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					Symposium on Automating Alternative Credit

In an unprecedented collaborative effort, AREAA, The Urban Markets Initiative at
the Brookings Institution, MBA, NAHREP, NAMB, NAREB and NAR are hosting
an industry symposium to discuss ways to further homeownership opportunities
for borrowers with non-traditional credit. Participation in the symposium will be
by invitation only and will include representatives from mortgage industry, rating
agencies, secondary market players, mortgage insurance companies and credit
reporting agencies. Our goal is to identify ways to create a more fair and
equitable way to facilitate homeownership for borrowers with limited traditional
credit history.


Date and Location:

March 22, 2007
1pm to 6:30pm
Brookings Institution
1775 Massachusetts Avenue, NW
Washington, DC 20036
Falk Auditorium

Background:

Borrowers with little or no credit history are not always treated equitably when it
comes to the mortgage lending process. And given the demographic shifts that
are transforming our housing market, it is more important than ever to create a
fair and efficient system to determine the creditworthiness of those consumers.

Oftentimes, these borrowers may be subject to higher rates and, perhaps, credit
denial simply because there is limited data at the three national credit bureaus.
This is the case even though many of these borrowers can demonstrate that they
are creditworthy and have a solid track record of paying their rent, utilities, and
other financial obligations.

At the same time, mortgage brokers and lenders are subject to added risks and
time delays when they assist borrowers with little or no credit history. While
automated underwriting has significantly improved the lending process, loans
that require manual underwriting or that are based on non-traditional credit are
faced with longer review periods and added scrutiny and may take on additional
“reps and warranties.” These added hurdles to the lending process works as a
disincentive for lenders to reach out aggressively to these borrowers.

There are some of the new alternative credit models that are being developed in
the marketplace, such as First American’s Anthem and FICO’s Expansion Score,
which attempts to capture the creditworthiness of these alternative credit
borrowers. These new alternative credit measurement tools can help lenders
better understand the underlying risk of this expanding base of homebuyers.


Symposium Format

1:00pm to 1:45pm

Welcome                                    Alyssa Stewart Lee, Acting Director,
                                           Urban Markets Initiative, Brookings
                                           Institution

Overview and Purpose                       Jim Park, President and CEO, Asian Real
                                           Estate Association of America

Opening Remarks                            Robert Couch, President
                                           GNMA



Keynotes by:
    Congressman Barney Frank (invited) and Senator Chris Dodd (invited)
    Congresswoman Maxine Waters (invited)

1:45pm to 2:30pm                           Regulatory, Policy and Business
                                           Environment

Moderator                                  Jim Park

Brookings,UMI/PERC Study                   Alyssa Stewart Lee, Acting Director, Urban
                                           Markets Initiative, Brookings Institution




                                                                                      2
                                       Dr. Michael Turner, President, Information
                                       Policy Institute
                                       Political and Economic Research Council

Mortgage Market Trends                 Mike Fratantoni, MBA’s Senior Economist


Regulatory Environment                 Barry Wides, Deputy Comptroller
                                       OCC

2:30pm to 3:45pm                       Current state of alternative credit lending

   Moderator                           Gary Acosta, Founder of NAHREP and
                                       MBA Board

      JoEllen Abate McEntire-PMI
      Gwen Muse Evans-Fannie Mae
      Matt Miller–Freddie Mac
      Ginny Ferguson-NAMB
      Susanne Garbacz-Chase


3:45pm to 4:00pm                       Break

4:00pm to 5:00pm                       Latest technology and tools focused on
                                       safely expanding credit to borrowers with
                                       limited traditional credit history

Moderator                              Steve O’Connor, MBA

      Landon Taylor, First American/CREDCO
      Eric Christensen, FICO
      Michael Nathans, PRBC
      Barrett Burns, VantageScore


5:00 to 5:30pm                         Moving the Issue Forward
Moderator                              Gary Acosta


Closing Remarks                        Jim Park and Alyssa Lee


5:30pm to 6:30pm                       Reception




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