American Securitization ForumNew York, New York

Introduction to the American Securitization Forum

ASF 2006 January 2006

American Securitization ForumNew York, New York

Mission and Goals

For and By the Securitization Industry 3

The ASF: Who We Are

A broadly-based , not-for-profit professional forum through which participants in the U.S. securitization market can advocate their common interests on important legal, regulatory and market practice issues.

We also sponsor substantive informational and education events, conferences and other programming of relevance to securitization market professionals, governmental officials and other policymakers, the financial media and external constituencies.

For and By the Securitization Industry 4

Principal Goals

Consensus and Coordination To build consensus within the U.S. securitization industry

on issues material to the industry

Advocacy To mount reasonable and focused efforts to advance the

ASF’s substantive positions, chiefly by interacting with appropriate governmental, regulatory, legislative and other policy-making bodies

Education To inform and educate the securitization community and

related constituencies and to sponsor substantive and relevant education programs

American Securitization ForumNew York, New York

Membership and Membership

Criteria

For and By the Securitization Industry 6

Membership Categories

Membership in the ASF is open to all professional participants in the U.S. securitization industry

Investors Issuers Financial Intermediaries Servicers Trustees Financial Guarantors and Insurers Rating Agencies Legal and Accounting Firms Data Vendors and Suppliers

For and By the Securitization Industry 7

Current members

Investors• Aames Financial Corp.• ACA Capital Holdings Inc.• Aim Capital Management Inc.• Aladdin Capital Management LLC• Alliance Capital Management LP• Allstate Investments LLC• Asset Allocation & Management• Barclays Global Investors• BlackRock, Inc.• Boston Portfolio Advisors, Inc.• C-Bass LLC• Cambridge Place Investment• Management• Carrington Capital Management• Charles Schwab Investment Management• Clarington Investments Ltd.• Clinton Group (The)• Conning Asset Management• Constitution State Corporation• Credit Suisse First Boston Asset• Management• DB Zwirn & Co., LP• Delamore & Owl Group of Companies• Delaware Investments• Deutsche Asset Management• DF King & Co., Inc.

• Dreyfus Corp.• Dynamic Credit Partners, LLC• Eaton Vance Management• eClientscope Inc.• Federal Home Loan Bank of New York• Federated Investors• Fidelity Investments• General Motors Asset Management• Gordian Knot Ltd• Guggenheim Capital, LLC• Hartford Investment Management Co.• Hyperion Capital Management• IBM Corporation• IKB Capital Corporation• ING Bank• Ischus Capital Management• Janus Capital Group• Johnson & Johnson• JPMorgan Investment Management• KBC Financial Products UK• Lazard Structured Finance Investors LLC• LCP Capital LLC• Lehman Brothers Asset Management• Minster Asset Finance• Minster Funding Limited• Mizuho Corporate Bank Ltd.• Natexis Banques Populaires

For and By the Securitization Industry 8

Current members

Investors (Cont.)• New York Mortgage Trust• Northwestern Mutual Life Insurance• Company• OFI Institutional Asset Management• Paramax Capital Group, LLC• PartnerRE New Solutions Inc.• Payden & Rygel Investment Management• PIMCO• PNC Capital Markets LLC• PPM America• Princeton Advisory Group• Principal Global Investors• Promontory Financial Group, LLC• Prudential Investment Management• Putnam Investment Management• Reconnaissance Capital Management, LLC• Redstone Companies• Redwood Trust, Inc.• Schroders• Sovereign Bank• Sports Mondial of America• Stadia Capital• State of New Jersey - Division of• Investment• State Street Global Advisors• Structured Asset Investors

• T. Rowe Price Associates• Teacher Retirement System of Texas• Tequesta Capital Advisors, LP• TIAA-CREF• TrinityOne• Trust Company of the West• Wellington Management Company• WesCorp• Western Asset Management Company• WestLB• White Mountains Advisors LLC• Williams Capital Management• World Bank

Issuers• 1st Financial Funding & Investment• Corporation• Accredited Home Lenders, Inc.• Advanta Corporation• American Express• American Honda Finance Corporation• AmeriCredit Corporation• Ameriquest Mortgage Company• Bayview Financial• Calyon Corporate and Investment Bank• Capital One• Cendant Corporation• Citicorp Securities Inc.• Compass Bank

For and By the Securitization Industry 9

Current members

Issuers (Cont.)• CompuCredit Corporation• Countrywide Home Loans• Discover Financial Services• Dresdner Kleinwort Wasserstein• Fannie Mae• Fieldstone Investment Corporation• First Marblehead Corporation (The)• First National Bank of Omaha• Friedman Billings Ramsey• Ford Motor Credit Company• Freddie Mac• GE Commercial Finance• General Motors Acceptance Corp.• GMAC-RFC• HSBC• Hudson Castle Group, Inc.• HVB Group• Long Beach Mortgage• Marriott Vacation Club International• MBNA America Bank• Metris Companies• Nelnet, Inc.• New Century Financial Corporation• New Shore Capital Group• Providian Financial• Residential Capital Corporation

• Sallie Mae, Inc.• Saxon Mortgage, Inc.• State Street Global Markets• Thornburg Mortgage, Inc.• Toyota Motor Credit Corporation• Washington Mutual Bank

Financial Intermediaries• ABN AMRO North America Inc.• Banc of America Securities LLC• Bank of Nova Scotia• Bank of Tokyo – Mitsubishi, Ltd.• Barclays Capital• Bear, Stearns & Co. Inc.• CIBC World Markets• Countrywide Securities• Credit Suisse First Boston LLC• Deutsche Bank Securities Inc.• Fortis Securities LLC• Goldman Sachs & Co.• Harris Nesbitt Corp.• HSBC Securities (USA) Inc.• IXIS NA, Inc.• JPMorgan Securities Inc.• Lehman Brothers Inc.• Merrill Lynch & Co., Inc.• Morgan Stanley & Co., Inc.

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Current members

Financial Intermediaries (Cont.)• Nomura Securities• PNC Bank• RBS Greenwich Capital Markets, Inc.• Royal Bank of Canada• SG Corporate and Investment Banking• SunTrust Robinson Humphrey Capital• Markets• UBS Investment Bank• United Capital Markets• Wachovia Corporation• Wells Fargo Bank (Financial Intermediary)

Rating Agencies• Dominion Bond Ratings Service• Fitch Inc.• Moody’s Investors Service• Standard & Poor’s

Trustees• The Bank of New York• Deutsche Bank Trust Company Americas• LaSalle Bank Corp.• Wachovia• Wells Fargo Bank (Trust)• Wilmington Trust Company

• Law Firms• Blake, Cassels & Graydon LLP• Cadwalader, Wickersham & Taft LLP• Chapman and Cutler LLP• Clifford Chance LLP• Dechert LLP• Dewey Ballantine LLP• Emmet, Marvin & Martin LLP• Goodwin Procter LLP• Greenberg Traurig LLP• HellerEhrman LLP• Hunton & Williams LLP• Kirkland & Ellis LLP• Kirkpatrick & Lockart Nicholson Graham, LLP• Latham & Watkins LLP• Linklaters• Mayer, Brown, Rowe & Maw LLP• McDermott Will & Emery LLP• McKee Nelson LLP• Mitchell Silberberg & Knupp LLP• Nixon Peabody LLP• Orrick, Herrington and Sutcliffe LLP• Richards, Layton & Finger, P.A.• Seward & Kissel LLP• Shearman & Sterling LLP• Sidley Austin Brown & Wood LLP

For and By the Securitization Industry 11

Current members

Law Firms (Cont.)• Skadden, Arps, Slate, Meagher & Flom LLP• Stradley, Ronon, Stevens & Young LLP• Stroock & Stroock & Lavan LLP• Thacher Proffitt & Wood LLP

Financial Guarantors• Ambac Assurance Corporation• Assured Guaranty Corp.• CIFG• Financial Guaranty Insurance Company• Financial Security Assurance• MBIA Insurance Corporation• XL Capital Assurance

Accounting Firms• Deloitte & Touche LLP• Ernst & Young LLP• KPMG LLP• PricewaterhouseCoopers LLP

Mortgage Insurers• Mortgage Guaranty Insurance Corp.• The PMI Group, Inc.• Radian Guaranty Inc.

Suppliers• The Bohan Group• Clayton Group, Inc.• Corporation Service Company• CSC Financial Services Group• Global Securitization Services• The Hollister Group• Lewtan Technologies• Lord Securities Corporation• The Murrayhill Company, a Clayton• Holdings Company• RouteOne LLC• R&R Consulting• Strategic Research Institute, LLC• Wall Street Analytics, Inc.

Subscribers• Myron Glucksman Consulting• Vernon Wright

Other Financial Entity• Lloyds TSB Bank Plc• Pentalpha Group, L.L.C.

For and By the Securitization Industry 12

Membership Levels and Dues*

Level I - $30,000 Larger Rating Agencies Financial Guarantors Larger Accounting Firms Larger Financial Intermediaries Larger Law Firms Larger Issuers

Level II - $15,000 Trustees Medium Financial Intermediaries Medium Law Firms Medium Issuers Servicer Companies Smaller Rating Agencies

Level III - $10,000 Smaller Financial

Intermediaries Smaller Accounting Firms

Level IV - $7,500 Mortgage Insurers Smaller Issuers Smaller Law Firms Other Financial Entities Suppliers

Level V - $2,500 Subscribers

Level VI - $0 Large Investors Small Investors

* Special pricing package exists for firms with multiple functions/affiliates

American Securitization ForumNew York, New York

Organization and Governance

For and By the Securitization Industry 14

ASF Organizational Structure

Board of Directors

Legal, Regulatory, Accounting and Tax

Committee

Investor Committee

Market Standards and Practices Committee

Membership Committee

Executive Committee

Communication and Education

Committee

Credit Card Issuer Subforum

ABCP Conduit Sponsor Subforum

CHAIR: Greg Medcraft, Societe Generale Corporate & Investment Banking

DEPUTY CHAIR: Diane Wold, ResCap Holdings

SECRETARY: Sanjeev Handa, TIAA-CREF

TREASURER: Richard D’Albert, Deutsche Bank AG

EXECUTIVE VP: Joseph Donovan, Credit Suisse

EXECUTIVE VP: Jason Kravitt, Mayer, Brown, Rowe & Maw LLP

EXECUTIVE VP: Martin Rosenblatt, Deloitte & Touche LLP

EXECUTIVE VP: Daniel Stachel, State Street Global Advisors

Regulatory Subcommittee

Legislative and Judicial

Subcommittee

Accounting and Tax

Subcommittee

RMBS Issuer Subforum

Auto Issuer Subforum

CDO Collateral Managers Subforum

Management Committee

For and By the Securitization Industry 15

Board of Directors Composition

Category Maximum number of Board of Directors Members

Issuer11, to be representative of both asset class and issuer size,

with the following limitations:

  at least 2 to be small or medium size issuers

  at least 3 to be commercial banks

Investor8, to be representative of both asset class, duration of

investment and risk appetite

Financial Intermediaries 6, to be representative of size

Trustees 1

Law Firms 3

Guarantors 1

Accounting Firms 2

Rating Agencies 3

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Purpose and Function of Committees

Board of DirectorsExecutive CommitteeLegal, Regulatory, Accounting & Tax Committee

Legislative & Judicial Subcommittee Regulatory Subcommittee Accounting and Tax Subcommittee

Market Standards & Practices CommitteeCommunication and Education CommitteeInvestor CommitteeIssuer SubforumsMembership Committee

American Securitization ForumNew York, New York

Current Projectsand Priorities

For and By the Securitization Industry 18

Current Projects

Regulation AB Implementation

Interpretive guidance letters to SEC

“Reg AB – The Answers” Conference

Model Provisions with Servicer Matrix

SEC Offering Process Reforms

FAS 140 Reforms

Basel Accord Revision and U.S. Implementation

Capital Adequacy Regulation

Global Securitization Accounting Convergence

For and By the Securitization Industry 19

Current Projects - Continued

Predatory Lending Legislation

Credit Rating Agency Reforms

HEL Triggers Market Standards & Practices

ABCP Investor Reporting Standards

Mark-Up Regulation

Risk Management Guidance on "Complex Structured Finance

Transactions”

Analysis of Securitization Pricing and Valuation Sources

For and By the Securitization Industry 20

Current Priorities

Build Membership of CDO Collateral Managers Subforum

ASF Securitization Institute

Outreach to Junior Securitization Professionals

Increase Investor and Issuer Participation

Compile a Securitization Market Best Practices / Code of

Conduct Document

Expand ASF Sunset Seminar Program and deliver outside of

New York City

For and By the Securitization Industry 21

Important Member Communications

ASF Website

Includes password-protected content for members only

ASF Weekly Report

ASF Quarterly Report

Sunset Seminars

Committee and Task Force Meetings

Communications Regarding ASF Projects and Activities

e.g. updates on projects are sent when necessary to relevant Committees/Task Forces

Communications Regarding Pertinent Market Information

e.g. updates on legal, regulatory, legislative, and judicial developments affecting the

securitization market

For and By the Securitization Industry 22

ASF Staff and Contact Information

American Securitization Forum

360 Madison Ave., 17th Floor

New York, NY 10017-7111

Telephone: 646.637.9211 Fax: 646.637.9124

www.americansecuritization.com

Executive Director(George Miller)

Manager, Events & Marketing(Tere Petersen)

Associate Director(Tom Deutsch)

Analyst(Jooho Lee)

Events Assistant(Wendy Zuluaga)

Executive Assistant(Karen Pinero)

Executive Secretary(Ida Cece)