Please note that this event is sold out.  If you would like to be added to a wait list, please contact Audrey Gardiner at agardine@stern.nyu.edu or 212-992-6840.  We will not be accepting walk-ins at this event.

    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, but was postponed due to Hurricane Sandy.) 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 in the morning, followed by a networking lunch. In the afternoon, the focus is on recent changes to mortgage legislation and the future of the private-label mortgage market. This part of the program continues our discussion from last May's GSE conference. The conference will be followed by a cocktail reception.

    Date and Time
    Tuesday, March 5, 2013
    8:30 AM – 5:30 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, please visit the CREFR website or contact Audrey Gardiner at 212.992.680 or agardine@stern.nyu.edu.



    PROGRAM AGENDA

    8:30-9:00 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 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: TBC

    B. Qualified Mortgage and Ability-to-Pay Rules
    Presenting: TBC
    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: TBC

    D. Mortgage Servicing Rules
    Presenting: TBC
    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: TBC
    Commenting: Stephen Kudenholdt, Partner, SNR Denton

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

    G. Risk-based Capital Rules for Securitizations in the United States
    Presenting: TBC
    Commenting: Eric Wise, Managing Director, RBC Capital Markets

    H. The Need for Government Guarantees
    Presenting: TBC
    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