On 23 July the Federal Home Loan Mortgage Corporation's general counsel, Robert Bostrom, rang Randall Guynn, head of the financial institutions group at Davis Polk & Wardwell. Davis Polk was not one of Freddie Mac's outside law firms - Covington & Burling did its regulatory and disclosure work, and Cadwalader Wickersham & Taft did its routine corporate work. But Bostrom needed an equity products specialist. Regulators, concerned about the lender's massive exposure to the US mortgage market, had demanded that it shore up its core capital. But with Freddie Mac shares trading at gutter levels, issuing billions of dollars in new equity could backfire.
February 04, 2009 at 09:04 PM
1 minute read
The original version of this story was published on Legalweek
Davis Polk & Wardwell has been a go-to firm during Wall Street’s meltdown. How much will all that ‘strategic’ work pay off? Julie Triedman reports
On 23 July the Federal Home Loan Mortgage Corporation’s general counsel, Robert Bostrom, rang Randall Guynn, head of the financial institutions group at Davis Polk & Wardwell.
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