9:00 AM
Delegate Registration Opens
4:11 AM
Workshop A: GSE Reform Policy Issues
  • Senior government and private sector representatives will discuss the key material issues that arise when considering how to reform federal housing finance policy and Fannie Mae and Freddie Mac
  • Such issues include, for example, risk sharing, systemic risk, guarantee fee structuring and pricing, preservation of the TBA market, transition management, and other issues



Should There Be A Backstop Guaranty Of Some Nature Supplied By A US Government Entity To Supplement Private Insurance?

If There Should Be A Government Back Stop Guaranty, Should It Be Only For Catastrophic Systemic Risk, Or Be Available Sooner Based On A Different Trigger?

What Form Should The Private Market Guarantor Take?

Should The Securitization Platform Be The Securitizer?

Who Should Be The Issuer?

Will We Actually Have Comprehensive GSE Reform Or Will The Present GSEs Evolve Toward Reform As The Reform Process Will Otherwise Never Be Completed?


Jason Kravitt

Mayer Brown

Laurie Goodman

Center Director, Housing Finance Policy Center
Urban Institute

Lydia Foo

Executive Director
Morgan Stanley

Larry White

Robert Kavesh Professor of Economics
Stern School at NYU

Anup Agarwal

Head of Securitized Products
Western Asset Mortgage Capital Corp

Pete Sack

Managing Director
Credit Suisse

Andy Davidson

Andrew Davidson & Co., Inc.

Adam LaVier

Managing Director
Millstein & Co
2:00 PM
Exhibit Hall Opens
4:11 AM
Workshop B: ABS 101
  • Typical ABS structures and asset classes
  • Relative value of ABS as an investment and funding option
  • Historical performance
  • Future issuance outlook regulatory and other issues that may impact ABS

Patricia Evans

Vice President
Wilmington Trust

Jim Ahern

Managing Director - Global Structured Finance
Moody's Investors Service

Robert Gross

Bingham McCutchen LLP
4:11 AM
Workshop A: GSE Reform Policy Issues CONTINUED

Jason Kravitt

Mayer Brown

Laurie Goodman

Center Director, Housing Finance Policy Center
Urban Institute

Lydia Foo

Executive Director
Morgan Stanley

Larry White

Robert Kavesh Professor of Economics
Stern School at NYU

Anup Agarwal

Head of Securitized Products
Western Asset Mortgage Capital Corp

Pete Sack

Managing Director
Credit Suisse

Andy Davidson

Andrew Davidson & Co., Inc.

Adam LaVier

Managing Director
Millstein & Co
4:11 AM
Workshop B: Consumer Credit Metrics
  • What factors enter into a credit score?
  • How has the Ability to Pay analysis affected the credit scoring model, if at all?
  • How has the recession and recent credit performance affected default rates for any given score?
  • How have scores migrated through the recession and more recent improvement in credit performance cycles?
  • Are there segments of the population that have been performing better/worse than expected? If so, why?
  • On a prospective basis, what segments of the credit population should investors be wary of?

Gregg Silver

President & Chief Financial Officer
1st Financial Bank USA

Gunnar Blix

Leader of Mortgage Vertical Analytics

Sarah Davies

SVP, Product Management, Analytics & Research
VantageScore Solutions, LLC
4:11 AM
Workshop C: ABCP – a 101
  • Typical ABCP structures
  • Why ABCP?
  • Past performance
  • Future prospects
  • Regulatory and other issues that may impact ABCP

Michael Himmel

Chapman and Cutler LLP

Andrew White

Royal Bank of Canada

Philip Galgano

Managing Director, Lead Analytical Manager, ABS
Standard & Poor's Ratings Services
3:10 PM
Refreshment Break in the Exhibit Hall
12:00 AM
Commence Concurrent Workshops A, B, C
4:11 AM
Workshop A: Private label Residential MBS Policy Issues
  • What will be necessary to bring back the PLS market for RMBS in necessary volume after the GSEs are reformed?
  • QM/QRM and Retention isclosure

Stephen Kudenholdt

Co-Chair, US Capital Markets Practice

Howard Altarescu

Orrick, Herrington & Sutcliffe LLP

Chris Haspel

Promontory Financial Group

Laurence Platt

K&L Gates
4:11 AM
Workshop B: Mortgage Credit Fundamentals and Key Valuation Considerations
  • Primary macroeconomic and mortgage risk components
  • Impacts of home values and mortgage rates
  • Projecting short-term and long-term trends
  • Analytic tools and data sources
  • Loan-level factors and deal structures

Ned Myers

Senior Vice President
Black Knight Financial Services

Ed Yale


Rich Ali-Kissoon

Manager, Structured Finance Pricing Analyst
S&P Capital IQ

Tanmoy Mukherjee

Managing Director
Axonic Capital LLC

David May

Mortgage Business Manager
Bloomberg L.P.

Olgay Cangur

Director - RMBS
Morningstar Credit Ratings, LLC
4:11 AM
Workshop C: Esoterics 101
  • What is an esoteric asset?
  • Challenges in securitizing esoteric assets
  • Challenges faced by most esoteric assets
  • Challenges unique to certain esoteric assets
  • Completing the deal how to navigate around the challenges; successes and failures
  • Future of esoteric assets
  • Which esoteric ABS classes are appealing to investors, and why?
  • Which esoteric ABS classes are merely trends and which are here to stay?

Boris Ziser

Schulte Roth & Zabel

Andrew Yuder

Managing Director
BB&T Capital Markets

David Bondy

Managing Director

Kate Scanlin

Senior Director
S&P Global Ratings

Douglas Frankel

Managing Director
PNC Capital Markets
4:11 AM
Workshop A: Private label Residential MBS Policy Issues CONTINUED
  • Litigation; how must it be ended to let the new market prosper?
  • Reps and warranties and other documentation or dispute resolution issues

Stephen Kudenholdt

Co-Chair, US Capital Markets Practice

Kathy Patrick

Gibbs & Bruns LLP

Richard LeBrun

Executive Vice President, Legal & Compliance

Elaine Golin

Wachtell Lipton Rosen & Katz

Eric Kaplan

Managing Partner - Structured Finance
Ranieri Strategies LLC

Larry Rubenstein

Managing Counsel
Wells Fargo & Co.

Steven Abrahams

Managing Director
Deutsche Bank Securities Inc.
4:11 AM
Workshop B: Covered Bonds: Overview of the Market and 101
  • How the cover pool for a transaction is selected and its functions
  • Review of performance triggers
  • Which countries and issuers saw the greatest growth in covered bond deal volumes?
  • Which countries are poised for more expansive issuance in coming years?
  • Developments in the regulations
  • Review of the current players in dollardenominated covered bond issuance
  • Covered bond treatment under Basel III (liquidity coverage ratio) and other regulatory frameworks
  • As covered bond returns continue to improve, just how will investors react and improve demand for new issuance?
  • Why yield-thirsty investors continue to grow their interest in this asset class, and a look ahead at 2014 projected capital market issuance
  • What must change in the U.S. regulatory landscape to facilitate domestic covered bond deals?
  • Prospects of the first U.S.-based covered bond transaction occurring in 6-, 9-, 12- months

Wojtek Niebrzydowski

Vice President, Treasury
Canadian Imperial Bank of Commerce - CIBC

Michael Durrer

Senior Counsel
Sidley Austin LLP

Luca Bertalot

European Covered Bond Council

Eric Gretch

Senior Director Structured Finance
Standard & Poor's Ratings Services
4:11 AM
Workshop C: CLO and Leveraged Loans: 101
  •  General market trends for both CLOs and Leveraged Loans
  • Where we are post-crisis (CLO 2.0) vs.. pre-crisis (CLO 1.0) from a standpoint of manager access to the market (number of managers that have issued 2.0 deals)
  • Manager consolidation
  • Loan issuance volume
  • New-money issuance/LBO activity
  • Maturity wall issues
  • The role of the Total Return Swap

Luis Amador

Managing Director
Moody's Analytics

Kenneth Kroszner


Craig Stein

Schulte Roth & Zabel

Marvin Thomason

MUFG Americas

Steve Vaccaro

Co-President, Chief Investment Officer
CIFC Asset Management

Taryn Leonard

Managing Director
Babson Capital Management
4:11 AM
Day One of ABS Vegas Concludes and Welcoming Reception Commences Sponsored by:

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