Workshop on Securitization and Covered Bonds

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					                    Workshop on Securitization and Covered Bonds
                                International Housing Finance Program
                Zell/Lurie Real Estate Center, Wharton School, University of Pennsylvania
                                           June 17 and June 18, 2011

                                                  June 18, Friday

9.00                 Introduction                                                      Drs. Marja Hoek-Smit

9.15 to 12.30        Legal Issues and Case Studies Related to Securitization           Mr. David Barbour, Partner
                             Requirements for Securitization                                  Andrews Kurth LLP, Dallas,
                             Analysis of Alternative Securitization Models                    Texas
                             Getting a Securitization Done
                             Covered Bonds                                            Mr. Frederico Porto, Senior Counsel
                             Structure Examples and Cases                                     Capital Markets/Treasury Group,
                                   o    Mexico – Trust                                         Ally Financial
                                   o    Brazil – Securitization Company / FIDC
                                   o    Ukraine – Mortgage bonds / Structured
                                        Mortgage Bonds

1.30 to 5.00         Fundamentals for a Securitization                                 Mr. Reggie de Villiers, Director, Head
                           Establishing a Mortgage Securitization Program                    of Latin American Structured
                           Structuring an MBS Transaction                                    Finance
                           Case Studies                                                      Bank of America, Merrill Lynch
                                 o     Knowing the originator
                                 o     Market trends, evolution, and lessons from      Mr. Julian Broide, Vice President
                                       the crisis                                               Bank of America, Merrill Lynch
                                 o     Establishing a MBS program
                                 o     Understanding collateral characteristics
                                 o     Understanding collateral performance:
                                       prepayments, delinquencies and losses
                                 o     Understanding rating agency criteria:
                                       Standard and specific criteria
                                 o     Sizing credit enhancement for MBS:
                                       -Fin engineering thru credit enhancement
                                       -Building blocks of credit enhancement
                                       -Loss coverage ratios
                                       -Excess spread calculation
                                 o     Understanding registration requirements
                                 o     Understanding investor concerns
                           Key Takeaways

                     Problem sets throughout

5.00 to 7.00         Financial Aspects of Mortgage Bonds                               Mr. Ben Colice, Director
                                                                                               Royal Bank of Canada Capital

                                                 June 19, Saturday

10.00 to 1.00         Role of Rating Agencies: An International Perspective            Ms. Karen Ramallo-Rodriguez,
                              International securitizations: ratings considerations           Assistant Vice President - Analyst,
                              Market overview: Latin American Securitizations                 Structured Finance Group
                              Mexican Developer and Construction Loan                         Moody’s Investors Service
                              Latin America RMBS Rating Process
                              Latin America RMBS Monitoring
                              European RMBS Market Developments
                              Sovereign Ratings and Securities Ratings

1.00 to 1.30          Conclusion and Certificates                                      Drs. Marja Hoek-Smit