Secondary and Capital Markets Conference

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The status of Fannie Mae and Freddie Mac (the GSEs), now in their 17th year of government conservatorship, is still a top issue for the industry. At the heart of the debate is what kind of government backstop will be provided if they leave conservatorship. The MBA believes a clear guarantee on GSE mortgage-backed securities (MBS) is needed to preserve access and liquidity in the market. The 30-year, fixed-rate, freely prepayable mortgage, unique to America's housing system, relies on a special relationship between borrowers, lenders, investors, and the GSEs; and global investors' confidence in trading a trillion dollars annually in GSE MBS is crucial for maintaining housing market liquidity. Others argue it’s best to return to the implicit guarantee from before the crisis. Join industry leaders as they discuss the need for an explicit backstop.

Speakers

Moderator

Ramon Gomez

Managing Director, Chase

Ramon is a lawyer by training whose practice focused on mortgage securitization and capital markets before moving to the business and consumer regulatory policy space. Ramon has been at JPMorgan Chase since 2008, helping coordinate strategic initiatives and providing risk analysis and recommendations on emerging regulations and legislation affecting consumer products, mortgage lending, and capital markets. Ramon’s diverse career included Fannie Mae, Merrill Lynch, Freddie Mac, and WAMU Capital Corp. Ramon holds undergraduate and law degrees from Georgetown University. He is a member of the New Jersey and DC Bars.

Speakers

Libby Cantrill

Managing Director & Head of Public Policy, PIMCO

Ms. Cantrill is a managing director and the head of public policy for PIMCO. In her role, she analyzes policy and political risk for the firm’s portfolio management group and leads policymaker engagement and policy strategy for the firm. She also works closely with PIMCO’s Global Advisory Board. Prior to joining PIMCO in 2007, she served as an aide in the House of Representatives and began her career in the Investment Banking Division at Morgan Stanley. She has 20 years of investment experience and holds an MBA from Harvard Business School and received her undergraduate degree in economics from Brown University. Ms. Cantrill is a CFA charterholder and a regular contributor to Bloomberg and CNBC. She is also a member of the Council on Foreign Relations, sits on PIMCO’s Closed End Fund board as well as the boards of Covenant House New York and the Securities Industry and Financial Markets Association ("SIFMA").

Warren Kornfeld

Senior Vice President, Moody's Analytics CRE

• Warren covers a broad portfolio of global investment and universal banks, US regional banks, finance companies, government sponsored enterprises including Fannie Mae and Freddie Mac. Previously, Warren was a Managing Director in the Structured Finance Group. Prior to joining Moody's Ratings, Warren held senior investment banking positions with William Blair and Co. and The Industrial Bank of Japan. He holds a B.S. from the Wharton School of the University of Pennsylvania. Warren has 35+ years’ professional experience including 20+ years at Moody’s Ratings.

Scott J. Ulm, Jr.

CEO, ARMOUR Residential REIT, Inc.

Scott J. Ulm is the Chief Executive Officer and Vice Chairman of ARMOUR Residential REIT, Inc. and Chairman of BUCKLER Securities. He was a Managing Director of Credit Suisse and predecessors from 1986 to 2005. He holds a BA from Amherst College, MBA from Yale School of Management, and JD from Yale Law School.