RMBS Sector Virtual Series
July 7 - 22, 2020
In the wake of the cancellation of our Spring mortgage programs, the annual Credit Risk Transfer Symposium and the Non-QM MBS Conference, IMN will be delivering a series of webinars this July 7-22, focused on each of these sectors and the investor reaction to collateral performance amid forbearance actions. We believe that it is important to provide a platform for key developments in the GSE and Private Label RMBS sectors to be shared broadly with the securitization industry.
We have worked with our esteemed CRT and Non-QM advisory boards to condense valuable and efficient coverage into a reduced number of live afternoon sessions featuring audience Q&A and interactive audience polling.
As a service to our ABS community, registration to the virtual RMBS series is complimentary for all participants and includes access to on-demand viewing.
July 7, 4:00pm EST | "COVID-19: A True Test to the Functionality of CRT"
July 9, 4:00pm EST | "PLS Mortgage Backed Securities: Issuers & Investors, Thinking of the Unthinkable"
July 22, 4:00pm EST | "Non-Agency Mortgage Securitization Market Update"
Tuesday, July 7th, 2020
4:00 PM (Eastern Time) COVID-19: A True Test to the Functionality of CRT
Do non-agencies/servicers have enough liquidity to support forbearance and modification of GSEs and other expected CRT programs?
Delinquency triggers for GSEs: What will happen if there is a spike in delinquencies? Will structures perform?
Long term projections: Is trading based on liquidity performance or value of the securities?
Evaluation of secondary market liquidity
What does CRT recovery look like? How will borrowers re perform on the back end of this pandemic?
Andy Davidson, President (Andrew Davidson & Co., Inc.)
Charles Trombley, Director (Credit Suisse)
Mike Reynolds, Vice President, Credit Risk Transfer (Freddie Mac)
Mark Fontanilla, Founder (Mark Fontanilla & Company, LLC)
Sonny Weng, Vice President – Senior Analyst (Moody's Investors Service)
Jake Katz, Head of Non-Agency RMBS Research & Data Science (Yield Book, An LSEG Business)
4:50 PM (Eastern Time) Live Audience Q&A
5:10 PM (Eastern Time) Webinar Concludes
Thursday, July 9th, 2020
4:00 PM (Eastern Time) PLS Mortgage Backed Securities: Issuers & Investors, Thinking of the Unthinkable
What are investors’ top concerns? How deep does the rabbit hole go in terms of losses hitting the senior tranches? How big can the losses potentially tally?
What are issuers’ top concerns? Are they looking to protect the equity in their deals? How did the non QM loans perform in the last two months relative to GSE originated mortgages? Other consumer asset classes?
Susan Hosterman, Senior Director, North American RMBS and Covered Bonds (Fitch Ratings)
Stephen LaPlante, Vice President (Loomis, Sayles & Company, L.P.)
Collateral performance review to date: How have privately originated mortgage-backed securities performed since the first wave of payment deferrals in April?
Scoping the scale of mortgage forbearance impact on existing mortgage backed securities or those soon to be issued
PLS MBS lacks the explicit government guarantee of GSE paper, and is therefore more dependent on servicer advances to cover the temporary gaps in borrower payments. What is the government’s intention in terms of supporting the independent servicer? How deep is the well for mortgage servicer advances? What happens if funding runs dry?
Capacity concerns regarding failure of independent servicers: are the banks properly staffed and ready to take on the extra volume?
Separating the advantageous from the truly troubled seeking mortgage forbearance: are banks equipped to determine who rightfully earns forbearance benefits?
Are we seeing any parts of the economy return to normalcy two months into quarantine actions?
Please note that this panel commentary is off the record.
Sang Shin, Vice President, Senior Analyst (Moody’s Investors Service)
Pete Sack, Managing Director (Credit Suisse)
Michele Olds, Senior Vice President (Mr. Cooper Group)
Rachel Noonan, Senior Director (Fitch Ratings)
Andy Walden, Economist and Director of Market Research (Black Knight Financial Services)