Central and Eastern European Mortgage Finance
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SEE Conference

The Urban Institute

Institute for Market Economics (IME)

USAID

Agenda

DEVELOPING SECONDARY MORTGAGE MARKETS
IN SOUTHEAST EUROPE

FEBRUARY 3, 2003
Registration: 17:00 - 20:00
Welcome Reception: 18:00 - 20:00


FEBRUARY 4, 2003

I. WELCOME SESSION

  • Ken Lanza, Director, Office of Economic Growth, Bureau for Europe and Eurasia, USAID: Welcome Address
  • Minister Milen Veltchev, Ministry of Finance, Bulgaria
  • Roderick Moore, Deputy Chief of Mission, American Embassy, Sofia, Bulgaria, Welcome Address
  • Pamela Lamoreaux, International Finance Corporation (IFC), Conference Chair, Developing Secondary Mortgage Markets in SEE

II. GLOBAL MODELS of SECONDARY MORTGAGE MARKET FUNDING

Chair: Pam Lamoreaux, IFC
Session I:
Mortgage Backed Securities, the U.S. Approach: Soula Proxenos, Fannie Mae

Session II:
Mortgage Bonds, the German Approach: Tim Lassen, German Mortgage Bankers' Association
Europe's Multiple Models: Judith Hardt: European Mortgage Federation


Lunch


III. PRIMARY MORTGAGE MARKET DEVELOPMENT

Chairs: Peter Stredder, EBRD, and Sally Merrill & Carol Rabenhorst, Urban Institute
Panel 1: Chair: Peter Stredder, EBRD
Key Issues in SEE Mortgage Market Development

Croatia: Mislav Blazic, Privredna Bank Zagreb
Bulgaria: Tom Higgins, Bulgarian American Enterprise Fund
Romania: Sergiu Oprescu, Alpha Bank


Chairs: Sally Merrill and Carol Rabenhorst
Panel 2: Prerequisites for Mortgage Funding through Debt Instruments


Panel 3: Issues in Primary Market Development and Standardization: 15:45 - 17:15

Chair's Remarks: How Important is an Effective Primary Market to the Development of a Secondary Market?, Sally Merrill, Urban Institute
Legal Framework: Carol Rabenhorst, Urban Institute
Credit Bureau Development: Zoran Bohacek, Croatian Bankers Association
Valuation Methodologies: Peter Champness, TEGOVA
Mortgage Default Insurance: Sally Merrill, Urban Institute
Role of the Croatian Bankers Association: Zoran Bohacek


Pam Lamoreaux: Chair's Closing Remarks and Announcements

Reception: 18:00 - 20:00
Hosted by Minister Milen Veltchev, Ministry of Finance, Bulgaria


FEBRUARY 5, 2003

Call to Order: Ken Lanza, USAID and Pam Lamoreaux, IFC


IV. DEBT MARKET FUNDING IN CENTRAL AND Eastern Europe

Chair: Philipe Rombaut, Capital Market Expert
Panel 1: Developing Domestic Debt Markets

Bulgaria: Krassimir Katev, First Deputy Minister of Finance
Romania: James Stewart, Treasurer, Raiffeissen Bank Romania


Panel 2: Capital Market Funding of Mortgage Market Debt in Poland

Mortgage Bonds in Poland: Jacek Laszek, National Bank of Poland
Polish Mortgage Securitization: Alicia Malecka, Malecka Capital Management
Role of the Bankers Association: Krysztof Peitraszkiewicz, Michal Wydra, Polish Banks Association


V. DEVELOPING SECONDARY MORTGAGE MARKETS IN SEE

Chair: Paul M. Sacks, MNS Advisors
Panel 1: The "Buy Side": Investment Demand and Regulatory Issues

Increase in Demand for Mortgage Backed Debt, Stojan Toshev, Doverie Pension Fund, Bulgaria
Mortgage Backed Securities, Lydia Borgatta, A.G. Edwards, New York
Debt Market Funding, Stella Tansengco, Credit Suisse First Boston, London


Panel 2: Legal Issues in Development of Mortgage-Backed Debt
Co-Chair: Scott Horton, Patterson, Belknap, Webb, & Tyler

Bulgarian American Enterprise Fund: Sylvia Kirilova
Institute for Market Economics, Bulgaria: Krassen Stanchev,
Calin Zamfirescu & Asociatii, Romania: Arin Stanescu, Partner


Lunch


Luncheon Panel Discussion: The Importance of Credit Bureaus in Mortgage Finance

Institute for Market Economics, Bulgaria: Krassen Stanchev
Bulgarian American Enterprise Fund: Tom Higgins
Croatian Bankers Association: Zoran Bohacek
National Bank of Yugoslavia, Serge Muskatirovic


Panel 3: Funding Methodologies: On vs. Off Balance Sheet

Developing Secondary Mortgage Markets in Slovenia, Matej More, Ministry of Finance, Slovenia
Lenders' Funding Decisions, Leslie Sulenta, Bank Consultant, Croatia
Funding Methodologies: Banks' View, Athanassios Petropoulos, Post Bank, Bulgaria


VI. REGIONAL ROLES IN MARKET DEVELOPMENT and STANDARDIZATION

Chairs: Pam Lamoreaux and Sally Merrill
Panel 1: Regional and International Horizons in Funding

Regional and International Horizons, Bill Schaub, Baltic American Enterprise Fund
Financing Strategy for a Mortgage Bank, Carmen Retegan, Romanian American Enterprise Fund
Securitization Reality Check, Credit Suisse First Boston, Stella Tansengco: Case Study of European Regional Funding of Mortgage-backed Debt


Panel 2: Strategies to Promote Mortgage Finance in SEE

EBRD: Peter Stredder, EBRD's Approach to Financing Mortgage Market Development
Stability Pact: Kilian Kleinschmidt: The Role of Housing for the Stability Pact
OPIC, United States: Debra Erb: How OPIC can Assist in SEE
USAID: Ken Lanza, USAID Regional Strategy for Mortgage Finance
IFC: Pam Lamoreaux: The Role of the IFC


VII. DISCUSSION, CONFERENCE CONCLUSIONS and FAREWELL

IFC, Pam Lamoreaux
Institute for Market Economics, Krassen Stanchev
USAID, Jean Lange
The Urban Institute, Sally Merrill