Michael Gamsky joined the firm in 2001. He is a member of the Corporate/Venture Law Group and co-leader of the Structured Finance Practice.

Experience

Mr. Gamsky has closed over a hundred subprime mortgage-backed securitizations representing both sponsors and underwriters.  He has represented sponsors in many first-of-a-kind subprime securitizations and NIMs transactions.  He also has extensive experience in advising sponsors/servicers as to their obligations under securitization documents to trustees, investors and pool and certificate insurers relating to repurchase demands based on alleged breaches of loan level representations and warranties, requests for access to loan level data and disagreements relating to audit rights and repurchase demands.  This experience combined with the four month comprehensive review of the default management practices of one of our servicer clients that he led has given Mr. Gamsky a unique perspective on issues arising during the loan origination process and servicing issues related to subprime and nonperforming mortgage loans.  Mr. Gamsky’s experience also includes whole loan purchases and sales, agency transactions, purchases and sales of servicing rights and other secondary market mortgage transactions.

Representative Engagements

Recent Securitization Transactions

In recent years, Mr. Gamsky has represented the sponsor/issuer in a number of innovative or first-of-a kind mortgage-backed securitizations, including:

• the first Fannie Mae guaranteed subprime deal
• the first Freddie Mac guaranteed subprime deal
• one of the first Fannie Mae fully-wrapped subprime deals
• the first Freddie Mac subprime deal included two separate structures, one guaranteed by Freddie Mac and a nonguaranteed subordinate class
• the first insured and uninsured Cayman Islands NIMS transactions since the late 1990s
• the first Cayman Islands NIMS transaction in which a single issuer issued multiple classes of notes since the late 1990s
• the first subprime deal insured by a monoline insurer and guaranteed by Fannie Mae
• one of the few subprime deals incorporating a pay-as-you-go cap structure
• one of the largest new issuance subprime securitizations ($4.4 billion) and NIMS transaction ($290 million) ever closed
• one of the first, reverse rent-a-shelf structures in which an investment bank purchases subprime loans from an originator in a whole loan sale and subsequently securitizes them using the originator’s shelf
• in January 2006, the filing of the first MBS/ABS preliminary prospectus supplement with the SEC under new Regulation AB
• one of the first Alt-B securitizations combining lower quality Alt-A loans with higher quality subprime loans