Michael C. Petronio

Counsel

New York
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
T 212 728 8671
F 212 728 9671
mpetroniowillkie.com

Michael C. Petronio is counsel in the Corporate and Financial Services Department. He specializes in matters related to securitization, as well as the acquisition, sale and financing of portfolios of financial assets, including consumer loans and mortgage servicing rights.

Securitization
Mike counsels commercial and investment banks, hedge funds and other institutional investors in structuring, negotiating and documenting asset-backed securitizations and other structured finance transactions involving residential and commercial mortgage loans, auto loans, credit card receivables, unsecured consumer loans, tax liens, servicing rights, timeshare receivables, trade receivables and other financial assets.

His work also includes representation of sponsors, underwriters, placement agents, liquidity providers, credit enhancers and investors in private placements, public offerings, and Rule 144A/Regulation S issuances.

Mike has recently counseled clients with respect to the legislation and regulation of the financial markets, including the Dodd-Frank Act, the Volcker Rule and proposed risk retention requirements, and has also served on related securitization industry working groups. He also has substantial experience representing participants in M&A transactions involving banks and finance companies.

Portfolio Sales and Financings
Mike also advises financial institutions and other capital markets participants on all aspects of the finance, acquisition and disposition of financial asset portfolios. He has extensive experience in structuring and documenting warehouse lines, residual financings, repurchase arrangements and other secured financing programs for both borrowers and lenders, as well as purchase and sale agreements for financial asset portfolios.

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Michael C. Petronio is counsel in the Corporate and Financial Services Department. He specializes in matters related to securitization, as well as the acquisition, sale and financing of portfolios of financial assets, including consumer loans and mortgage servicing rights.

Selected Significant Matters

Recent transactions include the following:

  • Representing Green Tree Servicing LLC and its parent, Walter Investment Management Corp., in the acquisition of mortgage servicing rights for a $93 billion Fannie Mae loan portfolio, including related advance receivables of approximately $1 billion, from Bank of America.
  • Advising Insikt, Inc., a FinTech startup company, in structuring and closing one of the first securitizations of peer-to-peer consumer loans originated by Prosper Funding.
  • Representing an equity investor in the joint venture acquisition of a $4.2 billion portfolio of secured and unsecured consumer loans and the simultaneous issuance of asset-backed securities for the debt portion of the purchase price.
  • Advising Morgan Stanley in the sale of certain mortgage servicing rights and related assets by its subsidiary Saxon Mortgage Services, Inc., to Ocwen Financial Corporation, involving a $22.2 billion portfolio of securitized agency and non-agency residential mortgage loans.
  • Representing a leading global bank in a series of structured sales of performing and sub-performing credit card receivables; advised client in structuring transaction to achieve balance sheet derecognition of "bad bank" assets.
  • Representing a leading global bank in a $100 million warehouse credit facility for the origination of subprime auto loans by a specialty finance auto loan originator and servicer, with a novel structure that used both rated and unrated advance rates.
  • Representing Citigroup Global Markets Inc. as initial purchaser in a series of auto loan securitizations.
  • Representing an asset manager in a privately placed securitization of a mixed portfolio of timeshare receivables, timeshare hypothecation loans and related assets.

Selected Professional and Business Activities

Mike is a member of the New York State Bar Association.

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