Credit Risk Transfer
New York, NY
April 25, 2019

Description

IMN is excited to announce the return of the 4th Annual Credit Risk Transfer Symposium, taking place April 25, 2019 at the Conrad New York. This market has grown from a little known asset class to an essential part of the mortgage market, as Enterprises continue to innovate and experiment with various structures and attempt to expand the scope of their CRT programs.

Issuers looking to market their latest offerings and investors seeking yield in the asset class will have many opportunities to connect pre, during and post-event, in the exhibit hall and sponsor-hosted private meeting spaces.
 
Our attendees gain a competitive edge from attending the sessions hosted over this one-day conference, and features speakers whose expert insights provide important industry and regulation updates, key trends, opportunities and challenges headlining the future of GSE reform.  
 
A must-attend event, IMN’s Credit Risk Transfer Symposium is a platform that informs, engages and delivers a competitive edge for the U.S. structured finance community.

Who Should Attend
  • GSEs
  • Technology Platform Providers
  • Asset Managers
  • Hedge Funds
  • Banks
  • Insurance & Reinsurance Companies
  • Sovereign Funds
  • Analytics Firms
  • REITs
  • Lenders
  • Rating Agencies
  • Law Firms
  • Consultants
  • Mortgage Companies

Investors 174

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Agenda

    Thursday, April 25th, 2019

      8:00 AM
      Delegate Registration & Breakfast


      8:50 AM
      Opening Remarks


        • Lauren Kerr , Conference Producer (IMN)

      9:00 AM
      Keynote: The Future of the Mortgage Market and CRT


        • David Brickman , President (Freddie Mac)

      9:20 AM
      Economic Drivers of the CRT Market

        • How do housing economics effect lending volume and performance outlook?
        • What are the fundamentals of the underlying collateral (appreciating housing prices, interest rates, and delinquency rates)?
        • What are the risks associated with changing loans as they originate from an overvalued housing market?
        • Macroeconomic view: What is happening in the peripheral and housing market to drive deal price, liquidity and relative value of CRT?
        • China trade wars to other high yield markets: What is the outlook of the CRT securitized product?
        • Relative value: CRT vs. other investment opportunities
        • How will the weakened USD effect the CRT market in 2019? 

        • Philip Hong , Vice President (Wells Fargo)
        • Roger Ashworth , Director (Citi)
        • Richard Cooperstein , Director, Model Risk Management (Andrew Davidson & Co., Inc.)
        • Christopher Flanagan , Managing Director (Bank of America Merrill Lynch)
        • Daniel Hall , Director (S&P Global Ratings)

      10:05 AM
      GSE Program Updates

        • Outlook and volume projections for 2019 GSE programs compared to the last 12 months
        • Securitized products and reinsurance program updates
           

        • Mary Stone , Managing Director (Bank of America Merrill Lynch)
        • Laurel Davis , Vice President for Credit Risk Transfer (Fannie Mae)
        • Jack Kahan , Managing Director (Kroll Bond Rating Agency, Inc.)
        • Janet McCrae , Partner (Hunton Andrews Kurth LLP)
        • Kevin Palmer , Senior Vice President, Single Family Portfolio Management (Freddie Mac)

      10:50 AM
      Networking Refreshment Break


      11:20 AM
      Keynote: Aspects of CRT Capital Relief

        • CRT capital relief under FHFA’s proposed capital rule for the Enterprises

        • Naa Awaa Tagoe , CFA, Senior Associate Director (Federal Housing Finance Agency)
        • Bryan Goudie , Principal Financial Analyst (Federal Housing Finance Agency)

      11:50 AM
      Keynote: Digital Strategy: How do Big Data and Tech Draw the Future of CRT


        • Malloy Evans , Vice President, Single-Family Credit Policy (Fannie Mae)

      12:10 PM
      CRT Trader Roundtable: Relative Value on Seasoned Deals and New Issuances

        • Are we starting to see an increase in access to 2015/16 deals that have delevered and upgraded? 
        • What is the appeal for this type of supply now available compared to new issuances? 
        • How does this universe of short duration buyers compare to deep credit buyers? 
        • Seasoned product advantages compared to new issuances: Investment grade, spread differentiations
        • How liquid is the secondary market?
        • Does it create market volatility during market disruption when there is a total return index? 
        • Spread and trade predictions 

        • Eknath Belbase , Director, Mortgage Strategy (Andrew Davidson & Co., Inc.)
        • Mark Fontanilla , Founder (Mark Fontanilla & Company, LLC)
        • Oren Benzaquen , Head of CRT Trading (Barclays)
        • Lauren Marra , Vice President, Non-Agency Trading (JP Morgan Securities LLC)
        • Matt Spoerlein , Director (Bank of America Merrill Lynch)

      12:50 PM
      Delegate Luncheon


      Track A 1:50 PM
      Mortgage Insurance CRT

        • PMIERS 2.0: Benefits and application requirements 
        • How do GSEs and their counterparties view the updates? 
        • Outlook for capital requirement 
        • 2018 case reviews: Overview on deals and benefits received under the MI CRT benefits
        • How does MI issuance of CRT differ from GSE CRT transactions? Can we expect to see growth during the rising interest rates?  

        • Michael Dryden , Managing Director (Credit Suisse)
        • Kenny Turner , Vice President Capital Markets (Genworth Financial)
        • Rob Smith , Senior Vice President, Pricing and Portfolio Analysis (National Mortgage Insurance)
        • Jim Bennison , Executive Vice President, Alternative Markets (Arch Capital Group (US))
        • Jeff Krohn , Managing Director (Guy Carpenter)
        • Joe Monaghan , Executive Managing Director (Aon)

      Track B 1:50 PM
      European CRT

        • Overview of European CRT and the impact of the new European securitization regulation
        • How might this impact U.S. investors handling European funds?

        • Micheal Bennett , Chief Actuary and Chief Risk Officer (Arch Mortgage Insurance)
        • Mascha Canio , Head of Credit & Insurance Linked Investments (PGGM)

      Track A 2:30 PM
      Credit Risk Profiles and Underlying Mortgages

        • GSE single-family origination trends   
        • Counterparty risk management: How are GSEs managing their counterparties ensuring quality control of the loans? 
        • Credit scores: How are consumer credit risk and usage trends changing?
        • Rating agency perspective: What shifts are happening in the market? 

        • Chris Beck , Vice President (Guy Carpenter)
        • Grant Bailey , Managing Director (Fitch Ratings)
        • Joanne Gaskin , Senior Director (FICO)
        • Jonathan Glowacki , Consulting Actuary (Milliman, Inc)

      Track B 2:30 PM
      Single Security Initiative

        • What does this FHFA initiative mean for the CRT market and investors?

        • Mark D. Hanson , Senior Vice President Securitization (Freddie Mac)
        • Stephanie Milner , Director (Fannie Mae)

      Track A 3:10 PM
      Opportunities in Credit Offering

        • Origination perspective: How is the REMIC structure attracting more liquidity since first implemented? 
        • Has REMIC made it easier for REIT assets to access the CRT market? 
        • Investor perspective: How has REMIC changed the way they think about investing in CRT as a REIT?  

        • Roman Shimonov , Director (Annaly Capital Management)
        • Vandy Fartaj , Chief Investment Officer (PennyMac)

      Track B 3:10 PM
      LIBOR Replacement Roundtable*

      • *Closed door session. Please contact Daisy Carpenter at daisy.carpenter@imn.org to submit your interest in attending.

      3:50 PM
      Networking Refreshment Break


      4:10 PM
      Investor Roundtable: Cross Market Discussion

        • Investor outlook on residential mortgage fundamentals
        • What do investors think of the collateral pool profiles and expectations for loan performance? 
        • Are interest rate movements starting to play a bigger role in higher dollar priced securities? 
        • Spread outlook 
        • Are investors comfortable after the market sell off end of Q4’18 and how did this affect liquidity? 
        • Relative value of CRT as an investment opportunity compared to CLOs, CMBS and other corporate high yield asset classes
        • Comparison of CRT across the broader scheme  

        • Clay Armistead , Director (Blackrock Institutional Trust Co)

      4:50 PM
      4th Annual Credit Risk Transfer Symposium Cocktail Reception


Sponsors

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  • Credit Risk Investor Registration - $995
  • Early Bird Registration - $1,795
  • Standard Registration - $1,995
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Advisory Board

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Venue

  • Conference Venue
  • Conrad New York


    102 North End Avenue
    New York, NY, 10282
    USA

    Additional Info:

    IMN's Room Block is Full.
  • Suggested Hotel
  • Millennium Hilton Hotel


    55 Church Street
    New York, NY, 10007
    USA

    Additional Info: IMN does not have a room block at this hotel.
  • Suggested Hotel
  • W New York - Downtown


    123 Washington Street @ Albany St.
    New York, NY, 10006
    USA

    Additional Info: IMN does not have a room block at this hotel.
  • Suggested Hotel
  • The Frederick Hotel


    95 West Broadway
    New York, NY, 10007
    USA

    Additional Info: IMN does not have a room block at this hotel.

Speakers


1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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