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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:02 |
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A DISCUSSION ON HOME MORTGAGES AND THE BANKING INDUSTRY. WE WILL HEAR ABOUT NEW PRACTICE. IT IS CALLED... |
| 00:00:33 |
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I THINK WE ARE ABOUT READY TO START. EVERYONE, PLEASE TAKE YOUR SEATS. WE WILL HAVE VERY INTERESTING... |
| 00:11:08 |
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LET ME SAY ONE MORE THING. THERE IS A LOT OF INTEREST IN WHAT TREASURY IS PROPOSING TO DO IN THE FINANCIAL... |
| 00:11:38 |
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THANK YOU VERY MUCH AND THANK YOU FOR HAVING THIS. THIS IS AN IMPORTANT TOPIC. I APPRECIATE HAVING... |
| 00:38:08 |
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WE HAVE SOME TIME FOR QUESTIONS. THE SLIDES WILL BE ON OUR WEBSITE FOR THIS CONFERENCE. LOOK FOR... |
| 00:38:32 |
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I AM A LAWYER WITH ONE LAW FIRM. TWO UNRELATED QUESTIONS. ONE WOULD BE THE ROLE OF THE RATING AGENCIES.... |
| 00:39:09 |
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I WILL DO THE SECOND ONE FIRST. IT IS A DYNAMIC POOL. ANY ISSUER WHO WILL ISSUE A COVERED BOND HAS... |
| 00:41:01 |
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COULD WE ADD THAT THE RATING AGENCIES ARE ACCUSTOMED TO TRADING COVERED BONDS BECAUSE THEY BREAK LOTS... |
| 00:41:18 |
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ALL THE WAY UP IN FRONT. |
| 00:41:23 |
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[UNINTELLIGIBLE] I HAVE TO SAY AND DON'T TAKE THIS THE WRONG WAY, BUT I GET VERY UNCOMFORTABLE WHEN... |
| 00:44:11 |
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I WAS WAITING FOR THE QUESTION. |
| 00:44:14 |
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CAN YOU COME AND GET THE MICROPHONE? |
| 00:44:17 |
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PLEASE. [LAUGHTER] |
| 00:44:21 |
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I AM JUST KIDDING. ON THE POINT OF THE GOVERNMENT'S ROLE, I AM A FREE-MARKET REPUBLICAN. ONE OF THE... |
| 00:45:59 |
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IN THE BACK? CAN YOU WAIT FOR THE MICROPHONE, PLEASE? |
| 00:46:12 |
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I AM FROM THE FDIC. I WANT TO KNOW WHICH TYPES OF FINANCIAL INSTITUTIONS BE TIED INSURED DEPOSITORY... |
| 00:46:30 |
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THAT IS A GOOD QUESTION ON WHO IS INTERESTED. MOST OF THE INTEREST WE HAVE RECEIVED HAS BEEN FROM... |
| 00:47:38 |
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OTHER QUESTIONS? WAIT FOR THE MICROPHONE. |
| 00:47:47 |
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[UNINTELLIGIBLE] ASSUMING THAT I WANTED TO BUY A HOUSE FOR $400,000, I PUT DOWN $100,000 SO I GOT... |
| 00:48:20 |
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I -- WE WOULD HAVE TO DO THE DETAILED MAP. |
| 00:48:26 |
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-- WE WOULD HAVE TO DO THE DETAILED MATH. |
| 00:48:28 |
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THERE ARE ONLY THREE OR FOUR MAJOR BANKS. CHASE , BANK OF AMERICA THAT AND PERHAPS CITICORP. THEY'RE... |
| 00:49:12 |
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THE BIG BALANCE SHEET LENDERS HAVE BEEN MANY BUSINESS LINES. MORTGAGE FINANCE IS A BIG BUSINESS. EVEN... |
| 00:50:03 |
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ONE MORE QUESTION. I HAVE A QUESTION FOR YOU. THAT IS WHY REFOCUSING ONLY ON DEPOSITORY INSTITUTIONS?... |
| 00:50:22 |
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IT IS JUST A STARTING POINT. THIS IS TOO HAS BEEN REACHING OUT TO US SAYING WE WOULD LIKE TO SEE HELP.... |
| 00:50:50 |
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WAS THERE ANY REQUIREMENT WHEN YOU STARTED TALKING ABOUT MARKETING THESE THINGS THAT YOU NEEDED DEPOSITORY... |
| 00:50:56 |
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NO. |
| 00:51:01 |
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I GUESS WE HAVE TIME FOR TWO MORE QUESTIONS. WITH THE MICROPHONE. |
| 00:51:14 |
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HOW BINDING IS TREASURY'S BEST PRACTICES GUIDE AND WHAT HAPPENS TO SOMEONE WHO SAYS GOOD SUGGESTIONS,... |
| 00:51:21 |
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IT IS NOT BINDING. WE ARE TRYING TO PROVIDE A STARTING POINT. IF WE DID SOMETHING BY THE, WHAT WE... |
| 00:51:47 |
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ONE MORE QUESTION IN THE BACK. IN THE RED. |
| 00:51:59 |
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WE REPRESENT THE CONSUMER PERSPECTIVE. HOW ARE YOU GOING TO BE ADDRESSING TO PRESERVE THE INTEGRITY... |
| 00:52:48 |
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WHAT YOU RAISED IS AN IMPORTANT ISSUE THAT IS NOT UNIQUE TO COVERED BONDS. IT IS HOW WE DEAL WITH... |
| 00:54:14 |
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[INAUDIBLE] |
| 00:54:26 |
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I CANNOT SPEAK TO ITS SPECIFICALLY. WE SERVE IT ALL OF THE STATES AND THEY HAVE DIFFERENT PROGRAMS.... |
| 00:55:05 |
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BEFORE I INTRODUCE THE NEXT SPEAKER, I WANT TO KNOW THAT WE HAVE A GAP UP HERE ON THE PANEL. YOU PROBABLY... |
| 00:55:29 |
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PROBABLY NOT POSSIBLE TO DO THAT ACTUALLY. |
| 00:55:32 |
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THANK YOU VERY MUCH. HE WILL GO IN TURN. JASON COULD NOT MAKE IT. OUR NEXT SPEAKER IS STOPPED -- ... |
| 00:57:39 |
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GOOD MORNING AND THANK YOU. GOOD MORNING EVERYONE. IT IS GOOD TO BE HERE WITH YOU. THANK YOU FOR THE... |
| 01:21:55 |
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GREG IS THE DEPUTY GENERAL COUNSEL FOR THE BANK REGULATORY AND POLICY LEGAL GROUP AT BANK OF AMERICA,... |
| 01:22:53 |
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THANK YOU, AGREED TO BE HERE. BASICALLY, WHY WE BELIEVE COVERED BONDS ARE IN THE INTEREST OF BANK... |
| 01:32:18 |
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THE IDEA OF A MUCH AND 80 AS A UNDERSTOOD -- OF HOMOGENY WHICH HE IS UNDERSTANDABLE. BUT HOW DO YOU... |
| 01:32:53 |
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GENERALLY, WE ARE OPEN. BUT WE HAVE FACILITATED THE DEVELOPMENT OF THIS MARKET. I EXPECT MY SECOND... |
| 01:33:47 |
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LET ME SAY THAT IT IS GOING TO BE CHALLENGING TO TRY AND GET INVESTORS INTERESTED, WHICH IS WHAT I... |
| 01:34:47 |
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I ASSUME YOU ARE NOT WORRIED ABOUT THE FACT THAT CONGRESS MIGHT HAVE A DIFFERENT STRUCTURE? |
| 01:35:03 |
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IS NOT UNIMAGINABLE THAT THEY COULD COME IN AND SAY WE GOT A DIFFERENT WAY. ALL OF THE WORK YOU HAVE... |
| 01:35:16 |
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I HAVE LOOKED AT SOME OF THE BILLS. I THINK IT IS FAIR TO SAY THAT SOME OF THE LEGISLATION WOULD ... |
| 01:37:00 |
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THANK YOU. I AM VERY GLAD TO BE HERE WITH YOU TODAY TO TALK ABOUT COVERED BOND. I AM A COVERED BOND... |
| 01:49:16 |
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THANKS VERY MUCH. YOUR POINTS ABOUT THE TREMENDOUS NUMBER OF PLAYERS IN THE SECURITIZATION PROCESS... |
| 01:49:59 |
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I LOOKED AT SOME ASPECTS OF IT. PARTICULARLY THE CAPITAL COST BURDEN THAT BILL RISK ASSETS CARRIED... |
| 01:51:11 |
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I SHOULD MENTION THAT IN THE DATA SYSTEM, WHEN THE BONDS ARE ISSUED, THE MORTGAGE BANK THAT ISSUES... |
| 01:52:35 |
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THANK YOU. I HAVE PARTICIPATED IN INTERNATIONAL CONSIDERATIONS OF HOUSING FINANCE AND LOOKED AROUND... |
| 02:06:25 |
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THANK YOU VERY MUCH. YOU TALKED ABOUT MEETING IN A LEGISLATIVE BASIS BECAUSE OF THE CONFLICT BETWEEN... |
| 02:06:58 |
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I THINK IT IS POSSIBLE. IT SEEMS TO ME THAT THE PEOPLE THAT WE'RE REALLY TALKING ABOUT DOING THIS... |
| 02:08:16 |
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OK, TIM SKEET. HE IS THE MANAGING DIRECTOR OF MERRILL LYNCH'S COVER BOND PRACTICE. NOW BANK OF AMERICA'S... |
| 02:08:30 |
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SUBJECT TO REGULATORY REFERRALS. HE SPECIALIZED AS A THIS FINANCIAL INSTITUTION -- PRIOR TO JOINING... |
| 02:09:11 |
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THANK YOU VERY MUCH. WE DO HAVE A LITTLE BIT OF HISTORY TO REFER TO END A LITTLE BIT OF BACKGROUND.... |
| 02:09:35 |
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WHEN I WAS IN GERMANY -- |
| 02:09:38 |
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I DID MEAN WHAT I SAY. THAT SENTENCE WAS -- |
| 02:09:50 |
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DO WE SPEAK ENGLISH HERE? MY NATIVE TONGUE IS SORT OF ENGLISH. A THOUGHT IN INVOKED THE SPIRIT OF... |
| 02:25:14 |
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THANK YOU FOR MUCH. LET ME ASK ONE QUICK QUESTION. YOU ARE CONCERNED ABOUT LIQUIDITY. THIS IS A BOND.... |
| 02:25:35 |
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I THINK WHAT WE ARE TRYING DO IS GIVE AN INSTRUMENT TO INVESTORS WHICH REQUIRES AS LITTLE CREDIT WORK... |
| 02:26:35 |
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OK. WE HAVE KEPT DAVID FOR LAST BECAUSE HE IS SUBSTITUTING JASON, WHO WOULD HAVE BEEN HERE. FROM... |
| 02:27:09 |
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THANKS. I WILL MAKE SOME VERY BRIEF REMARKS. I DID HAVE SOME LIMITED STAFF INVOLVEMENT IN THE DEVELOPMENT... |
| 02:32:04 |
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THANK YOU. IT WAS GOOD TO HEAR TET THE FTSE IS WILLING TO TALK ABOUT THE 4% LIMIT, WHICH I THINK SOME... |
| 02:32:43 |
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I WOULD WONDER IF I COULD ASK A QUESTION? IT SEEMS TO ME, AND TIM COULD ADDRESS THIS, ONE OF THE KEYS,... |
| 02:34:05 |
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I THINK THE INTENT OF THE POLICY STATEMENT IS TO COPE CERTAIN WAYS TOWARDS THAT, TO THE EXTENT THAT... |
| 02:35:09 |
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IT WAS CLEAR FROM MY COMMENTS, THE SUGGESTION WHAT IS NEEDED IS LEGISLATION. |
| 02:35:21 |
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ANY OTHER TALENTS ON THE PANEL ON THAT ISSUE? |
| 02:35:25 |
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AND THE BACK. |
| 02:35:31 |
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ONE COMMENT, PETER, YOU HAD RAISED, THE IDEA OF A DEDICATED INSTITUTION THAT ISSUES COVERED BONDS,... |
| 02:37:22 |
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THE FDIC HAS SAID THAT IT WILL TRY TO ADDRESS THESE THINGS AS QUICKLY AS POSSIBLE. I THINK THERE IS... |
| 02:37:37 |
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TO SOME EXTENT THESE ISSUES WILL BE WORKED OUT IN THE MARKETPLACE. BUT I GOT INVOLVED WITH THIS I... |
| 02:38:27 |
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TO ADD A POINT. LEGISLATION ADDRESSES THAT ISSUE BY CLASSIFYING A COVER ON AND SAY QFC, WHICH TIGHTENS... |
| 02:38:57 |
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I THOUGHT IN THE QFC, MAYBE THE SAME THING IS TRUE WITH THE FDIC, BUT THAT GIVES THE HOLDER OF THE... |
| 02:39:29 |
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HALF THE AMERICAN FOUNDATION. I AM HEARTENED THAT THEY ARE COMFORTABLE THAT THIS COULD BE LAUNCHED... |
| 02:40:57 |
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IT IS NOT. YOU RAISE AN INTERESTING POINT THAT WE HAVE TALKED ABOUT IN THE PAST. THE PROBLEM WE HAVE... |
| 02:43:03 |
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WE DISCUSSION ABOUT WHAT IS IN THE COVER SCHOOL. IT INCLUDES THINGS OTHER THAN MORTGAGES. ARE WE TALKING... |
| 02:43:15 |
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IT IS STEP-BY-STEP, IS IT NOT? BUT WE HAVE THE EARLIEST DISCUSSIONS ABOUT THIS PRODUCT DOWN THE ROAD... |
| 02:44:13 |
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BUT THEY ASK YOU THIS. ARE WE TALKING ABOUT A MORTGAGE FINANCE SYSTEM OR ABOUT FINANCING OTHER THINGS?... |
| 02:44:23 |
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IN EUROPE WE HAVE SEVERAL DIFFERENT KIND OF UNDERLYING ASSET CLASSES. IF THIS IS CAPABLE OF DEALING... |
| 02:44:52 |
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ALEX. |
| 02:44:54 |
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IN MY VIEW THE OVERWHELMING PRIORITY IS A MORTGAGE FINANCING ALTERNATIVE, AND THAT IS WHERE ALL OF... |
| 02:45:26 |
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BUT THERE IS NOT ANY, I WILL GET YOU IN A SECOND, IS THERE ANY RESTRICTION IN THE LEGISLATION ABOUT... |
| 02:45:42 |
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BY DEFINITION IF YOU HAVE A COVERED CALL MADE OF MORTGAGES KOPP -- |
| 02:45:48 |
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WE ARE TALKING ABOUT OTHER THINGS BESIDES MORTGAGES. |
| 02:45:51 |
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I AM NOT. |
| 02:45:52 |
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DESK, YOU ARE. BUT I HEAR OTHERS SAYING THERE WILL BE OTHER THINGS IN THE COVER ALL. |
| 02:46:04 |
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AS BULLISH AS I AM ON COVER BONDS IT IS IMPORTANT TO FOCUS ON MORTGAGES FOR TWO REASONS. COMPARED... |
| 02:46:41 |
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I THINK THAT IS RIGHT. THE FACT THAT THE MORTGAGE MARKET IS SO LARGE IS WONDERFUL, IT IS A GREAT OPPORTUNITY.... |
| 02:47:05 |
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CHRIS MAY HAVE SOMETHING TO SAY. THE KENTUCKY WHAT THE LEGISLATION. -- HE CAN TALK ABOUT THE LEGISLATION.... |
| 02:48:14 |
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WE HAVE ONE LAST QUESTION. TIME FOR ONE LAST QUESTION. THAT IS RIGHT OVER HERE. |
| 02:48:33 |
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ALEX, THACKERAY YOU TALKED ABOUT A SELF FINANCING NATURE OF THIS WERE YOUR OF THE PROCEEDS IN THE CAPITAL.... |
| 02:49:19 |
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WITH REGARD TO THE DIAGRAMS, ONCE FANNIE AND FREDDIE GO TO THE CONSERVATORSHIP THE GRINDER THEY START... |
| 02:49:27 |
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I WANT TO THANK YOU FOR SITTING THROUGH THREE HOURS OF SOMEWHAT TECHNICAL MATERIAL. I HOPE YOU HAVE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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