Fannie Mae and Freddie Mac placed in conservatorship by U.S. Treasury and FHFA

On September 7, the U.S. Treasury Department and the Federal Housing Finance Authority (FHFA) placed Fannie Mae and Freddie Mac into conservatorship, and announced (i) Treasury’s entry into a Senior Preferred Stock Purchase Agreement with each Government Sponsored Entity (GSE), (ii) the creation of a Government Sponsored Entity Credit Facility (GSECF), and (iii) the adoption of a GSE Mortgage Backed Securities (MBS) Purchase Program.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Credit (finance), Security (finance), Dividends, Asset management, Mortgage loan, Liability (financial accounting), Preferred stock, Mortgage-backed security, American Recovery and Reinvestment Act 2009 (USA), HM Treasury (UK), US Department of the Treasury
Location:
USA
Firm:
Katten Muchin Rosenman LLP
Liquidators’ liability for GST – draft legislation released

Exposure draft legislation has been released which proposes amendments to the GST legislation to make it clear that liquidators and other representatives of incapacitated entities are liable for GST on transactions within the scope of their appointment.

Date of effect

It is proposed that the main operative provisions of the legislation have effect retrospectively from the commencement of the GST Act on 1 July 2000.

Background

Filed under:
Australia, Insolvency & Restructuring, Tax, Norton Rose Fulbright, Tax exemption, Bankruptcy, Unsecured debt, Dividends, Consideration, Liquidation, Goods and services tax (Canada), Liquidator (law), Constitutional amendment, Federal Court of Australia
Location:
Australia
Firm:
Norton Rose Fulbright