Law Seminars International Presents: An Intensive Two-Day Conference on

Subprime Lending Crisis
New regulations and enforcement efforts, business and litigation strategies

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(For this past program, we offer two options for purchase: a Homestudy (DVD and written materials) or written materials alone.)

March 18 & 19, 2008
New York Marriott Marquis Times Square Hotel in New York, NY

Who Should Order This Homestudy

Attorneys involved with regulatory issues, commercial litigation and class actions regarding subprime lending; professionals in the banking, insurance and securities industries; accounting and other consultants involved in litigation; participants in the mortgage-backed finance industry who need to adjust business plans in response to the subprime lending crisis.

Why Order

The housing market has cratered. Foreclosures are at an all-time high. Delinquencies and defaults in subprime and alternative loan products are at historic levels and there is no end in sight. Broad ranging ripple effects throughout the global economy are already being felt and the industry is under fire.

Federal banking, securities and state law enforcement agencies are actively investigating lending practices and approaches to asset valuation. Early litigations are underway and the number of lawsuits will only grow as delinquencies and defaults continue to rise, bonds continue to be downgraded and substantial write-offs are announced.

This program will provide a big-picture view of the different facets of the subprime lending crisis. The program will dissect the problem, identify existing regulatory efforts and ongoing litigation and explore what is likely to occur in the future. Here is an opportunity to see how the various pieces of this multi-layered puzzle fit together and to consider strategies to follow going forward.

~ Program Co-Chairs: Matthew M. Long and Veronica E. Rendon, Esq.

You Will Learn About

Agenda

Tuesday, March 18, 2008

8:30 am

Introduction and Overview

Matthew M. Long, Program Co-Chair, Partner
Bates White, LLC / Washington, DC

Veronica E. Rendon, Esq., Program Co-Chair
Arnold & Porter LLP / New York, NY

 
8:45 am

Market Overview: The Issues and How We Got Here

Structure of primary and secondary markets; events leading to the current crisis; key primary and secondary market players; types of disputes we have seen and predictions for the future

Matthew M. Long, Program Co-Chair
Bates White, LLC / Washington, DC

Veronica E. Rendon, Esq., Program Co-Chair
Arnold & Porter LLP / New York, NY

 
9:30 am

The Subprime Mortgage Industry: A Reporter's View

Actors and actions: Financing methods and players; securitization structures; growth of sub-prime mortgages and non-traditional loan products; market exuberance; increased delinquencies and defaults

Saskia Scholtes, Capital Markets Reporter
Financial Times / New York, NY

R. Larry Johnson, CPA, Chairman/CEO
Veris Consulting, LLC / Reston, VA

 
10:15 am

Break

 
10:30 am

Banking Regulation, Oversight and Enforcement

The likely course of regulatory and enforcement action; best strategies, practices and solutions as the sub-prime crisis unfolds

Kevin F. Barnard, Esq.
White & Case LLP / New York, NY

 
11:15 am

Strategies for Responding to Bank Enforcement Activity

Guidance on lessons lenders can learn from previous regulatory investigations and enforcement proceedings relating to subprime and non-traditional loan products

Brian C. McCormally, Esq.
Arnold & Porter LLP / Washington, DC

 
12:00 pm

Lunch (on your own)

 
1:15 pm

Corporate Bankruptcies: Troubled Times for Loan Originators and Others

Issues facing loan originators and others seeking protection; prospects for and barriers to litigation on behalf of bankrupt entities

Philip D. Anker, Esq.
Wilmer Cutler Pickering Hale and Dorr LLP / New York, NY

 
2:00 pm

Liability Exposure in the Primary Market: Plaintiff's Perspective on Class Actions Against Brokers, Originators, Lenders and Public Companies in the Primary Sub-Prime Market

Consumer class actions: Exposures faced by the industry from actions by borrowers under claims of predatory lending, unfair and deceptive business acts and practices and prospects for public interest litigation

Brad H. Blower, Esq.
Relman & Dane PLLC / Washington, DC

Lori G. Feldman, Esq.
Milberg Weiss LLP / New York, NY

 
3:00 pm

Break

 
3:15 pm

Liability Exposure in the Primary Market (con't): Servicer Liability and Defenses

Commercial litigation: Exposures faced by loan originators and servicers for breach of contract, representations and warranties and servicing/collections standards

Jeffrey P. Naimon, Esq.
Buckley Kolar LLP / Washington, DC

 
4:00 pm

Defense Strategies

Class actions: Preemption and obstacles to class certification in predatory lending actions

Denise Plunkett
Dickstein Shapiro LLP / New York, NY

The PSLRA after Tellabs and the causation defenses available to securities fraud claims

Richard P. Swanson, Esq.
Arnold & Porter LLP / New York, NY

 
4:45 pm

Reception for Faculty and Attendees

Sponsored by Arnold & Porter LLP and Bates White LLC

 

Wednesday, March 19, 2008

8:30 am

Introduction and Overview

Matthew M. Long, Program Co-Chair
Bates White, LLC / Washington, DC

Veronica E. Rendon, Esq., Program Co-Chair
Arnold & Porter LLP / New York, NY

 
8:45 am

Securities Regulation and Enforcement

Regulators' responses to the subprime crisis and the agencies' perspectives on possible causes and potential solutions

Andrew Calamari
U.S. Securities and Exchange Commission / New York, NY

 
9:30 am

Responding to the Regulators

Guidance for SEC and FINRA investigations and enforcement proceedings relating to subprime and non-traditional loan products

Keith W. Miller, Esq.
Paul, Hastings, Janofsky & Walker LLP / New York, NY

 
10:15 am

Break

 
10:30 am

Plaintiff's Perspective: Litigation and Liability in the Secondary Market

Issues that are and will continue to be the source of claims; disclosure issues, asset performance, asset valuation and gain on sale; identifying plaintiffs; choosing forums; selecting the form of action

Elizabeth A. Berney, Esq.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. / New York, NY

Brad H. Blower, Esq.
Relman & Dane PLLC / Washington, DC

 
11:15 am

Defendant's Perspective: Litigation and Liability in the Secondary Market

Issues that are and will be raised in defense as subprime litigations in the secondary market unfold; foreseeability; alternate and intervening causation; valuation; defeating class certification; contributory negligence

Scott E. Eckas, Esq.
McKee Nelson LLP / New York, NY

Andrew L. Sandler, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP / Washington, DC

 
12:15 pm

Lunch (on your own)

 
1:30 pm

Key Economic Issues in Proving the Case

Key valuation, accounting and performance modeling issues giving rise to litigation; mark to market/mark to model accounting standards; FASB 157/valuation standards, FASB 140/gain on sale accounting standards; cash flow and loss forecasting

W. Barefoot Bankhead, Partner
Deloitte Financial Advisory Services LLP / Dallas, TX

Karl N. Snow, Ph.D., Principal
Bates White, LLC / Washington, DC

 
2:15 pm

Break

 
2:30 pm

The Ratings Process

Recent research into the bond ratings process; views on how that process should be reformed

Jonathan S. Sack, Esq., Principal
Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer, P.C. / New York, NY

 
3:30 pm

Ethics: Potential Conflicts of Interest in the Subprime Arena

Industry at war with itself: Potential conflicts of interest resulting from the shared exposures faced by participants in the securitization industry and summary of the probable competing claims, cross claims, counterclaims and third party claims

Wendy H. Schwartz, Esq.
Reed Smith LLP / New York, NY

 
4:30 pm

Evaluations and Adjourn

 

Cancellation

There is a $25 cancellation fee for Course Materials orders and $50 for Homestudy orders

Continuing Education Credits

This program qualifies for 14.5 NY CLE including 1 ethics credit (nontransitional). Upon request, we will apply for CLE credits in other states and other types of credits.

Cost

Our complete Homestudy Course, consisting of a VHS or DVD recording and the written course materials, is available for $1005. The written course materials alone are available for $100. We will ship your Homestudy order via UPS ground within two weeks after the seminar or the date we receive payment (whichever is later).
Order Homestudy

Faculty Bios

Matthew M. Long, Program Co-Chair, partner at Bates White, LLC, focuses on the consumer finance industry and applies analytical procedures to consumer finance products and consults to consumer finance companies. Previously he was Director of Auto Finance Marketing and Analysis at Capital One Financial assisting with acquisition entry into the subprime auto finance industry.

Veronica E. Rendon, Program Co-Chair, partner in Arnold & Porter LLP's Litigation and Corporate and Securities Practices, focuses on commercial litigation of securities, professional liability and commercial and financial transactions. She represents domestic and foreign clients in contractual, banking and business disputes.

Philip D. Anker, partner and vice chair of the Bankruptcy and Commercial Department at Wilmer Cutler Pickering Hale and Dorr LLP, is a bankruptcy litigator and counselor experienced in mortgage servicing. He is listed in The Best Lawyers in America.

W. Barefoot Bankhead, Partner in Deloitte Financial Advisory Services, focuses on financial service industry-related investigations, disputes and litigation. He testifies on banking, subprime lending and securitization, leads development and implementation projects for accounting, lending and operating policies and is a Certified Public Accountant.

Kevin F. Barnard, partner at White & Case LLP, heads the firm's global Bank Advisory Practice. He advises banking organizations on the application of U.S. banking and securities laws. Previously he was the Deputy Superintendent of Banks and General Counsel of the New York State Banking Department.

Elizabeth A. Berney, of counsel and member of the Securities Fraud/Investor Protection Practice Group at Cohen, Milstein, Hausfeld & Toll, P.L.L.C., focuses on securities fraud class actions. She is co-author of Restoring Investor Trust in Auditing Standards and Accounting Principles, published in the Harvard Journal of Legislation.

Brad H. Blower, counsel at Relman & Dane PLLC, focuses on lending, financial privacy and consumer protection issues. Previously he was Assistant Director/Senior Attorney at the FTC's Division of Financial Practices in the Bureau of Consumer Protection and a trial attorney in the Commercial Litigation Section of the Department of Justice.

Scott E. Eckas, partner in McKee Nelson LLP's Business Litigation Group, focuses on commercial litigation disputes affecting the financial services industry. He is listed in Chambers USA.

Lori G. Feldman, partner at Milberg Weiss LLP, focuses on securities and labor and employment litigation, protecting the rights of shareholders and retirees. She was named a "Rising Star of Washington Law".

Larry Johnson, CPA, is Chairman/CEO of Veris Consulting, LLC. He has participated in professional standard-setting bodies, including the Accounting Standards Executive Committee of the AICPA, the highest authority in the AICPA over industry-specific accounting and reporting matters.

Brian C. McCormally, partner in Arnold & Porter LLP's Financial Institutions Practice Group, focuses on bank and thrift operations, corporate structures and activities, lending and marketing practices, regulatory practice and corporate governance. Previously he worked at the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Keith W. Miller, partner in the Litigation Practice of Paul, Hastings, Janofsky & Walker LLP, focuses on securities litigation and enforcement, representing financial institutions in litigations and investigations relating to the subprime mortgage lending industry.

Jeffrey P. Naimon, partner at Buckley Kolar LLP, focuses on regulatory, transactional and legislative advise to financial services providers.

Jonathan S. Sack, principal at Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer, P.C., focuses on civil and criminal litigation and conducts internal investigations for companies and non-profit organizations. Previously he was an Assistant U.S. Attorney for the Eastern District of New York.

Andrew L. Sandler, partner at Skadden, Arps, Slate, Meagher & Flom LLP, leads the Consumer Financial Services Enforcement and Litigation Practice and is a member of the Criminal and Civil Litigation Practice. He focuses on fair lending, financial products sales practices, mortgage fraud and anti-money laundering. He wrote "Weathering the Subprime Storm".

Saskia Scholtes, Capital Markets Reporter at Financial Times, writes on subprime meltdown issues affecting capital markets and investors. She wrote, "As Subprime Bites, U.S. investigators Look For Culprits".

Wendy H. Schwartz, partner at Reed Smith LLP, focuses on commercial litigation and internal and government investigations in the financial services and life sciences sectors. Previously she was a deputy and acting chief in the civil division of the U.S. Attorney's Office for the Southern District of New York.

Karl N. Snow, Ph.D., Principal in Bates White, LLC's Labor and Employment Practice, focuses on investment banking and mortage industries and labor and employment issues. He is experienced at calculating economic damages and financial securities values.

Richard P. Swanson, partner in the Litigation and Corporate and Securities Practices at Arnold & Porter LLP, focuses on securities, corporate directors and officers and professional liability, bankruptcy, creditors' rights, insolvency and banking litigation.