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Baker & McKenzie,
Habitat for Humanity announce closing of $1m securitization of mortgages in New
Jersey
New York, NY, October 17, 2002 ¿ Baker & McKenzie and Habitat for Humanity
International (HFHI) today announced the closing of a $1 Million, 15-year
interest-free loan from the New Jersey Housing and Mortgage Finance Authority (NJHMFA).
The
loan was secured by mortgages held by eight Habitat affiliates in
New Jersey, and, as limited by its terms, all proceeds will be used
to build affordable, owner-occupied housing for homeowners earning
80% or less of the area median income. Partner David Wolin and Shanell
Cramer, both of Baker & McKenzie's New York office, provided
legal work for the deal.
With WolinÍs securitization expertise and project leadership, the Firm provides
pro bono services to Habitat for Humanity, raising millions for the development
of low-income housing via the securitization of existing Habitat mortgages. The
sophisticated Wall Street financing device affords decent housing to families in
communities in the US and beyond.
ñIn effect, we are bringing Wall Street to Main Street - providing
families and communities with housing options via a financing structure
that packages HabitatÍs existing zero-coupon mortgages into securities,
raising money for the organization without sacrificing their charitable
mission and integrity,î said Wolin.
"Habitat for Humanity is thrilled to be partners with Baker & McKenzie," said
Regina Hopkins, Vice President and General Counsel of Habitat for Humanity
International. "It's exciting to have a partnership that exists on so many
levels: Baker has not only provided us with pro bono legal services, but they
have also demonstrated their commitment to Habitat for Humanity by coming to the
job site and working with our partner families. We look forward to an ongoing
partnership with the Firm."
Habitat for Humanity International is an ecumenical Christian ministry dedicated
to eliminating poverty housing. Founded by Millard Fuller, along with his wife,
Linda, Habitat for Humanity International and its affiliates in more than 3,000
communities in 83 nations have built and sold more than 125,000 homes to partner
families with no-profit, zero-interest mortgages.
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