Financial Regulatory Report

This posting was written by Travis P. Nelson.

Joseph M. Marger, our colleague and partner in our Real Estate group, recently authored an alert regarding Michigan Gov. Rick Snyder's action of signing into law the Nonrecourse Mortgage Loan Act, MCL Sec. 445.1591, et seq., which seeks to overturn two Michigan court decisions that interpreted and applied certain special purpose entity (SPE) and nonrecourse “carve-out” loan provisions in a manner that appeared to favor lenders and was outside of the expectations of commercial borrowers. To read the entire alert, please visit

Travis P. Nelson is a senior associate in the Financial Services Regulatory Group at Reed Smith LLP, resident in the Princeton and New York offices. Prior to joining Reed Smith, Travis was an Enforcement Counsel with the Office of the Comptroller of the Currency, U.S. Treasury Department, in Washington, D.C. Travis is also adjunct faculty at Villanova University School of Law, and a frequent lecturer at national and regional banking conferences.