Caine Mitter and its predecessors have been advising on the financing of affordable housing since 1978, when Thomas Caine left Paine Webber and co-founded Caine & Midgley Incorporated, the first independent financial advisor offering all services traditionally provided by investment banking firms (except underwriting and sale of securities), and the first financial advisor concentrating on a single area of the municipal market.
While at Paine Webber, Mr. Caine moved through the ranks of the Municipal Bond Department, starting as a clerk on the trading desk and becoming a trader in both the primary and secondary markets. He joined the Public Finance Department at its inception in 1971, during the formative years for housing finance agencies, and was instrumental in the creation of almost half of the State housing finance agencies. He designed the financing structure that became the model for housing finance agencies, as well as the precursor for asset backed structured finance. Mr. Caine went on to manage the Department and, under his supervision, Paine Webber was ranked first in housing finance.
Over the years, the firm has evolved, taking on several different names in the process (Caine & Midgley Incorporated, Caine Gressel Midgley Slater Incorporated and CGMS Incorporated), but has maintained its focus on the housing sector. Caine Mitter has acted as financial advisor on over 2,500 financings totaling over $120 billion.
When the housing finance sector first developed in the 1970s, intricate structuring and complex federal tax law requirements combined to make housing finance the most complicated area of public finance. Over the years, this complexity has only grown. The continual development of new financing techniques and mortgage products has increased both opportunities and risk considerations. Federal tax legislation and regulations have evolved, creating additional hurdles. Many investment banking firms have come and gone, leaving housing finance agencies in need of new underwriters and counterparties. As market conditions have changed, Caine Mitter has always been there to assist housing finance agencies in responding to and taking advantage of the prevailing environment, in order to better carry out their mission of providing affordable housing.
