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Defining A Free Writing Prospectus (FWP)

  • Broadcast in Legal



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Hello folks, and thank you for joining me for another exciting episode of the ADR-NOW! Internet Radio Webinar.  I am your host, Anthony Johnson.

In this episode, we will continue our discussion about the securitization of mortgage assets and further illuminate the role of the Pooling and Servicing Agreement (PSA) in conjunction with a "Free Writing Prospectus" (FWP). 

The Free Writing Prospectus was implemented by the SEC Rule 163/433, in the winter of 2005 as a new protocol for offering related communications outside of a registration statement.  As you will see, the free writing prospectus offers intriguing potention for communications with the ability to uncover whether your mortgage and note is listed as part of the securities offering if your mortgage was placed in a securitized investment trust.  Furthermore, pursuant to Rule 433(d), the free writing prospectus must be filed in an active trust no later than the first date of use.  So, if you are in a foreclosure dispute, and your mortgage is being held in a REMIC, you can make the argument that the transfer into the trust not only violates the PSA but also upon review of the FWP, your loan is not listed as part of the securities offering for that particular trust. 

For more informationn about FWP's and PSA's, contact A. Johnson & Associates, LLC, 888-502-0586 or www.adr-now.com.

DISCLAIMER: We are not attorneys.  We are not engaged in rendering legal advice.  We are Alternative Dispute Resolution Practitioners.  If legal advice is required, the assistance of a competent, qualified legal professional should be obtained.