Credit Risk Transfer
New York, NY
April 29, 2020

Description

Program Update:

IMN has been working with our teams, clients and suppliers around the world to monitor the impact of the Novel Coronavirus (COVID-19) outbreak. It is as part of this review and the development of the situation that has led us to postpone the Credit Risk Transfer Symposium, originally scheduled for April 29.

We apologize for any inconvenience caused, but as always, the safety of our participants, community and staff are our priority and we feel this is the best option for this event. Our thoughts are with those in impacted areas.

New dates will be announced soon.

If you have any questions or concerns, please contact the team at events@imn.org.


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 207

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My Agenda

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Agenda

    Wednesday, April 29th, 2020

      8:00 AM
      Delegate Registration & Breakfast



      8:50 AM
      Opening Remarks



        • Lauren Kerr, Director of Programming (IMN)
        • Andy Davidson, President (Andrew Davidson & Co., Inc.)

      9:00 AM
      Keynote



      9:20 AM
      Macroeconomics of a Mortgage Credit Market

        • How does the market look with the continued growth of non GSE CRTs?
        • Housing economics and fundaments of underlying collateral: Will strength in labor and consumer spending benefit the residential space?
        • Investment opportunities: Overview of competing programs now buying investor capital
        • Economic developments: Phase 1 China Deal, global growth reverse court and a low interest rate world


      10:05 AM
      Alternative Versions of Risk Transfer: Leveling the Playing Field

        • Are we seeing a more level playing field between the banks and GSEs? What are the implications of private transactions should it pass all regulatory scrutiny? Will we see a movement with banks selling credit risk?
        • What method/structures are the banks deploying? Market benefits from cash and non-cash reinsurance
        • What is the breadth of risk these new vehicles can bear?
        • Will regulators reconsider their BASEL-III interpretation to be able to get regulatory capital credit?
        • Motivations behind the MI CRT transactions: Is this to satisfy PMIER requirements or rating agency credit?


      10:50 AM
      Networking Refreshment Break Hosted By:



      11:15 AM
      GSE Fireside Chat: The Role of CRT in GSE Recapitalization

        • What are the FHFA’s expectations of the GSE’s under the new capital relief plan?
        • How do GSEs prepare from a risk management and capital markets perspective
        • Where are the GSE’s exploring transferring the risk in their portfolios? What can investors expect?
        • How are the GSEs preparing for LIBOR?


      11:55 AM
      Market Dynamics: The Trader’s Perspective

        • Is the CRT benchmark market displaying higher volatility? How has performance developed in the last 12 months?
        • Relative value on seasoned deals and new issuances: Investment grade, spread differentiations
        • Secondary market liquidity


      12:40 PM
      Delegate Luncheon



      Track A 1:50 PM
      Opportunities in Insurance and Reinsurance

        • How has moving to risk-based pricing changed the MI business?  
        • Pricing and relative value of MI CRT versus GSE CRT
        • How do MIs think about MI land versus reinsurance? What are the various strategies?
        • Expectations for the reinsurance markets  


      Track B 1:50 PM
      Legacy Asset Credit Risk Transfer

        • GSE legacy loan programs for re-performing loans: STACR, FLFT, HARP
        • What are the long term plans to manage the legacy book as the retained portfolio becomes more of a steady state portfolio to facilitate the guaranty business? How will you manage the risk transfer?
        • Why have some legacy MIs not taken part in seasoned transactions? What is the transactional risk?


      Track B 2:30 PM
      Market Shifts in Underlying Mortgages

        • GSE credit risk profile
        • GSE single-family origination program: Are we still seeing shifts origination guidelines, servicing pressures, rep and warrant requirement and loan balances?  
        • Credit scores: How are consumer credit risk and usage trends changing?
        • Credit overview: Refi trends? What types of credit are being extended in the market?
        • Rating agency perspective on managing performance and recent upgrades


      Track B 2:30 PM
      The Multifamily Model: Structural Overview



      3:10 PM
      Networking Refreshment Break Hosted By:



      3:30 PM
      Investor Roundtable: CRT Across the Broader Scheme

        • Are issuers concerned about the negative convexity in the older issue CRTs?
        • Where do you see value today
        • How do you think about the B2 versus B1? Overview across the capital structure and various vintages
        • Investors’ perspective on improving the syndication process


      4:15 PM
      The Think Tank: Drivers of the Future

        • Projections on research and performance: Resi mortgage, origination, market participants and housing policies
        • How do you view credit enhancement compared to risk of other asset classes?
        • How do you think about risk in the non-QM market outside of GSEs?
        • What might be the impact on the PLS market based on proposed changes to GSEs?


        • Laurie Goodman, Center Director, Housing Finance Policy Center (Urban Institute)
        • Jim Parrott, Owner, Falling Creek Advisors, Senior Fellow (Urban Institute)

      5:00 PM
      Networking Cocktail Reception



Sponsors

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This is a past conference, no registration is available.

Advisory Board

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Venue

  • Conference Venue
  • Conrad New York


    102 North End Avenue
    New York, NY, 10282
    USA

    Additional Info:

    Please use the link above to make a reservation in our group room block, pending availability, until our cutoff date of Monday, March 30. The Group Code (IMN420) must be applied to receive our discount.   IMPORTANT NOTE: IMN has not retained a third party booking company to assist with reservations.  If you are interested in making a reservation at the hotel you must make your reservation using the link above.

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  • Wednesday, April 29th, 2020

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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