate finance transactions, including asset securitization, equipment leasing, and bank, finance company, and other institutional lending transactions. In securitization transactions, Mr. Jung has served as counsel to asset backed commercial paper conduit facilities and both issuers and purchasers of asset backed securities involving a variety of underlying assets, including electric utility stranded costs, automobile retail installment sales contracts, automobile dealer warehouse loans, and residential and commercial real estate mortgage loans. In corporate finance transactions, Mr. Jung primarily represents issuers and borrowers in a wide variety of secured and unsecured transactions, including senior and mezzanine debt, private placements and revolving credit facilities. Mr. Jung graduated from the University of Chicago Law School in 1990. His Bachelor's degree was awarded magna cum laude in 1985 by Illinois Wesleyan University.
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