Opening General Session: The State of the Industry
February 7, 2011 8:30 a.m. - 10:00 a.m.

In this general session, industry leaders discuss how the commercial / multifamily mortgage industry is emerging from the "Great Recession." In a Q&A format, leaders discuss lessons learned and how they are likely to impact the future of the industry. Discussion will include how the 2011 business climate is shaping up and challenges for the coming year, including demand, property valuation and capital sources.

Moderator

Michael D. Berman, CMB
MBA Chairman and President & Chief Executive Officer
CWCapital

Speakers

E.J. Burke
Executive Vice President, Group Head
KeyBank Real Estate Capital

Jack M. Cohen, CMB CRI
Chief Executive Officer
Cohen Financial

Timothy Gallagher
Morgan Stanley Mortgage Capital Holdings, Inc.

Patrick G. Halter
Chief Executive Officer
Principal Real Estate Investors

Diana Reid
Executive Vice President
PNC Real Estate/Midland Loan Services

Current State of FHA Multifamily and Healthcare Lending
February 7, 2011 10:00 a.m. - 10:15 a.m.

In 2010, FHA experienced unprecedented demand for financing. Under its popular Multifamily and Healthcare programs, FHA was challenged to meet the demand and, by all accounts, did an excellent job. MBA has invited HUD’s Deputy Assistant Secretaries for Multifamily Housing and Healthcare Programs to provide an inside look at how difficult a challenge it was and what they believe the challenges and demands will be for 2011. Attendees will have the opportunity to ask questions about last year’s most dynamic source of financing.

Moderator

Mark C. Beisler
Chief Executive Officer
Red Mortgage Capital, LLC

Speakers

Carol Galante
Deputy Assistant Secretary for Multifamily Housing
U.S. Department of Housing and Urban Development

Presentation - Galante

Roger Miller
U.S. Department of Housing and Urban Development

Presentation - Miller

CMBS Outlook
February 7, 2011 10:00 a.m. - 10:15 a.m.

Now that the CMBS market has shown signs of life, what does 2011 have in store for its return? A panel of leading CMBS experts discusses the prospects for the return of capital to the CMBS market in 2011, as well as terms and conditions of lending. Will last year’s structure terms preferred by investors continue? How will the CMBS market evolve and adapt to the implementation of the sweeping new Regulation AB rules? Will heightened CMBS defaults dampen investor demand for new product? What is the relative value between purchasing CMBS and portfolio lending?

Moderator

Jack M. Cohen, CMB CRI
Chief Executive Officer
Cohen Financial

Speakers

Warren DeHaan
Chief Origination Officer and Managing Director
Starwood Property Trust

Roddy O'Neal
Chief Executive Officer
Goldman Sachs Commercial Mortgage Capital, L.P.

Richard B. Schlenger
Director
Citigroup Global Markets Inc.

Dennis G. Schuh
Managing Director
J.P. Morgan Securities LLC

Multifamily Sources of Capital
February 7, 2011 11:45 a.m. - 1:15 p.m.

Through 2010, the GSEs and FHA were the dominant forces in financing for multifamily properties. How much production was done in 2010 by each of the agencies, life companies and others, such as REITs? Under what terms and conditions will each agency provide financing in 2011? MBA is inviting the senior multifamily executives of Fannie Mae, Freddie Mac, FHA and a life company to answer these questions. Conference attendees will hear about the availability of multifamily capital and the conditions under which loans will be made in 2011.

Moderator

Rodrigo Lopez, CMB
President & Chief Executive Officer
AmeriSphere Multifamily Finance LLC

Panel Presentation

Speakers

Kenneth J. Bacon
Executive Vice President - Housing & Community Development
Fannie Mae

Donald A. Dibble
Senior Vice President
Lincoln Financial Group

Carol Galante
Deputy Assistant Secretary for Multifamily Housing
U.S. Department of Housing and Urban Development

Michael C. May
Executive Vice President - Multifamily
Freddie Mac

David Twardock
President
Prudential Mortgage Capital Company

High Leverage Lenders - Who's In, Who's Out?
February 7, 2011 11:45 a.m. - 1:15 p.m.

A panel of leading commercial real estate finance professionals provides the perspective of mezzanine and B-note lenders. The panelists discuss the evolving role of the various players and the layering of the capital stack. What role are hedge funds, opportunity funds, investment banks and REITs playing in high-leverage lending? How these lenders are approaching deal structure and terms will be addressed along with lessons learned from past underwriting practices. Are deals being held up by a shortage of mezzanine and B-note financing? What deals are these lender categories targeting?

Moderator

Kevin Riordan
President & Chief Executive Officer
CreXus Investment Corp.

Speakers

Chris Duey
Managing Director
Principal Real Estate Investors

John Garth
Managing Director
The Pembrook Group, LLC

Daniel Sefcik
Managing Director
BlackRock Financial Management Inc.

Roundtable Discussion: Origination Roundtable
February 7, 2011 2:00 p.m. - 3:00 p.m.

This roundtable features an interactive peer-level discussion of the opportunities and challenges for originating commercial loans during uncertain economic conditions. How are originators viewing properties with high pending lease expirations? Are appraisals and/or lender underwritten values reflecting actual market conditions and trades? What impact will the run-up of Treasuries have on spreads? What are the refinance options for properties with lease-up challenges or other income challenges? What are the prospects for selling troubled loans? What are the returns on cost metrics of new multifamily projects? What are the current underwriting trends, and are LTVs creeping up to 75 percent?

Speakers

Tony Frook, CCIM, CRI
Senior Managing Director — Real Estate
Americo Life, Inc./Financial Holding Corp.

Joe B. Thornton, Jr. (Jody)
Executive Managing Director
HFF

Roundtable Discussion: Where Is the Value in Commercial/Multifamily Mortgage Banking?
February 7, 2011 2:00 p.m. - 3:00 p.m.

Come hear one of the industry's leading advisors to commercial and multifamily mortgage companies discuss ways to find and create value in mortgage banking companies. Shekar Narasimhan, Managing Partner, Beekman Advisors, will outline key components in valuing these companies and how to differentiate yourself. He will also try to answer any of our questions about the potential impact that heightened regulation, changing views on servicing and the economic outlook could have on a commercial mortgage company. Especially in a turbulent climate, you won't want to miss this session.

Speaker

Shekar Narasimhan, CMB
Managing Partner
Beekman Advisors

Presentation - Narasimhan

Second General Session: Doing Business After Washington Has Remade the World February 8, 2011 8:30 a.m. - 10:00 a.m.

2010 saw the passage of sweeping legislation affecting the commercial / multifamily mortgage industry. From risk retention and the future of the GSEs to MEAF, few sectors have been spared legislative focus. This panel provides an overview of the key legislation and expanded involvement of Washington in the commercial/multifamily mortgage industry. Among the subjects discussed will be Dodd-Frank, Regulation AB revisions, rating agency reform and international regulatory efforts. The panel will also take a look at how legislation is affecting capital sources and the outlook for the industry as regulations are drafted and implemented.

Moderator

Richard D. Jones, Esq.
Partner
Dechert LLP

Speakers

Stacey M. Berger
Executive Vice President
PNC Real Estate/Midland Loan Services

Warren Friend
Managing Director, Financial Markets Advisory
BlackRock Financial Management Inc.

Michael S. Robb
Executive Vice President - Real Estate Division
Pacific Life Insurance Company

Primary Lenders - Changing Competitive Landscape
February 8, 2011 10:15 a.m. - 11:30 a.m.

As banks, life companies and CMBS lenders compete to finance properties; this panel will assess the competitive environment. Will there be sufficient capital to meet the needs of existing and new borrowers? What terms and conditions are CMBS, banks and life companies offering? Are these lenders competing for the same deals? How are these players addressing the refinancing of distressed properties?

Moderator

Kieran P. Quinn, CMB
Vice Chairman
Walker & Dunlop, LLC

Panel Presentation

Speakers

Robert Brennan
Senior Managing Director
Guggenheim Partners

Sam W. Davis
Senior Managing Director
Allstate Investments, LLC

Michael P. Higgins
Managing Director & Head of U.S. Real Estate Finance
CIBC World Markets Corp.

Martin T. Lanigan, CFA
Senior Managing Director and Group Head - Originations & Strategic Initiatives
Meridian Capital Group

Distressed Loans and Properties
February 8, 2011 10:15 a.m. - 11:30 a.m.

Money has been positioned to purchase stressed and distressed assets, but up until recently, the opportunities appeared limited. This outstanding expert panel including a senior asset manager, special servicer, advisor and investor looks at the state of stressed, distressed and maturing loans and what is really happening with these assets. The panel explores the impact of loan documentation and structure and discusses workout and resolution strategies and how they affect investment opportunities, as well as borrower alternatives in distressed situations.

Moderator

Brian Olasov
Managing Director
McKenna, Long & Aldridge LLP

Speakers

Kevin C. Donahue
Senior Vice President
PNC Real Estate/Midland Loan Services

William J. Hoffman
President & Chief Executive Officer
Trigild Inc.

William Landis
Chief Investment Officer
Rialto Capital

Michael J. Lesser
Managing Director
Eastdil Secured

Gino Martocci
Regional President
M&T Bank

Life Companies - Will the Competitive Advantage Continue?
February 8, 2011 11:45 a.m. - 1:00 p.m.

As the competition to finance top-tier properties escalates, will life company lenders still have the pick of the litter? A panel of leading life company lenders assesses the competitive environment for portfolio lenders. Will there be sufficient allocations for portfolio lenders to refinance their rollover loans while growing their book of new business? As the competition has heated up for Class A properties in large metro areas, where will life company lenders go next? Under what terms and conditions are life companies lending? Will life companies continue to compete with the GSE lenders for multifamily properties? Are risk-based capital and other regulations impacting life company CRE allocations? Are life companies going to replace banks for new construction lending?

Moderator

James M. Murphy, CMB, CRI
Principal
Q10 Capital, LLC

Speakers

T. Anthony Premer
Senior Managing Director
Pacific Life Insurance Company

Shelley Stuart Carvel, CMB
Vice President
Unum

Mark H. Wilsmann
Managing Director
MetLife, Inc.

David M. Zachar
Executive Vice President
PPM Finance, Inc.

Servicing Practice Then and Now
February 8, 2011 11:45 a.m. - 1:00 p.m.

While attention has been focused on the origination and issuance sides of the business, in many shops the servicing operation has been the mainstay of profitability. From new regulation to increasing investor demands, much has changed in commercial and multifamily servicing operations. This panel of servicing experts will look at servicing best practices and how existing practices and documentation impact the delivery of service to both borrowers and investors. Among the issues to be discussed are managing the limitations of existing loan documents and servicing agreements, increasing responsibilities, technology, information reporting, surveillance, decision making, staffing and workload. Join these panelists as they explore servicing best practices and offer perspectives on how these practices can aid or hinder the investor and/or borrower experience.

Moderator

Joe Beggins
Chief Executive Officer
GEMSA Loan Services, LP

Speakers

Jose Becquer
Executive Vice President & Head of Commercial Mortgage Services
Wells Fargo Bank, N.A.

Gary N. Otten
Director
MetLife, Inc.

Stephanie Petosa
Managing Director
Fich Ratings

Catherine Rodewald
President
Prudential Asset Resources

Darrell Wheeler
Senior Managing Director and Head of CMBS Strategy
Amherst Securities Group LP

Roundtable Discussion: Financial Reform and the Mortgage Banker
February 8, 2011 2:00 p.m. - 3:00 p.m.

Join this roundtable discussion led by Keith Dunsmore, COMBOG member and partner at Bryan Cave, to take a deeper dive into how financial reform efforts will impact your business over the foreseeable future, with a focus on the mortgage banking sector. Topics for discussion include regulations regarding risk retention allocation between originators and securitizers, recent U.S. Department of Labor interpretative rulings, proposed Reg AB revisions, licensing requirements and ratings agency reform, including SEC 17g5 requirements. The roundtable is designed for open discussion about the impact of the 2010 legislative and regulatory environment on your business.

Speaker

Keith Dunsmor
Partner
Bryan Cave LLP

Roundtable Discussion: Commercial Mortgage Underwriting
February 8, 2011 2:30 p.m. - 3:30 p.m.

Led by industry veteran Joseph Rubin, this roundtable examines what lessons the industry has learned from the excesses of the peak years and how that is being translated into enhanced underwriting in the current environment. Join this discussion about improved approaches to analyzing income and expenses and developing underwritten net operating income, as well as assessing borrower equity and the use of structural enhancements to mitigate risk. Active participants in CMBS and life company origination and underwriting are invited to share their views. The forum is designed for honest and thoughtful exchange of ideas on how to avoid the excesses of the very recent past.

Speaker

Joseph Rubin
Principal
Ernst & Young LLP

Closing General Session: The Economic and Market Outlook for Commercial Real Estate
February 9, 2011 9:00 a.m. - 10:30 a.m.

Providing information and insights on the state of the economy and commercial / multifamily real estate markets, this session features Jay Brinkmann, Ph.D., MBA’s Chief Economist, and Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. Attendees will learn about the latest economic trends and conditions and the prospects for the U.S. economy, commercial / multifamily properties and commercial real estate finance markets. Brinkmann has published articles on bank regulation and capital requirements in various academic journals and on the op-ed page of The Wall Street Journal. He is frequently quoted in newspapers and magazines across the country on real estate topics and has been interviewed on all of the major cable and business networks. Woodwell is responsible for MBA’s research on the commercial / multifamily real estate markets, is a regular speaker at industry events and has appeared on CNBC, Fox Business and in other major print and television outlets.

Speakers

Jay Brinkmann, Ph.D
Chief Economist & Senior Vice President, Research and Economics
Mortgage Bankers Association

James R. Woodwell
Vice President, Commercial Real Estate Research
Mortgage Bankers Association

Presentation