Subprime Dilemma
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.
Agenda:
SEGMENT 1:
<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.
SEGMENT 2:
<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.
SEGMENT 3:
<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
SEGMENT 4:
<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:
- Presidents
- CFO
- Managing Directors
- Finance
- CRO and all Risk Management
- General Counsel from Financial Institutions
- Brokers
- 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 …
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 …
Dr. Jordan provides expertise in securities and derivatives markets, including valuation and risk management. In litigation, his consulting and expert …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
877877
Total Credits:
2.0 CLE
Login Instructions:
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SPEAKERS' FIRMS:
U.S. Securities and Exchange Commission
About U.S. Securities and Exchange Commission
About New York State Banking Department
Website: https://www.banking.state.ny.us/
About Skadden, Arps, Slate, Meagher & Flom LLP
Website: https://www.skadden.com/
About National Economic Research Associates, Inc.
Website: https://www.nera.com/