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Introduction to the American Securitization Forum ASF 2006

Introduction to the American Securitization Forum ASF 2006 January 2006. Mission and Goals. The ASF: Who We Are.

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Introduction to the American Securitization Forum ASF 2006

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  1. Introduction to the American Securitization Forum ASF 2006 January 2006

  2. Mission and Goals

  3. The ASF: Who We Are • A broadly-based , not-for-profit professional forum through which participants in the U.S. securitization market can advocate their common interests on important legal, regulatory and market practice issues. • We also sponsor substantive informational and education events, conferences and other programming of relevance to securitization market professionals, governmental officials and other policymakers, the financial media and external constituencies.

  4. Principal Goals • Consensus and Coordination To build consensus within the U.S. securitization industry on issues material to the industry • Advocacy To mount reasonable and focused efforts to advance the ASF’s substantive positions, chiefly by interacting with appropriate governmental, regulatory, legislative and other policy-making bodies • Education To inform and educate the securitization community and related constituencies and to sponsor substantive and relevant education programs

  5. Membership and Membership Criteria

  6. Membership Categories Membership in the ASF is open to all professional participants in the U.S. securitization industry • Investors • Issuers • Financial Intermediaries • Servicers • Trustees • Financial Guarantors and Insurers • Rating Agencies • Legal and Accounting Firms • Data Vendors and Suppliers

  7. Investors Aames Financial Corp. ACA Capital Holdings Inc. Aim Capital Management Inc. Aladdin Capital Management LLC Alliance Capital Management LP Allstate Investments LLC Asset Allocation & Management Barclays Global Investors BlackRock, Inc. Boston Portfolio Advisors, Inc. C-Bass LLC Cambridge Place Investment Management Carrington Capital Management Charles Schwab Investment Management Clarington Investments Ltd. Clinton Group (The) Conning Asset Management Constitution State Corporation Credit Suisse First Boston Asset Management DB Zwirn & Co., LP Delamore & Owl Group of Companies Delaware Investments Deutsche Asset Management DF King & Co., Inc. Dreyfus Corp. Dynamic Credit Partners, LLC Eaton Vance Management eClientscope Inc. Federal Home Loan Bank of New York Federated Investors Fidelity Investments General Motors Asset Management Gordian Knot Ltd Guggenheim Capital, LLC Hartford Investment Management Co. Hyperion Capital Management IBM Corporation IKB Capital Corporation ING Bank Ischus Capital Management Janus Capital Group Johnson & Johnson JPMorgan Investment Management KBC Financial Products UK Lazard Structured Finance Investors LLC LCP Capital LLC Lehman Brothers Asset Management Minster Asset Finance Minster Funding Limited Mizuho Corporate Bank Ltd. Natexis Banques Populaires Current members

  8. Investors (Cont.) New York Mortgage Trust Northwestern Mutual Life Insurance Company OFI Institutional Asset Management Paramax Capital Group, LLC PartnerRE New Solutions Inc. Payden & Rygel Investment Management PIMCO PNC Capital Markets LLC PPM America Princeton Advisory Group Principal Global Investors Promontory Financial Group, LLC Prudential Investment Management Putnam Investment Management Reconnaissance Capital Management, LLC Redstone Companies Redwood Trust, Inc. Schroders Sovereign Bank Sports Mondial of America Stadia Capital State of New Jersey - Division of Investment State Street Global Advisors Structured Asset Investors T. Rowe Price Associates Teacher Retirement System of Texas Tequesta Capital Advisors, LP TIAA-CREF TrinityOne Trust Company of the West Wellington Management Company WesCorp Western Asset Management Company WestLB White Mountains Advisors LLC Williams Capital Management World Bank Issuers 1st Financial Funding & Investment Corporation Accredited Home Lenders, Inc. Advanta Corporation American Express American Honda Finance Corporation AmeriCredit Corporation Ameriquest Mortgage Company Bayview Financial Calyon Corporate and Investment Bank Capital One Cendant Corporation Citicorp Securities Inc. Compass Bank Current members

  9. Issuers (Cont.) CompuCredit Corporation Countrywide Home Loans Discover Financial Services Dresdner Kleinwort Wasserstein Fannie Mae Fieldstone Investment Corporation First Marblehead Corporation (The) First National Bank of Omaha Friedman Billings Ramsey Ford Motor Credit Company Freddie Mac GE Commercial Finance General Motors Acceptance Corp. GMAC-RFC HSBC Hudson Castle Group, Inc. HVB Group Long Beach Mortgage Marriott Vacation Club International MBNA America Bank Metris Companies Nelnet, Inc. New Century Financial Corporation New Shore Capital Group Providian Financial Residential Capital Corporation Sallie Mae, Inc. Saxon Mortgage, Inc. State Street Global Markets Thornburg Mortgage, Inc. Toyota Motor Credit Corporation Washington Mutual Bank Financial Intermediaries ABN AMRO North America Inc. Banc of America Securities LLC Bank of Nova Scotia Bank of Tokyo – Mitsubishi, Ltd. Barclays Capital Bear, Stearns & Co. Inc. CIBC World Markets Countrywide Securities Credit Suisse First Boston LLC Deutsche Bank Securities Inc. Fortis Securities LLC Goldman Sachs & Co. Harris Nesbitt Corp. HSBC Securities (USA) Inc. IXIS NA, Inc. JPMorgan Securities Inc. Lehman Brothers Inc. Merrill Lynch & Co., Inc. Morgan Stanley & Co., Inc. Current members

  10. Financial Intermediaries (Cont.) Nomura Securities PNC Bank RBS Greenwich Capital Markets, Inc. Royal Bank of Canada SG Corporate and Investment Banking SunTrust Robinson Humphrey Capital Markets UBS Investment Bank United Capital Markets Wachovia Corporation Wells Fargo Bank (Financial Intermediary) Rating Agencies Dominion Bond Ratings Service Fitch Inc. Moody’s Investors Service Standard & Poor’s Trustees The Bank of New York Deutsche Bank Trust Company Americas LaSalle Bank Corp. Wachovia Wells Fargo Bank (Trust) Wilmington Trust Company Law Firms Blake, Cassels & Graydon LLP Cadwalader, Wickersham & Taft LLP Chapman and Cutler LLP Clifford Chance LLP Dechert LLP Dewey Ballantine LLP Emmet, Marvin & Martin LLP Goodwin Procter LLP Greenberg Traurig LLP HellerEhrman LLP Hunton & Williams LLP Kirkland & Ellis LLP Kirkpatrick & Lockart Nicholson Graham, LLP Latham & Watkins LLP Linklaters Mayer, Brown, Rowe & Maw LLP McDermott Will & Emery LLP McKee Nelson LLP Mitchell Silberberg & Knupp LLP Nixon Peabody LLP Orrick, Herrington and Sutcliffe LLP Richards, Layton & Finger, P.A. Seward & Kissel LLP Shearman & Sterling LLP Sidley Austin Brown & Wood LLP Current members

  11. Law Firms (Cont.) Skadden, Arps, Slate, Meagher & Flom LLP Stradley, Ronon, Stevens & Young LLP Stroock & Stroock & Lavan LLP Thacher Proffitt & Wood LLP Financial Guarantors Ambac Assurance Corporation Assured Guaranty Corp. CIFG Financial Guaranty Insurance Company Financial Security Assurance MBIA Insurance Corporation XL Capital Assurance Accounting Firms Deloitte & Touche LLP Ernst & Young LLP KPMG LLP PricewaterhouseCoopers LLP Mortgage Insurers Mortgage Guaranty Insurance Corp. The PMI Group, Inc. Radian Guaranty Inc. Suppliers The Bohan Group Clayton Group, Inc. Corporation Service Company CSC Financial Services Group Global Securitization Services The Hollister Group Lewtan Technologies Lord Securities Corporation The Murrayhill Company, a Clayton Holdings Company RouteOne LLC R&R Consulting Strategic Research Institute, LLC Wall Street Analytics, Inc. Subscribers Myron Glucksman Consulting Vernon Wright Other Financial Entity Lloyds TSB Bank Plc Pentalpha Group, L.L.C. Current members

  12. Membership Levels and Dues* • Level I - $30,000 • Larger Rating Agencies • Financial Guarantors • Larger Accounting Firms • Larger Financial Intermediaries • Larger Law Firms • Larger Issuers • Level II - $15,000 • Trustees • Medium Financial Intermediaries • Medium Law Firms • Medium Issuers • Servicer Companies • Smaller Rating Agencies • Level III - $10,000 • Smaller Financial Intermediaries • Smaller Accounting Firms • Level IV - $7,500 • Mortgage Insurers • Smaller Issuers • Smaller Law Firms • Other Financial Entities • Suppliers • Level V - $2,500 • Subscribers • Level VI - $0 • Large Investors • Small Investors * Special pricing package exists for firms with multiple functions/affiliates

  13. Organization and Governance

  14. ASF Organizational Structure CHAIR: Greg Medcraft, Societe Generale Corporate & Investment Banking DEPUTY CHAIR: Diane Wold, ResCap Holdings SECRETARY: Sanjeev Handa, TIAA-CREF TREASURER: Richard D’Albert, Deutsche Bank AG EXECUTIVE VP: Joseph Donovan, Credit Suisse EXECUTIVE VP: Jason Kravitt, Mayer, Brown, Rowe & Maw LLP EXECUTIVE VP: Martin Rosenblatt, Deloitte & Touche LLP EXECUTIVE VP: Daniel Stachel, State Street Global Advisors Management Committee Executive Committee Board of Directors Legal, Regulatory, Accounting and Tax Committee Market Standards and Practices Committee Communication and Education Committee Investor Committee Membership Committee Regulatory Subcommittee Legislative and Judicial Subcommittee Accounting and Tax Subcommittee Auto Issuer Subforum Credit Card Issuer Subforum RMBS Issuer Subforum CDO Collateral Managers Subforum ABCP Conduit Sponsor Subforum

  15. Board of Directors Composition

  16. Purpose and Function of Committees • Board of Directors • Executive Committee • Legal, Regulatory, Accounting & Tax Committee • Legislative & Judicial Subcommittee • Regulatory Subcommittee • Accounting and Tax Subcommittee • Market Standards & Practices Committee • Communication and Education Committee • Investor Committee • Issuer Subforums • Membership Committee

  17. Current Projectsand Priorities

  18. Current Projects • Regulation AB Implementation • Interpretive guidance letters to SEC • “Reg AB – The Answers” Conference • Model Provisions with Servicer Matrix • SEC Offering Process Reforms • FAS 140 Reforms • Basel Accord Revision and U.S. Implementation • Capital Adequacy Regulation • Global Securitization Accounting Convergence

  19. Current Projects - Continued • Predatory Lending Legislation • Credit Rating Agency Reforms • HEL Triggers Market Standards & Practices • ABCP Investor Reporting Standards • Mark-Up Regulation • Risk Management Guidance on "Complex Structured Finance Transactions” • Analysis of Securitization Pricing and Valuation Sources

  20. Current Priorities • Build Membership of CDO Collateral Managers Subforum • ASF Securitization Institute • Outreach to Junior Securitization Professionals • Increase Investor and Issuer Participation • Compile a Securitization Market Best Practices / Code of Conduct Document • Expand ASF Sunset Seminar Program and deliver outside of New York City

  21. Important Member Communications • ASF Website • Includes password-protected content for members only • ASF Weekly Report • ASF Quarterly Report • Sunset Seminars • Committee and Task Force Meetings • Communications Regarding ASF Projects and Activities • e.g. updates on projects are sent when necessary to relevant Committees/Task Forces • Communications Regarding Pertinent Market Information • e.g. updates on legal, regulatory, legislative, and judicial developments affecting the securitization market

  22. ASF Staff and Contact Information Executive Director (George Miller) Manager, Events & Marketing (Tere Petersen) Associate Director (Tom Deutsch) Events Assistant (Wendy Zuluaga) Analyst (Jooho Lee) Executive Secretary (Ida Cece) Executive Assistant (Karen Pinero) American Securitization Forum 360 Madison Ave., 17th Floor New York, NY 10017-7111 Telephone: 646.637.9211 Fax: 646.637.9124 www.americansecuritization.com

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