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Biography
Carson Allgood is Squared’s Head of Commercial Finance practice area and Financial Services industry group.
Carson is recommended by The Legal 500 US as “truly one of the more well-known lawyers in the mortgage space.” His areas of practice include residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and other asset-backed securities (ABS), primarily focusing on residential mortgage loan securitization as well as re-securitization transactions involving various classes of mortgage-backed securities. He represents issuers, underwriters, loan sellers and other entities in public offerings and private placements.
Ranked Band 1 by Chambers Global (2020) and Band 1 by Chambers USA (2020) for eleven consecutive years, Carson has been praised by sources as “really smart” and an “excellent lawyer with a lot of presence,” with clients turning to him “to figure out new products and new ways in the industry.” He has helped develop many transaction structures and formats that have become industry standards, including shifting interest subordination techniques. His recent transactional work includes representing both issuers and underwriters in the securitization of distressed assets by federal agencies, and also in the re-emerging private RMBS markets.
Carson, who is described by Chambers USA as a “godfather of the industry,” is a member of the board of directors of the Structured Finance Association (SFA), formerly known as SFIG, and is actively involved in a number of SFA committees and initiatives pertaining to LIBOR transitioning, residential mortgages and RMBS. He is also a frequent writer and public speaker on regulatory developments affecting securitizations.
- Credit Suisse, Nomura and Raymond James: Represented as initial purchasers in Arroyo 2019-2, the first REIT-issued, debt-for-tax securitization of non-QM loans by WAMCO and valued at US$919 million.
- Credit Suisse Securities (USA) LLC and Nomura Securities International, Inc.: Represented as initial purchasers in Deephaven Residential Mortgage Trust 2019-1, -2 and 2018-1, -2 and -3, five securitizations backed by newly originated prime jumbo mortgage loans purchased from various originators and valued at US$1.6 billion.
- Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, Cantor Fitzgerald & Co and Merrill Lynch, Piece, Fenner & Smith Incorporated: Represented as initial purchasers in PSMC Trust 2019-1 and 2018-1,-2, -3 and -4, five rated securitizations backed by prime jumbo residential mortgage loans, valued at US$1.9 billion, and jointly sponsored by subsidiaries of American International Group, Inc. (AIG), as AIG launches its own securitization program.
- Credit Suisse Securities (USA) LLC and Nomura Securities International, Inc.: Represented as initial purchasers in Deephaven Residential Mortgage Trust 2019-1, -2 and 2018-1, -2 and -3, five securitizations backed by newly originated prime jumbo mortgage loans purchased from various originators and valued at US$1.6 billion.
- PennyMac Mortgage Investment Trust and Copper Securities Holding, LLC: Represented as guarantor and repo seller, respectively, in PMT Credit Risk Transfer Trust 2019-1R, a secured, floating rate, Class A Notes and Class B Certificates. The assets securing the Class A Notes consist of the PMT Credit Risk Transfer Trust 2015-1, Class M Certificates, PMT Credit Risk Transfer Trust 2015-2, Class M Certificates, and PMT Credit Risk Transfer Trust 2016-PM1, Class M Certificates each, a class of certificates issued in accordance to a GSE credit risk transfer program and owned by CSH. The transaction effectuates a debt financing structure of esoteric underlying securities that would not be amenable to a traditional securitization model.
- Atom Bank: Advised the UK-based bank as originator and seller on Elvet Mortgages 2019-1 PLC, its second public residential mortgage-backed securitization transaction of approximately £508 million worth of mortgage loans. The transaction included notes and residual certificates capable of being resold under Rule 144A and satisfied both EU and US risk retention rules.
- SFIG: Advised on numerous policy-related matters, including: (i) its October 30, 2017 comment letter to the Federal Reserve Board and the Federal Reserve Bank of New York’s Alternative Reference Rates Committee (ARRC) regarding potential reference rates to replace LIBOR and subsequent LIBOR replacement green papers; (ii) its August 11, 2014 comment letter to the US Treasury regarding the future of the private label RMBS market; and (iii) its April 28, 2014 comment letter to the US Securities and Exchange Commission (SEC) regarding Regulation AB II and privacy law issues. Also actively involved with NRSRO Due Diligence, Risk Retention, Volcker Rule and other securities law matters.
- Several major investment banks: Represented in a wide variety of mortgage securitization transactions, including subprime and home equity loans, commercial and multifamily mortgage loan securitizations, flow delivery programs, repo programs and joint ventures.
- FDIC: Represented as receiver and guarantor in connection with the issuance of approximately US$1.8 billion of FDIC Structured Sale Guaranteed Notes, Series 2010-S1. It was one of four FDIC deals that collectively won the “US Securitization” category for 2010, as published by Credit magazine in its “Deals of the Year 2010” edition.
- As sponsor/issuer in connection with FDIC 2013-R1 Trust, the third transaction under the FDIC’s single family performing residential mortgage loan securitization program. The deal party structure created for this transaction was adopted as the model for the FDIC Trust 2013-R2 transaction and may be used for similar FDIC’s securitization program transactions.
- As receiver and guarantor in connection with the issuance of approximately $1.8 billion of FDIC Structured Sale Guaranteed Notes, Series 2010-S1, which are secured by private label residential mortgage-backed securities previously held by various failed depository institutions, and guaranteed by the FDIC, where we prepared the offering document and governing documents. It was one of four FDIC deals that collectively won the “US Securitization” category for 2010, as published by Credit magazine in their “Deals of the Year 2010” edition.
- Analysis and resolution of issues relating to approximately 6,000 Home Equity Conversion Mortgage Loans secured by properties in Texas.
- Structured Finance Association: member, board of directors; member, Residential Mortgage Committee; member, LIBOR Task Force
- American Bar Association: Federal Regulation of Securities, Structured Finance Subcommittee
- Securities Industry and Financial Markets Association (SIFMA): MBS Committee, Reg AB2 working group
"A highly respected industry leader. He is highly rated for mortgage-backed securities transactions and clients describe him as 'a securitization guru. We rely heavily on him and his team for advice in that area. He's top of the pack.'"
Chambers USA
