Dechert LLP

Commercial Mortgage-backed Securities

Partner

Michael J. Rufkahr’s practice focuses on the tax aspects of financial instruments, structured finance and investment vehicles, particularly with respect to real estate finance and mortgage and asset-backed securitizations.

Mr. Rufkahr has advised sponsors, issuers, credit enhancers and underwriters on the issuance of nearly $1 trillion in mortgage-backed securities issued by real estate mortgage investment conduits (REMICs) and grantor trusts. Since 1997, Mr. Rufkahr has served as principal outside securitization tax counsel to Fannie Mae in over 1,400 residential mortgage securitizations and mortgage-backed security stripping transactions using REMIC and fixed investment trust structures. He regularly advises investment funds with respect to mortgage-backed security investments, and borrowers, lenders and master and special servicers with respect to loan administration and debt modification tax issues. Mr. Rufkahr is also experienced in matters pertaining to private and publicly traded real estate investment trusts (REITs).

Mr. Rufkahr advises sponsors, issuers, investors and underwriters with respect to domestic and off-shore collateralized debt obligation (CDO) and collateralized loan obligation (CLO) structures, distressed asset investments, workouts and modifications. He also has extensive experience in asset-backed securitizations of auto receivables, credit card receivables, life settlement contracts and structured settlements. Mr. Rufkahr regularly advises issuers, investors and underwriters with respect to taxation of financial instruments and debt/equity tax classification issues.

University of Michigan, A.B., 1976 University of Michigan Law School, J.D., 1979