DOWS Panel for Semana Dominicana-September 19

[Market Economy]

To all interested individuals:

Dominicans On Wall Street, Inc. (DOWS) will host a panel on September 19, as part of the Semana Dominicana 2007 celebrations.

“The Development of the Dominican Mortgage Market via the Local Capital Markets and the Pension Fund Assets as a Facilitating Instrument”

Goldman, Sachs & Co.
1 New York Plaza (corner of Broad & Water Streets)
43rd Floor Auditorium
5:30 p.m. to 7:30 p.m.

Presentations

Darys Estrella, General Manager of the Bolsa de Valores de la Republica Dominicana (BVRD). Panel moderator. Brief history of the BVRD and what this organization is doing to facilitate financing alternatives via the stock exchange.

Diego Torres, General Manager BHD Valores. Applicability of the Mexican or Costa Rican mortgage market models to the Dominican Republic.

Federico Vega, Mortgage Services, Stewart Title Latin America. Financing Tourism and high end real estate projects locally.

Delta Sepulveda, Analyst, Harding Advisors LLC. Best practices for the Dominican mortgage market and what the future make look like.

José Maldonado Stark, RVHB. The current legal and regulatory state of the mortgage finance market, potential changes and the possible use of securitizations and Real Estate Investment Trusts in the local market.

Riccio Hermida, Manager Investments Control, Superintendencia de Pensiones (SIPEN). The regulatory framework from the perspective of the government and what financing strategies the SIPEN has been working on to channel the pension fund assets as a financing tool to reduce the housing deficit

RSVP Information: Please send name, company and contact information to: info@dows.ws by September 17, 2007

REFRESHMENTS WILL BE SERVED

[Dolores]

Very interesting. Please email DR1 the presentations so we can make them available to the wider public in the dr1.com/trade section.

[Market Economy]

Hi Dolores,

As soon as we get the okay from the participants will forward (we may post them on our website as well -- Dominicans On Wall Street ). Thanks.

[jartherrera]

very interesting and time-relevant topic. Look forward to some experts' opinion on how to apply lessons being currently learned in the U.S. from subprime lending.

Granted, the DR mortgage market is much more risk adverse (and the dominican cap markets light years behind asset-backed securitization), thus naturally prohibitive to subprime lenders, but those lenders on the borderline are not exempt from predatory practices.....

[Moca16]

Very interesting topic. Would like to see what are the limitations of the regulatory and legal framework around accessing pension fund capital.

Isn't the BNV going to be using this capital to fund the new flexible loans recently mentioned?

[Market Economy]

I think only 20% of the pension fund assets could be invested in financial market instrument and these must have an investment grade rating.

The investment criteria and regulatory framework can be found at:

SIPEN :: SUPERINTENDENCIA DE PENSIONES DE LA REPUBLICA DOMINICANA

[Market Economy]

jartherrera,

I think you are correct with your assessment of light years, but I think asset-backed securitizations are possible as is the case with the construction of the Autopista del Nordeste (Santo Domingo-Samana) which funded itself in the international markets and is using the toll fee revenues as part of the arrangement. Additionally, remittances could be securitized.

What needs to happen is a big bang event like in the US in the 70's or London in the early 80's (maybe the Baninter crisis was the one for DR, but at the time the local bolsa was still very inactive).

I guess the legal code ruling mortgages, and the commerce code dealing with title transfers must be revised of updated to allow for such transactions.

Any lawyers in the forum.

Thanks

[RafaelPabon]

So, what ever happened with this event? Any news or updates?

[GeeDee]

Their website is a little outdated as well. The last update was in September.