american securitization forum new york, new york introduction to the american securitization forum...
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American Securitization ForumNew York, New York
Introduction to the American Securitization Forum
ASF 2006 January 2006
American Securitization ForumNew York, New York
Mission and Goals
For and By the Securitization Industry 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.
For and By the Securitization Industry 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
American Securitization ForumNew York, New York
Membership and Membership
Criteria
For and By the Securitization Industry 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
For and By the Securitization Industry 7
Current members
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
For and By the Securitization Industry 8
Current members
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
For and By the Securitization Industry 9
Current members
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.
For and By the Securitization Industry 10
Current members
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
For and By the Securitization Industry 11
Current members
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.
For and By the Securitization Industry 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
American Securitization ForumNew York, New York
Organization and Governance
For and By the Securitization Industry 14
ASF Organizational Structure
Board of Directors
Legal, Regulatory, Accounting and Tax
Committee
Investor Committee
Market Standards and Practices Committee
Membership Committee
Executive Committee
Communication and Education
Committee
Credit Card Issuer Subforum
ABCP Conduit Sponsor Subforum
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
Regulatory Subcommittee
Legislative and Judicial
Subcommittee
Accounting and Tax
Subcommittee
RMBS Issuer Subforum
Auto Issuer Subforum
CDO Collateral Managers Subforum
Management Committee
For and By the Securitization Industry 15
Board of Directors Composition
Category Maximum number of Board of Directors Members
Issuer11, to be representative of both asset class and issuer size,
with the following limitations:
at least 2 to be small or medium size issuers
at least 3 to be commercial banks
Investor8, to be representative of both asset class, duration of
investment and risk appetite
Financial Intermediaries 6, to be representative of size
Trustees 1
Law Firms 3
Guarantors 1
Accounting Firms 2
Rating Agencies 3
For and By the Securitization Industry 16
Purpose and Function of Committees
Board of DirectorsExecutive CommitteeLegal, Regulatory, Accounting & Tax Committee
Legislative & Judicial Subcommittee Regulatory Subcommittee Accounting and Tax Subcommittee
Market Standards & Practices CommitteeCommunication and Education CommitteeInvestor CommitteeIssuer SubforumsMembership Committee
American Securitization ForumNew York, New York
Current Projectsand Priorities
For and By the Securitization Industry 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
For and By the Securitization Industry 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
For and By the Securitization Industry 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
For and By the Securitization Industry 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
For and By the Securitization Industry 22
ASF Staff and Contact Information
American Securitization Forum
360 Madison Ave., 17th Floor
New York, NY 10017-7111
Telephone: 646.637.9211 Fax: 646.637.9124
www.americansecuritization.com
Executive Director(George Miller)
Manager, Events & Marketing(Tere Petersen)
Associate Director(Tom Deutsch)
Analyst(Jooho Lee)
Events Assistant(Wendy Zuluaga)
Executive Assistant(Karen Pinero)
Executive Secretary(Ida Cece)