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WHF/WHFF Partner Series Brown Bag Lunch: The COVID-19 Housing Market: RMBS Developments and Trajectory
Tuesday, June 02, 2020, 12:00 PM - 1:00 PM EDT
Category: Events

WHF/WHFF Partner Series Brown Bag Lunch: The COVID-19 Housing Market: RMBS Developments and Trajectory

Program Description: 
The coronavirus pandemic has deeply impacted American life and the US housing and mortgage markets; market uncertainty has led to valuation volatility and sizeable margin calls. Additionally, with a large portion of the American economy grinding to a halt, the need for borrower assistance and the expectation of greater delinquencies caused credit asset spreads to widen. Participants in the space such as mortgage REITs were especially vulnerable to the market disruption and some have exited the space entirely. The events of the last two months may have resulted in long-term impacts to the market. What ought the Federal Reserve do to promote market stability? How much will the credit box of both agency and non-agency loans shrink? How will CRT issuance be affected in the long term? How will the forbearance approach by Congress be incorporated into the value of the assets both now and in the future? What will the post-COVID non-agency market look like? What are earlier delinquencies showing us and do we think that COVID-19 will lead to increased defaults and long-term stress in the market? This panel will discuss these questions and more related to the trajectory of the secondary mortgage market.

Speakers: 
Michael Bright, CEO, Structured Finance Association  
Eric Kaplan, Director, The Milken Institute 
Roger Ashworth, Director and Head, Non-Agency MBS Strategy Team, Citi Research 
Amanda Johnson, Associate, Invictus Capital Partners (Moderator)


About the Speakers:

Michael R. Bright joined the Structured Finance Association in January 2019 as CEO, where he oversees the vision, strategy, convening, and advocacy work of the Structured Finance Association and its thousands of members in the securitization industry. Prior to joining the Structured Finance Association, Michael was the EVP and Chief Operating Officer of the Government National Mortgage Association, or Ginnie Mae. As COO he managed all operations for Ginnie Mae's $2.0 trillion portfolio of mortgage backed securities (MBS). In this capacity, and as the Acting President, Michael oversaw the fulfillment of Ginnie Mae's core mission – connecting global bond investors with domestic mortgage borrowers while providing oversight of Ginnie's MBS issuers. Michael has extensive experience in the mortgage, banking, and securities industries, and is well known as a thought leader and speaker on national housing policy. Michael has held positions at the Milken Institute, Senate Banking Committee, Blackrock, PennyMac, Office of the Comptroller of the Currency, Wachovia Bank and Countrywide Financial Services.  Michael holds a B.A. in International Relations from Johns Hopkins University and an MA, in the same discipline from the Johns Hopkins School of Advanced International Studies (SAIS).


Eric Kaplan is the director of the Milken Institute Center for Financial Markets' Housing Finance Program, where he focuses on the health, sustainability, and reform of the US housing finance ecosystem. He regularly engages policymakers, regulators, industry stakeholders, and consumer advocates on such issues as the roles of public and private capital, primary and secondary market dynamics, and lending and servicing practices, maintaining a focus on consumer, industry, and systemic impact. Kaplan brings over 26 years of housing and mortgage experience across a variety of finance, legal, and policy roles. Prior to joining the Milken Institute, Kaplan served as a managing partner at Ranieri Strategies LLC, where he worked closely with Founding Partner and Chairman Lewis S. Ranieri, and as head of mortgage finance at Shellpoint Partners LLC, where he established a post-financial crisis private-label residential mortgage-backed securitization platform. He is a leading advocate for the creation of new and improved mortgage-backed securitization standards to facilitate the return of private capital as a safe, scalable source of home financing.

Kaplan holds an AB in Politics from Princeton University and a JD from Boston University School of Law. He is vice chair of the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board. He also currently serves on the board of directors of the Mortgage Industry Standards Maintenance Organization (MISMO) and the Cameron Kravitt Foundation, and is a former board member of the Structured Finance Association.


Roger Ashworth is a Director and Head of Citi Research's Non-Agency MBS Strategy team. His team is responsible for relative value, prepayment and credit analysis within the non-agency mortgage market. Prior to joining Citi, Roger was in a similar role at Amherst Securities Group, and he was a non-agency MBS trader at Merrill Lynch prior to that. Roger received a BS degree in engineering from the US Naval Academy and an MBA degree from Georgetown University.


 

 

Amanda Johnson (Moderator)

 

 

 

 

Date: Tuesday, June 2, 2020   
Time: 12:00 - 1:00 pm
Location: Webinar, Zoom access information will be provided in your confirmation email 
Cost: Members: $5 suggested donation (no charge registration is available); Nonmembers: $10 donation

 

 

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