Wednesday, November 7

Noon–5:15 p.m.
Registration Open

Noon–5:15 p.m.
Exhibit Hall Open

1:30 p.m.–2:15 p.m.
Opening General Session

Economic Outlook for the Mortgage Industry
Hear the latest news on employment, GDP, the federal funds rate, consumer prices and other economic indicators affecting the mortgage industry.

2:15 p.m.–2:30 p.m.
Refreshment Break

2:30 p.m.–3:45 p.m.
Concurrent Sessions

Single Family Mortgage Outlook and Company Financial Performance: 2006 and mid-year 2007 Results
Obtain the latest data on financial performance of mortgage companies, including: production and servicing revenues and costs; historical trends; and an overview of lender/servicer perspectives on recent financial results.

Commercial/Multifamily Mortgage Outlook and Operational Case Studies
Hear about the latest trends and conditions in the commercial/multifamily real estate finance market, followed by a panel discussion on how the tax and accounting issues that will be discussed over the course of the conference are affecting the industry as a whole.

3:45 p.m.–4:00 p.m.
Refreshment Break

4:00 p.m.–5:15 p.m.
General Session

Investors’ Perspectives on the Residential and Commercial Real Estate Industries

• The current word on the RMBS and CMBS markets
• Perspectives on particular loan types
• Ramifications of recent investor actions in regard to subprime securities
• Implications for valuation of mortgage companies and mergers/acquisitions

5:30 p.m.–7:00 p.m.
Welcoming Reception

Thursday, November 8

7:30 a.m.–5:00 p.m.
Registration Open

7:30 a.m.–4:00 p.m.
Exhibit Hall Open

7:30 a.m.–8:00 a.m.
Continental Breakfast

8:00 a.m.–9:15 a.m.
General Session

FASB Update

• Overview of major FASB changes
• FASB response to concerns about proposed tabular disclosures of derivatives and hedging activities
• Proposed FASB staff position on repurchase transactions
• Measuring hedge effectiveness under FAS 133
• New FASB Project on Loan Losses
• Phase II of the Fair Value Option Project
• Prospects for convergence of U.S. GAAP with International Accounting Standards

9:15 a.m.–9:30 a.m.
Coffee Break

9:30 a.m.–10:30 a.m.
Concurrent Sessions

Part I, FAS 140 Implications of Restructurings of Securitized Loans

• Review of market conditions contributing to recent wave of loan restructurings
• FASB and SEC views on when a loan restructuring is a permissible activity of a qualifying special purpose entity (QSPE)
• Types of restructuring strategies undertaken by different mortgage servicers
• Implications of residential loan restructurings for CMBS servicing
• Proposed replacement of the QSPE model with a ‘linked presentation’ (LP) model
  

Primer for Understanding Mortgage Company Financial Statements

• Interpret and compare the publicly available financial statements of mortgage companies
• Guidance on assessing mortgage company past performance and current financial position, as well as future returns and related risk

10:30 a.m.–10:45 a.m.
Refreshment Break

10:45 a.m.–11:45 a.m.
Concurrent Sessions

Part II, FAS 140 Guidance in Flux

• Distinction between QSPE model, LP model and variable interest entity (VIE) consolidation guidance
• Significance of ‘basic servicing,’ sequestration of a loan and other concepts in LP model
• Implications of abolition of QSPE model to legal isolation and other FAS 140 guidance
• Contrast of FAS 140 and International Accounting Standards sale accounting criteria
• Status of outstanding issues pending amendment of FAS 140

Managing Model Risk for Mortgage Portfolios and Securities

• Current issues driving the regulatory/audit requirements for mark-to-model validation and benchmarking
• Understanding the importance of developing tools to benchmark, back-test and calibrate model assumptions and forecasts
• Discussion of best practices for back-testing and assumption review and how to integrate these into the decision making process
• Co-sourcing as an approach for model risk management

11:45 a.m.–1:15 p.m.
Luncheon

1:15 p.m.–2:15 p.m.
General Session

Regulatory Update

• Review of new regulatory guidance on nontraditional lending practices
• Agencies’ positions on modifications of loans in default or in reasonably foreseeable default
• Recent Sarbanes-Oxley developments
• Regulators’ views of recent GAAP developments, including trend toward more fair value reporting
• SEC efforts to streamline and modernize financial reporting system

2:15 p.m.–2:30 p.m.
Refreshment Break

2:30 p.m.–3:45 p.m.
Concurrent Sessions

Tax Update

• New IRS rules on lender requirements for reporting borrower paid MI premiums 
• New IRS regulations on widely held fixed investment trusts
• Proposals to require lender reporting of real estate tax payments and information on refinancings
• Background and status of industry efforts to update REMIC law
• IRS proposal to change tax character of notes and accounts receivable

Warehouse Lending Panel - Reporting Requirements for Keeping and Managing your Warehouse Line

• Financial reporting requirements and key metrics that warehouse lenders are using to determine credit line
• Summary of recent major changes in warehouse lending standards
• Opportunity given for mortgage companies to provide feedback based on their experiences with warehouse lenders

3:45 p.m.–4:00 p.m.
Refreshment Break

4:00 p.m.–5:00 p.m.
Concurrent Sessions

Accounting and Tax Issues for Collateralized Debt Obligations (CDOs) and Other Derivative Instruments

• CDOs — definition, structure and purpose
• Tax considerations for onshore and offshore entities
• Accounting issues under SFAS 140 for CDOs and other derivative instruments (i.e., credit default swaps)
• Consolidation of assets under FIN 46-R

Determining and Optimizing Repurchase Reserves

• Overall mortgage market conditions that lead to unprecedented loan repurchases in 2007
• Strategies for mitigating risks associated with early-pay defaults, buy backs and investor indemnifications

Friday, November 9

7:30 a.m.–Noon
Registration Open

7:30 a.m.–11:00 a.m.
Exhibit Hall Open

7:30 a.m.–8:00 a.m.
Continental Breakfast

8:00 a.m.–9:15 a.m.
General Session

The Fair Value Option: How Attractive Is It?

• Key guidance in FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities
• Distinctions between guidance in FAS 159 and FAS 156, Accounting for Servicing of Financial Assets
• Benefits/costs of electing the fair value option for loans, receivables and other instruments
• Trends in fair value elections by company type
• SEC reversals of some companies’ early FAS 159 adoptions
• Complications introduced by election for companyspecific and industry-wide financial data analysis

9:15 a.m.–9:30 a.m.
Coffee Break

9:30 a.m.–10:45 a.m.
General Session

Measuring the Fair Values of Loans, Loan Commitments, HELOCs and other Instruments Under FAS 157

• Key guidance in FAS 157, Fair Value Measurements
• Relevance of principal market, in-use versus in-exchange, exit versus entry price to loans held for sale
• Differing industry views relative to the proper application of FAS 157 to loans
• Status of SEC SAB No. 105, Application of Accounting Principles to Loan Commitments
• Challenges of measuring the fair values of troubled loans, loan commitments, HELOCs and other instruments
• Proposed PCAOB guidance on auditing fair value measurements
• Objective and scope of new FASB resource group on valuation guidance

10:45 a.m.–11:00 a.m.
Refreshment Break

11:00 a.m.–Noon
Roundtable Discussions

• Regulation AB Update
• Technology and Accounting Systems
• Small Lender Discussion
• Valuation Issues

Noon
Conference Concludes