Financial Times FT.com

Resources

O'Melveny & Myers logo
O'Melveny & Myers

US Financial Crisis and the downturn 2009 (2)

View full ranking
Prev
Rankings at a glance
Award levelCommended
InnovationRepresenting New Century Financial Corporation, the largest subprime lender to enter Chapter 11
Originality6
Rationale6
Impact6
Total18
DescriptionThe firm devised an ingenious strategy using creditors' statistical models of recovery rates on mortgages against them to negotiate an agreement, minimising litigation and dramatically shortening the time taken to restructure

US Financial Crisis and the downturn 2009

View full ranking
Next
Rankings at a glance
Award levelHighly commended
InnovationMortgage modification programme
Originality6
Rationale7
Impact7
Total20
DescriptionRepresenting the mortgage provider Countrywide, the firm devised a plan to address both the concerns of state attorney- generals and the broader public policy issues to create a landmark home retention plan for homeowners threatened with foreclosure