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These assignments do not represent a complete list of the Firm's experience, but rather provide a sample of SA LLC's previous engagements. Current projects are not listed.

Cendant Mortgage / WM Daugherty:

Sperlinga Advisory was retained to structure a series of bonds backed by so called “scratch and dent” loans. These loans were not necessarily made to poor credit borrowers, but had some characteristic which made them unacceptable to GNMA, FNMA or FHLMC. Document deficiencies were often the reason for their unacceptability.

These loans were aggregated by Cendant Mortgage, a large New Jersey based mortgage banker. W.M. Daugherty who was assigned to create the securitization, retained Sperlinga Advisory for the actual structuring of the bonds. We were provided with collateral tapes of what Cendant wanted to securitize. We performed analysis to be used in the rating agency process. As one might imagine, the Cendant portfolio included loans with a wide array of mortgage characteristics [e.g. fixed and floating, Federal and state insured, balloon and relocation, etc.].

Sperlinga Advisory produced yield tables for the marketing of the bonds, as well as the decrement tables used in the legal offering documents. We also provided Cendant analysis of the residual, first-loss and mezzanine securities they retained.