Meet the ASF (Room – Lafite 4)
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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. 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
  • 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
  • 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.
  • 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
  • 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.
  • 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 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
  • 15. Board of Directors Composition 3 Rating Agencies 2 Accounting Firms 1 Guarantors 3 Law Firms 1 Trustees 6, to be representative of size Financial Intermediaries 8, to be representative of both asset class, duration of investment and risk appetite Investor at least 3 to be commercial banks   at least 2 to be small or medium size issuers   11, to be representative of both asset class and issuer size, with the following limitations: Issuer Maximum number of Board of Directors Members Category
  • 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 Projects and 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 American Securitization Forum 360 Madison Ave., 17 th 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)