Overview:Presently, banks have proclaimed their losses as a result of the subprime crises to hover above $150 Billion with final estimates being as high as $3 Trillion or 8% of U.S. GDP. The Feds have taken dramatic steps to avert a U.S. recession by cutting interest rates 7 times since September of 2007 and there's talk of sweeping new regulations for financial firms on the horizon. This event will be a comprehensive exploration of the effects of the subprime crisis across a broad array of financial institutions with an emphasis on best practices in the current environment along with a look at what's on the horizon.
The Topics covered will be:
- Possible public company violations
- Recent Developments
- Subprime Lending - State and Federal Responses
- Subprime Dilemma: Litigation and Enforcement
- The Credit Crisis
The Knowledge Congress assembles a panel of top experts who will explore the rippling affects of the subprime crisis & how to best position your firm against the upcoming tidal wave.
<strong id="ep-name-of-speaker">James V. Jordan, Ph.D., CFA, Senior Vice President,</strong>
<em id="ep-speaker-firm">National Economic Research Associates, Inc.</em>
- The link between housing market problems and other credit markets (subprime --> prime
/HELOC/other housing products --> MBSs --> CDOs --> CP and ABCP --> ARS)
- Bank writedowns and involuntary expansion of their balance sheets
- Stresses in the interbank market (LIBOR)
- The nature of counterparty credit risk and OTC markets.
<strong id="ep-name-of-speaker">Alexander M. Vasilescu, Regional Trial Counsel/Trial Unit Chief, Northeast Regional Office,</strong>
<em id="ep-speaker-firm">U.S. Securities and Exchange Commission </em>
- The SEC’s Subprime Task Force.
- Areas of possible enforcement by the SEC.
- Lessons from past SEC cases.
<strong id="ep-name-of-speaker">Jane M. Azia, Director of Non-Depository Institutions and Consumer Protection,</strong>
<em id="ep-speaker-firm">New York State Banking Department</em>
- State regulation - What States have done so far
• Regulatory guidances
• Regulation of mortgage originators
• Regulation of appraisers
- State regulation - What's on the Horizon
• Proposed legislative reforms to prevent a future subprime lending crisis
» Expanded protections for subprime borrowers
» Criminalization of mortgage fraud
» Proposed legislative reforms to provide relief for borrowers facing foreclosure
• Protections for borrowers facing foreclosure
• Protections from foreclosure and other scams
• Federal proposals
» Proposed amendments to HOEPA and Reg Z
» Proposed amendments to RESPA
<strong id="ep-name-of-speaker">Benjamin B. Klubes, Partner, Civil and Criminal Litigation and Government Enforcement,</strong>
<em id="ep-speaker-firm">Skadden, Arps, Slate, Meagher & Flom LLP </em>
- Government enforcement investigation and litigation responses to the subprime crisis
- Class action lawyers take on the subprime crisis -- old methods and innovations
- Compliance lessons to be learned from the investigation and litigation onslaught
- Cities and states respond to the crisis with programs and lawsuits
Who Should Attend:
- Managing Directors
- CRO and all Risk Management
- General Counsel from Financial Institutions
- Bank & Credit Unions
- Subprime and Hedge Funds Lawyers
- CPA Consultants.
Alexander M. Vasilescu is the Regional Trial Counsel and Chief of the Trial Unit in the Northeast Regional Office of U.S. Securities and Exchange Commission, Division of Enforcement, located in New York City. In that position, Mr. Vasilescu oversees all litigations handled by the New York office and serves as lead attorney on various enforcement actions. Since joining the SEC in 1995, Mr. Vasilescu has led investigations and litigations involving violations of a wide range of securities law. Most recently, Mr. Vasilescu led the SEC’s investigation and prosecutions relating to a $3.3 billion accounting fraud at Computer Associates International, Inc. Mr. Vasilescu and his team at the SEC charged 7 executives, including the former Chairman and CEO, the former CFO, and the former General Counsel. In addition, Mr. Vasilescu has overseen various other investigations and prosecutions, including enforcement actions against: Dana Giacchetto, an investment advisor to Hollywood actors and artists for defrauding clients; John G. Bennett, Jr. and the Foundation for New Era Philanthropy, for committing a $500 million Ponzi scheme and a registered representative at Prudential Securities who aided and abetted that fraud; State Bank of India and Citibank, N.A. relating to a multibillion dollar unregistered bond offering; and 17-year-old Cole Bartiromo, for conducting a multi-million dollar fraudulent securities offering on the internet. Prior to joining the SEC, Mr. Vasilescu was a litigation associate at the law firms of Paul, Weiss, Rifkind, Wharton & Garrison and Kramer, Levin, Naftalis & Frankel LLP. Mr. Vasilescu received a B.A., cum laude, in Economics and International Relations from Tufts University, and J.D. from Cornell Law School.
Alexander M. Vasilescu is the Regional Trial Counsel and Chief of the Trial Unit in the Northeast Regional Office of …
Jane Azia was appointed Director of Non-Depository Institutions and Consumer Protection in April 2007.
Jane works to promote the consumer protection mission of the Department. She is in charge of the Mortgage Banking, License Financial Services and Consumer Services Divisions. In this capacity, she oversees the regulation of mortgage bankers and brokers, check cashers, licensed lenders, sales finance companies, and other non-depository institutions. Jane also oversees compliance with CRA, fair lending and other consumer laws, consumer outreach and complaint handling.
Prior to joining the Banking Department, Jane spent nearly 25 years in the Office of the New York Attorney General, most recently as head of the Attorney General’s Internet Bureau and special counsel for consumer litigation. The majority of her work has focused on consumer protection issues, including credit and financial services and predatory lending.
Ms. Azia is a graduate of Northwestern University and New York University School of Law.
Jane Azia was appointed Director of Non-Depository Institutions and Consumer Protection in April 2007. Jane works to promote the consumer …
Benjamin B. Klubes, a partner in Skadden’s Washington, D.C. office and a member of the Civil and Criminal Litigation and Government Enforcement practice, represents corporate clients in federal and state enforcement agency investigations and litigation, as well as in private civil and class action litigation. He also conducts corporate internal investigations and advises companies with respect to compliance issues and programs.
Mr. Klubes has an active enforcement and litigation practice representing a variety of financial institutions and insurers in investigations by the Department of Justice, Federal Trade Commission, Department of Housing and Urban Development, and state attorneys general, as well as in private class action litigation concerning the Fair Housing Act, the Equal Credit Opportunity Act, the Civil Rights Act, unfair and deceptive trade practices statutes and privacy law claims. He has assisted in the implementation of compliance programs for numerous corporations in a variety of business areas, including the financial services industry, relating to fair lending, federal mortgage lending and privacy laws, mortgage fraud, the Bank Secrecy Act, and the Foreign Corrupt Practices Act. Mr. Klubes also has represented mortgage lenders and servicers in subprime-related matters including class action, enforcement and regulatory proceedings.
Benjamin B. Klubes, a partner in Skadden’s Washington, D.C. office and a member of the Civil and Criminal Litigation and …
Dr. Jordan provides expertise in securities and derivatives markets, including valuation and risk management.
In litigation, his consulting and expert witness experience includes cases involving exchange traded funds, mutual funds, hedge funds, variable annuities, broker/dealers, equity and fixed income securities, currencies, commodities, derivatives, tax-related investments, customerbroker disputes, off balance sheet entities and leveraged buyouts. His work has required modeling, valuation and risk assessment of complex instruments such as structured securities and insurance products.
In advisory consulting, Dr. Jordan has directed projects in the management of commodity, currency and interest rate risk for financial and non-financial corporations. He has also worked with insurance brokers and underwriters to develop innovative insurance solutions.
In government, Dr. Jordan served as Financial Economist and Special Assistant to a Commissioner at the US Commodity Futures Trading Commission. He later served as Consultant to the Commission for a study of the stock market crash of 1987 and for the development of regulations for commodity and currency linked debt.
A former academic, he has held tenured faculty positions as a Finance Professor. His research has been published in journals such as American Economic Review, Journal of Banking and Finance, Journal of Business, Journal of Finance, Journal of Fixed Income, and Journal of Futures Markets. He has also contributed to professional books in his field. Dr. Jordan holds the Chartered Financial Analyst designation. He received his PhD from the University of North Carolina at Chapel Hill.
Dr. Jordan provides expertise in securities and derivatives markets, including valuation and risk management. In litigation, his consulting and expert …
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U.S. Securities and Exchange Commission