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Return of Private Capital to Mortgage Markets

March 5th, 2013

Materials from March 5th's Winter Symposium can be found below:
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NYU Stern Center for Real Estate Finance Research

Winter Symposium, March 5, 2013

The Return of Private Capital to the Mortgage Market

The Center for Real Estate Finance Research (CREFR) and Marc H. Bell, General Partner of Barbican Capital invite you to Stern for a full-day conference on the future of the U.S. housing finance system. (This conference was originally scheduled to take place on October 30th, 2012, but was postponed due to Hurricane Sandy.) In the morning, please join leaders in the private, academic, and policy sectors to discuss mortgage REITs and the increasingly important role they play in the housing finance system. The morning session is followed by a networking lunch. In the afternoon, the focus will be on recent changes to mortgage legislation and the future of the private-label mortgage market as part of a continued discussion from last May's GSE conference. Please join us for a cocktail reception immediately following the conference.

Date and Time
Tuesday, March 5, 2013
8:00 AM – 6:00 PM

Location
NYU Stern School of Business
Henry Kaufman Management Center
44 West 4th Street, Room 2-60
New York, NY
 
Cost
Free for members of the CREFR, NYU students, and faculty
$50 for non-members
 
For Center information contact Audrey Gardiner at 212-992-6840 or agardine@stern.nyu.edu.


PROGRAM AGENDA

8:00-9:00 AM: NETWORKING BREAKFAST & REGISTRATION

9:00-9:05 AM: WELCOME REMARKS

• Prof. Edward Glickman, Clinical Professor of Finance and Executive Director of the CREFR, NYU Stern
 
• Elizabeth Wolfe Morrison, Dean of Faculty and ITT Harold Geneen Professor in Creative Management, NYU Stern
 
9:05-9:20 AM: THE UNIVERSE OF MORTGAGE REITs

• Marc H. Bell, General Partner, Barbican Capital, Member of the Board of Trustees, New York University
 
9:20-9:40 AM: EQUITY ANALYSIS OF MORTGAGE REITs - Return Data over the Past 40 Years

• Stijn Van Nieuwerburgh, Professor of Finance and Director of the CREFR, NYU Stern
 
9:40-10:40 AM: STATE OF MORTGAGE REITs PANEL - Collateral and its Outlook
Moderator: Peter Eavis, New York Times

• Matthew Jozoff, Managing Director, JP Morgan
 
• Mark D. Hanson, Senior Vice President and Head of Securitization, Freddie Mac
 
• Jay Diamond, Managing Director and Chief of Research, Annaly Capital
 
• Wayne Passmore, Associate Director Research and Statistics, Board of Governors of the Federal Reserve System
 
10:40-11:00 AM: NETWORKING COFFEE BREAK

11:00 AM-12:00 PM: FUTURE OF HOUSING FINANCE PANEL - Are mortgage REITs the solution?
Moderator: Nick Timiraos, Wall Street Journal

• Scott J. Ulm, Co-CEO, ARMOUR Residential REIT, Inc.

• Gary Kain, President and Chief Investment Officer, American Capital Agency Corp.

• Philip Harris, Partner, Skadden, Arps, Slate, Meagher & Flom LLP

• Bose George, Managing Director Equity Research, Keefe Bruyette & Woods
 
12:00-1:00 PM: NETWORKING LUNCH

1:00 PM-2:30 PM: RECENT CHANGES TO MORTGAGE REGULATION PANEL I
Moderator: Brian Lancaster, RBS and NYU Stern

A. Recent Activity in the Private Label Market
Presenting: Brian Lancaster, Managing Director and Co-Head of Structured Transactions, Analytics, Risk and Strategy, RBS, and Adjunct Professor of Finance, NYU Stern
Commenting: Fred Matera, Managing Director and Chief Investment Officer, Redwood Trust

B. Qualified Mortgage and Ability-to-Pay Rules
Presenting: Kelly Cochran, Deputy Assistant Director Regulation, Consumer Financial Protection Bureau
Commenting: Barry Zigas, Director of Housing Policy, Consumer Federation of America

C. Qualified Residential Mortgage and Risk Retention Rules:
Presenting: April Snyder, Senior Counsel, Board of Governors of the Federal Reserve System
Commenting: Andrew C. Miller, Senior Vice President & Director of Regulatory Policy, PNC

D. Mortgage Servicing Rules
Presenting: Peter Carroll, Assistant Director Mortgage Markets, Consumer Financial Protection Bureau
Commenting: Kenneth Adler, Co-head of Mortgage Servicing and Secondary Group, Citibank

Followed by 30 minutes of questions and answers

2:30-3:00 PM: NETWORKING COFFEE BREAK

3:00 PM-4:30 PM: RECENT CHANGES TO MORTGAGE REGULATION PANEL II
Moderator: Jason Kravitt, Partner, Mayer Brown

E. Reg AB and Disclosure Rules
Presenting: Peter Sack, Managing Director, Credit Suisse
Commenting: Stephen Kudenholdt, Partner, SNR Denton

F. RMBS Litigation, Representations and Warranties, and Securities Laws
Presenting: Robert Madden, Partner, Gibbs & Bruns
Commenting: Jon Van Gorp, Partner, Mayer Brown

G. Risk-based Capital Rules for Securitizations in the United States
Presenting: Jason Kravitt, Partner, Mayer Brown
Commenting: Eric Wise, Managing Director, RBC Capital Markets

H. The Need for Government Guarantees
Presenting: Michael S. Canter, Director Securitized Assets, AllianceBernstein
Commenting: Matthew Richardson, Professor of Finance and Director of the Salomon Center for the Study of Financial Markets, NYU Stern

Followed by 30 minutes of questions and answers

4:30-6:00 PM: NETWORKING RECEPTION