Howard S. Altarescu. Profile. Practices. Education. Honors. Partner New York (212)

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1 Partner New York (212) Profile Howard Altarescu serves as Co-Head of Orrick s global Finance Business Unit, which includes its Banking and Finance, Public Finance, Real Estate, Restructuring and Structured Finance practice groups. Mr. Altarescu is a partner in the New York office and is also head of the firm s Financial Institutions Industry Group, a multi-practice global group of partners who have client relationship responsibilities for financial institutions around the world. Mr. Altarescu advises a number of financial institutions and government agencies with regard to the implications of financial markets regulation as well as in connection with complex capital markets, debt financing and other transactions. He has worked on a number of securitizations and other structured financings backed by marketplace loans and has advised numerous clients on the implications of the Madden v. Midland Funding case and other related legal issues. He is also working closely with Orrick s Renewable Energy partners to develop securitization financing alternatives for solar power companies. Before joining Orrick, Mr. Altarescu was at Goldman, Sachs & Co. for more than 20 years. During that time, Mr. Altarescu served as head of the mortgage finance group and co-head of mortgage and asset backed finance; was responsible for structured finance in the emerging markets, with a focus on Latin America; served as chief operating officer for Goldman s mortgage principal finance business; and most recently was responsible for capital markets coverage of some of Goldman s key mortgage industry clients. Before joining Goldman Sachs, Mr. Altarescu helped build and lead the mortgage and asset-backed securitization practice as a partner at Cadwalader, Wickersham & Taft LLP, where he represented investment banks involved in the securitization business, as well as Freddie Mac and others. Mr. Altarescu has been involved in many of the seminal transactions in the structured finance markets over the years, including the first CMO transaction, for Freddie Mac; the first IO/ PO transactions, for Fannie Mae; several of the first Practices Asset-Backed Securities Banking & Finance Equity Capital Markets Real Estate Finance Mergers & Acquisitions Mortgage-Related Securities Structured Finance Education J.D., Boston University School of Law, 1974 B.A. & B.S., Management, Boston University, 1970 Honors Editor, Boston University Law Review, Articles Editor, Boston University Law Review, Page 1

2 senior/sub mortgage and credit card receivable securitizations; the first public auto receivable securitization; the first commercial mortgage non-performing securitization; and several innovative future flow and World Bank guaranteed transactions in the emerging markets. Speeches Session Speaker, "Credit Risk Transfer: Making a Successful Program Even Better," Urban Institute / CoreLogic Sunset Seminar, Washington, D.C. (February 2016). Session Moderator, Exploring the Role of Securitization in Renewable Energy Finance, IMN s 1st Annual Sunshine Backed Bonds Conference, New York (May 2013). Workshop Chair, Solar Securitizations and Session Moderator, Structural & Legal Considerations in Solar Securitizations, Solar Power Finance & Investments Summit, San Diego (March 2013). Memberships Chairman of the Board of Renaissance Youth Center, a 501(c)(3) nonprofit organization in the South Bronx that provides more than 3,000 at-risk inner city youths with performance-based music classes and sports programming, as well as academic enrichment and social development and other programs. Session Speaker, Private Label RMBS Sector, American Securitization Forum Conference, Las Vegas (January 2013). Session Speaker, 2013 Regulatory Outlook, SIFMA's 2013 Securitizations Outlook Conference, New York (December 2012). Session Moderator, "Private Label RMBS Reform: What is Needed to Restart the Market?" ABS East 2012: Investor Focused. Investor Driven, Miami (October 2012). Session Speaker, Renewable Backed Securities: Funding for Solar Projects, AGRION, New York (August 2012). Session Speaker, "Securitization and Risk Sharing: Restoring the Role of Private Capital in the Housing Finance System," AD&Co's 20th Annual Conference, New York (June 2012). Session Moderator, Comparative Mortgage Finance Systems, American Securitization Forum Conference, Las Vegas (January 2012). Session Speaker, Residential Mortgage Madness Where do we go from here?" Distressed Debt & Assets Symposium - Navigating the Many Paths to Resolution, New York (May 2011). Session Speaker, Federal Government Mortgage Securitizations," American Securitization Forum Conference, Orlando (February 2011). Select Publications "Jumpstart Our Business Startups ( JOBS ) Act Eases Restrictions on Rule Page 2

3 144A and Private Offerings ABS Considerations," "State AGs and Federal Regulators Settlement with Mortgage Servicers," "ABS Issuers and the Rule 3a-7 Exclusion from the Investment Company Act," "Mortgage REITs and the Investment Company Act 3(c)(5)(C) Exclusion," "Credit Risk Retention - Joint Regulatory Proposed Rules," "144A Transactions: Impact of Dodd-Frank and Proposed SEC Reg AB II," "Dodd-Frank Wall Street Reform and Consumer Protection Act: Credit Rating Agency Provisions with Comments on Application to Public Finance," Orrick Client "Dodd-Frank Wall Street Reform and Consumer Protection Act: Credit Rating Agency Provisions," "Dodd-Frank Wall Street Reform and Consumer Protection Act: Securitization Provisions," "Summary of Securitization Provisions in the Dodd-Frank Act," Orrick Client "Summary of Credit Rating Agency Provisions in Dodd-Frank Act," Orrick Client "FDIC Advance Notice of Proposed Rulemaking for Safe Harbor Protection for Securitizations," "Bank of England Launches Its Secured Commercial Paper Facility," Orrick Client "Bank of England Proposes Expansion to its Asset Purchase Facility," Orrick Client "General Growth and the Limits of 'Bankruptcy Remote'," "TALF Expanded to Include Legacy CMBS," "TALF Expanded to Include CMBS", "Mortgage Loan Modifications And Recent Legislative Developments," Orrick Page 3

4 Client "Treasury's Public-Private Partnership Investment Program," Orrick Client "TALF Program Launches With Revised Terms, Targeting Wider Audience," "Initial Subscription Period for TALF Loans Concluded," "Making Home Affordable Modification Program," "U.K. Government Releases Additional Details on its Capital and Asset Protection Programme," "Homeowner Affordability and Stability Plan," "Executive Compensation and the American Recovery and Reinvestment Act of 2009," "Bank of England Releases Details on its Commercial Paper and Corporate Bond Purchase Facilities," "Treasury Announces New Financial Stability Plan," "New Restrictions on Executive Pay," "William C. Dudley Chosen as President of New York Fed," Orrick Client "U.K. Government Takes New Steps to Support U.K. Financial System," "President-Elect Obama Names SEC and CFTC Chairmen and Fed Governor," "FED Announces New Consumer ABS Lending Facility/GSE Purchase Initiative," "OCC 'Shelf Charter'/FDIC Temporary Liquidity Guarantee", Orrick Client "Treasury Secretary Announces Major Shift in Bailout Focus," Orrick Client "FDIC Interim Final Rule Implementing the Temporary Liquidity Guarantee Program," "Review of Worldwide Government Initiatives of 2008 to Guarantee Financial Page 4

5 Institution Obligations," "Federal Reserve Establishes MMIFF and Provides Additional Details on the CPFF," "FDIC Temporary Liquidity Guarantee Program," "Executive Compensation Restrictions in Emergency Economic Stabilization Act Troubled Assets Relief Program," "Federal Mortgage Bailout Legislation: The Emergency Economic Stabilization Act of 2008," "Executive Compensation Under the Emergency Economic Stabilization Act of 2008," "Federal Mortgage Bailout Legislative Proposal," "House Passes Bill Substantially Altering Oversight and Support of GSEs," "FDIC Issues Advance Notice of Proposed Rulemaking for Safe Harbor Protection for Securitizations," The Banking Law Journal, January 2010 "The Troubled Asset Relief Program: An Overview," International Corporate Rescue, published by Chase Cambria Company (Publishing) Ltd. "RTC and the Capital Markets, The Next Generation," Goldman, Sachs & Co. Mortgage Securities "RTC and the Capital Markets," Goldman, Sachs & Co. Mortgage Securities "The Conventional Mortgage Pass-Through Market," The Handbook of Mortgage-Backed Securities Admitted In New York Page 5

Expansion of the Term Asset-Backed Securities Loan Facility (TALF) and Update on the First TALF Funding

Expansion of the Term Asset-Backed Securities Loan Facility (TALF) and Update on the First TALF Funding March 26, 2009 Boston Brussels Chicago Düsseldorf Houston London Los Angeles Miami Milan Munich New