MFA, with the Loan Syndications and Trading Association, SIFMA, and seven other trade associations submitted an amicus brief in the RadLAX Gateway Hotel, LLC v. Amalgamated Bank case before the U.S. Supreme Court. At issue is whether a secured lender always has the right in bankruptcy to credit-bid on its collateral. We believe it does. The right to credit-bid protects secured lenders against potential undervaluation of their collateral in bankruptcy. A new rule allowing debtors to bar credit-bidding would increase the risk of undervaluation, and thus lead to an increased cost of capital. Such a rule would have a significant negative impact on the market for secured financing.