SCHEDULE OF EVENTS
(as of Dec. 21, 2001)

SATURDAY, FEB. 2, 2002

8th Annual MORPAC Golf Tournament
Champions Gate National Golf Course
Orlando, Fla.
12 p.m. Box lunches
1 p.m. Shotgun start

SUNDAY, FEB. 3, 2002

7:30 a.m. - 5:30 p.m.
Convention registration open
Convention Foyer 2, lobby level

MBA wishes to acknowledge and thank
sponsors of the following:
Convention bags:
McCracken Financial Software
Ball caps:
Bank of America
Junior portfolios:
MortgageRamp
Message centers:
Deutsche Banc Mortgage Capital LLC
Badge lanyards:
John Hancock Life Insurance Co.
Luggage tags:
MERS Commercial

Commercial/Multifamily
Committee Meetings
(open to convention participants of MBA
member companies)

9 a.m. - 10 a.m.
Asset Administration Committee
Oceanic 1 Room, lobby level

Research Committee
Australia 2 Room, lobby level

10 a.m. - 11 a.m.
Education Committee
Oceanic 4 Room, lobby level

International Committee
Americas Seminar Room, ballroom level

11 a.m. - noon
Portfolio Investors Committee
Oceanic 3 Room, lobby level

noon - 1 p.m.
Loan Origination Committee
Oceanic 1 Room, lobby level

12:30 p.m. - 1:30 p.m.
Mortgage Banking Committee
Americas Seminar Room, ballroom level

1:30 p.m. - 2:30 p.m.
Legislative Committee
Oceanic 1 Room, lobby level

2 p.m. - 3 p.m.
Capital Markets Committee
Northern Hemisphere Ballroom,
Salons E3-E4, ballroom level

2:30 p.m. - 3:30 p.m.
Multifamily Housing Committee
Asia 1 Room, lobby level

3 p.m. - 4 p.m.
Technology Initiatives Committee
Oceanic 2 Room, lobby level

MORPAC Hospitality Suite
11 a.m. - 4 p.m.
MORPAC Hospitality Suite
Europe 1 Room, lobby level
(open to MORPAC Gold, Platinum &
Millennium contributors only)

Correspondent Meetings

11 a.m. - 1 p.m.
Principal Commercial Acceptance LLC
(closed)
Swan Hotel - Palio Restaurant, lobby level

1 p.m. - 3 p.m.
Cohen Financial (closed)
Oceanic 3 Room, lobby level

3 p.m. - 4:15 p.m.
iStar Financial Inc. (open)
Northern Hemisphere Ballroom,
Salons E1-E2, ballroom level

John Hancock Life Insurance Co. (closed)
Southern Hemisphere Ballroom,
Salons IV-V, ballroom level

3:30 p.m. - 5 p.m.
Freddie Mac (closed)
Southern Hemisphere Ballroom,
Salon I, ballroom level

3:30 p.m. - 5:30 p.m.
Cohen Financial (closed)
Oceanic 3 Room, lobby level

Expo & Opening Reception
3:30 p.m. - 5:30 p.m.
Exposition open
Exhibit Hall, lower level

4 p.m. - 5:30 p.m.
Opening reception
Exhibit Hall, lower level
Sponsored by GE Capital Real Estate

6 p.m. - 10 p.m.
Super Bowl party
Northern Hemisphere Ballroom,
ballroom level
Sponsored by Bank of America

9 p.m. - midnight
Post-game bash
Northern Hemisphere Ballroom Foyer,
ballroom level
Sponsored by Key Bank Commercial
Real Estate

MONDAY, FEB. 4, 2002

7 a.m. - 5:30 p.m.
Convention Registration open
Convention Foyer 2, lobby level

7 a.m. - 8:30 a.m.
Continental Breakfast
Northern Hemisphere Ballroom Foyer,
ballroom level
Sponsored by AMI Capital Inc.

7:15 a.m. - 8:30 a.m.
Correspondent Meetings
Baird & Warner Real Estate Capital LLC
(closed)
Oceanic 3 Room, lobby level

Capital Lease Funding Corp. (closed)
Northern Hemisphere Ballroom,
Salon E4, ballroom level

Continental Wingate Capital Inc. (open)
Oceanic 1 Room, lobby level

QuadCapital Advisors LLC (closed)
Oceanic 2 Room, lobby level

State Farm Life Insurance Co. (closed)
Asia 1 Room, lobby level

8 a.m. - 4 p.m.
MORPAC Hospitality Suite
Europe 1 Room, lobby level
(open to MORPAC Gold, Platinum &
Millennium contributors only)

8:45 a.m. - 10:15 a.m.
Opening general session
Northern Hemisphere Ballroom,
ballroom level
Featured Speaker:
The Rt. Hon. John Major, CH
One of the most distinguished
and respected figures in the
international arena, John
Major offers observations on
the current state of global
politics from his unique vantage
point as immediate-past
prime minister of Great Britain and a
leading authority on the changing global
landscape. An astute economist who held
positions as chief secretary of the Treasury
and chancellor of the Exchequer before
becoming prime minister, Mr. Major speaks
from a position of hands-on, practical
knowledge.

10 a.m. - 5:30 p.m.
Convention exposition open
Exhibit Hall, lower level

10:15 a.m. - 10:45 a.m.
Coffee break
Exhibit Hall, lower level
Sponsored by Womble Carlyle
Sandridge & Rice PLLC

10:45 a.m. - noon
Correspondent Meetings

Allstate Insurance Co. (closed)
Southern Hemisphere Ballroom,
Salon I, ballroom level

American United Life Insurance Co.
(closed)
Northern Hemisphere Ballroom,
Salon E3, ballroom level

South Charles Investment Corp. (open)
Northern Hemisphere Ballroom,
Salon E2, ballroom level

Column Financial (closed)
Southern Hemisphere Ballroom,
Salon II, ballroom level

Inland Mortgage Corp. (open)
Oceanic 5 Room, lobby level

Kansas City Life Insurance Co. (closed)
Oceanic 3 Room, lobby level

Key Mortgage Services Inc. (open)
Oceanic 1 Room, lobby level

PPM Finance Inc. (closed)
Northern Hemisphere Ballroom,
Salon E4, ballroom level

Teachers Insurance & Annuity
Association of America (TIAA) (closed)
Northern Hemisphere Ballroom,
Salon E1, ballroom level

10:45 a.m. - noon
Concurrent panels

Special Presentation: Multifamily
Housing -- Why Doesn't Anybody Care?

The new American heroes -- police officers
and firefighters -- are struggling to
find affordable housing. But it appears that
there is no political will for providing federal
funds for new affordable housing production.
A major area of debate for the
Millennial Housing Commission as it readies
its report for Congress is whether any
federal assistance should be provided to
moderate-income families (those making
above 60% of area median income) or
whether all resources should be targeted
to the poorest families. Also, the commission
must decide whether to recommend
a new production program or continue to
rely on low income housing tax credits as
the only production vehicle. Come hear the
lively debate of industry advocates as well
as the political realities faced by the commission
and Congress.

Rating Agency Criteria Demystified

Take this opportunity to discuss with rating
agency representatives their criteria and
concerns pertaining to evaluating mortgage
loans for both new and existing
pools in the CMBS marketplace. Come test
the articulated standards of the agencies
against real, live examples from the world
of mortgage origination.

Mezzanine Real Estate Loans: Filling the
Gap between Senior Loans and Equity

Does mezzanine real estate investment
make sense today? A panel of industry
experts examines the risks and rewards
of this "superior investment vehicle" and
its relevance to today's real estate finance
markets. Mezzanine financing, deal structures,
supply and demand trends, key risks
and rewards, and investment considerations
for institutional investors are among
the topics explored.

Noon - 2 p.m.
Food court open
Exhibit Hall, lower level

2 p.m. - 3:15 p.m.
Correspondent meetings
AmerUs Capital Management Inc.
(closed)
Oceanic 1 Room, lobby level

Deutsche Banc Mortgage Capital LLC
(open)
Northern Hemisphere Ballroom,
Salon E3, ballroom level

GE Capital Real Estate (open)
Swan Hotel - Swan Ballroom,
Salons 5-6, lobby level

Imperial Capital Bank (open)
Oceanic 2 Room, lobby level

The Lincoln National Life Insurance Co.
(closed)
Southern Hemisphere Ballroom,
Salon I, ballroom level

UBS Warburg (open)
Australia 3 Room, lobby level

2 p.m. - 3:15 p.m.
Concurrent panels

What's on the Minds of Chief Investment
Officers?

Chief Investment Officers (CIOs) of life
insurance companies discuss factors influencing
the allocation of capital to commercial
real estate. Demutualization and
consolidations within the life insurance
industry, the growth and relative value of
CMBS vs. whole loans, loan servicing and
technology are among the topics to be
explored.

Disaster Recovery/Business
Contingency Programs

In the aftermath of September 11, hear
real-life experiences from those directly
affected by the events and how things
have played out in the last couple of
months. The presentation will focus on
what happens when an unexpected
sequence of events interferes with normal
business operations -- and what to do
when problems occur. Industry experts
describe the steps that should be taken
to avoid serious disruption in service
from threats ranging from earthquakes to
terrorism.

Fannie Mae -- Multi-Dimensional
in Every Way

Fannie Mae Multifamily invites you to join
them for the year in review. And what
a year it's been! Learn how together with
their partners, Fannie Mae developed customer-centric
solutions forums and other
initiatives that have helped increase the
availability of safe, clean, affordable rental
housing nationwide. Gain valuable insights
into the value of developing strategic
partnerships.

3:15 p.m. - 3:45 p.m.
Refreshment break
Exhibit Hall, lower level
Sponsored by Thacher Proffitt & Wood

3:45 p.m. - 5 p.m.
Correspondent meetings

David L. Babson & Co. Inc. (closed)
Southern Hemisphere Ballroom,
Salon II, ballroom level

Fremont Investment & Loan (open)
Asia 5 Room, lobby level

Nationwide Life Insurance Co. (closed)
Northern Hemisphere Ballroom,
Salons A1-A2, ballroom level

Prudential Mortgage Capital Co.
Southern Hemisphere Ballroom,
Salon III, ballroom level

SAFECO Life Insurance (closed)
Northern Hemisphere Ballroom,
Salons A3-A4, ballroom level

Woodmen of the World
Life Insurance Society (closed)
Asia 1 Room, lobby level

3:45 p.m. - 5 p.m.
Concurrent panels

The Evolving Effects of Terrorist Attacks
on the Commercial Real Estate Finance
Community

Industry practitioners provide an overview
of the residual impact of the tragic events
of Sept. 11 on the commercial real estate
market. Panelists examine the direct and
indirect effects of the attacks on certain
industry sectors and discuss the resulting
changes to our standard business practices.
Additionally, the impact on capital
markets, insurance availability and coverage
levels, and surveillance are discussed.

Mortgage Bankers Take It
to the Next Dimension

A panel of industry professionals including
mortgage bankers, lenders and borrowers
discusses the value of the mortgage banking
relationship in commercial real estate
finance transactions. The correspondent
system has been a primary business model
over the last three decades. Panelists
examine why this model has been successful
and why it should continue to be
the model of choice going forward. They
discuss how the mortgage banker correspondent
is being affected by changes in
business, such as: greater availability of current
real estate market information; the
diminishing role of life insurance company
lending for portfolio loans; ease of access
to the capital markets through CMBS; and
consolidations of capital sources.

What is the Future of
Healthcare Lending?

As the population ages and as more of
us search for housing that will meet the
needs of our parents or our own retirement
aspirations, lenders are viewing this market
more positively. Industry practitioners talk
about opportunities outside the government-related
entities in providing financing
for assisted living, congregate care,
independent living and skilled nursing
homes. Participants will discuss what's
available now and what will be available
going forward as this market broadens.

5 p.m. - 6 p.m.
MORPAC reception
Europe 1, lobby level
(For MORPAC contributors only)

5:30 p.m. - 6:45 p.m.
Correspondent meeting
Berkshire Mortgage Finance (closed)
Oceanic 5 Room, lobby level

CIGNA Retirement & Investment
Services (closed)
Oceanic 3 Room, lobby level

The Guardian Life Insurance Co.
of America (closed)
Crescent Terrace - Adjacent to Swan Hotel

Skymar Capital Corp. (open)
Oceanic 1 Room, lobby level

TUESDAY, FEB. 5, 2002

7 a.m. - 5:30 p.m.
Convention registration open
Convention Foyer 2, lobby level

7 a.m. - 8:30 a.m.
Continental breakfast
Northern Hemisphere Ballroom Foyer,
ballroom level

8 a.m. - 6 p.m.
MORPAC Hospitality Suite
Europe 1 Room, lobby level
(open to MORPAC Gold, Platinum &
Millennium contributors only)

8:45 a.m. - 10:15 a.m.
Second general session
Northern Hemisphere Ballroom,
ballroom level
Featured Speaker: Tony Pierson
Managing Director, TimesSquare Real
Estate Investors, Hartford, Conn.
Popular industry economist Tony Pierson
delivers an informative, thought-provoking
and lively presentation on the outlook for
commercial real estate investment in major
markets in the United States.

10 a.m. - 5 p.m.
Convention Exposition open
Exhibit Hall, lower level

10:15 a.m. - 10:45 a.m.
Coffee break
Exhibit Hall, lower level
Sponsored by Andrews & Kurth L.L.P.

10:45 a.m. - noon
Correspondent meetings

Aetna Inc. (closed)
Northern Hemisphere Ballroom,
Salon E2, ballroom level

Fortis Advisers, Inc. (closed)
Oceanic 1 Room, lobby level

LaSalle Bank N.A. (closed)
Northern Hemisphere Ballroom,
Salons E3-E4, ballroom level

UBS Warburg (open)
Australia 3 Room, lobby level

Wells Fargo CMO (open)
Amerias Seminar Room, ballroom level

10:45 a.m. - 12:15 p.m.
Concurrent panels

Fannie Mae, Freddie Mac and FHA Get
Creative with Housing for the Elderly

The next dimension of products to finance
housing for the elderly or those with special
needs is already being implemented at
FHA, Freddie Mac and Fannie Mae. Hear
mortgage bankers present case studies
on innovative projects involving a continuum
of housing and care options. Industry
experts from the three major providers of
multifamily financing will respond to the
presentations, commenting on each project's
ability to be replicated and its applicability
to emerging markets.

Does Technology Matter?

After all the hype and all the flame-outs,
the commercial mortgage industry is still
making loans the same old way and
still accumulating reams of paper. Why
can't we tame this paper tiger, or are
we just immune to technology? Find out
the answers to these and other questions
during this provocative and interactive
session.

Whole Loans vs. CMBS - Differing
Perspectives

The advantages and disadvantages of
whole loans vs. Commercial Mortgage-Backed
Securities (CMBS) are explored in
two separate sessions from varying
perspectives:

Session I. Borrowers and originators
explore topics such as differences in underwriting
standards, ease of execution, flexibility
of terms, flexibility of modifications,
pricing, reliability of the market and reporting
requirements.

Noon - 2 p.m.
Food Court open
Exhibit Hall, lower level

2 p.m. - 3:15 p.m.
Concurrent panels

Whole Loans vs. CMBS - Differing
Perspectives

The advantages and disadvantages of
whole loans vs. Commercial Mortgage-Backed
Securities (CMBS) are explored in
two separate sessions from varying
perspectives:

Session II. Investors examine key differences
between whole loans and CMBS.
Topics include issues in measuring total
returns; CMBS issuing costs vs. diversification
and liquidity benefits; the impact of
capital and liquidity requirements; and the
impact of the availability of pricing information
and mark-to-market requirements.

EPMOT: The Experimental Prototype
Mortgage of Tomorrow

Will digital signatures have any impact on
our industry? What about electronic mortgages
and data standards? New technologies
have been introduced which will
change the way commercial mortgages are
made and serviced. See firsthand what
some of these innovations are and how
they can revolutionize our industry.

Is FHA Insurance Still a Viable Product?

The FHA new production programs have
been shut down for two years in a row -- in
2000 for over two months and in 2001
for over five months. The mortgage insurance
premium (MIP) has been increased
by 60% on many programs. While the FHA
programs have always been considered
the most attractive from an underwriting
standpoint, can they survive the uncertainties
surrounding their availability and cost?
Hear FHA senior staff discuss the future of
FHA multifamily programs.

2 p.m. - 3:15 p.m.
Correspondent meetings

GE Financial Assurance (closed)
Northern Hemisphere Ballroom,
Salon A1-A4, ballroom level

Sterling Commercial Capital LLC (open)
Oceanic 5 Room, lobby level

3:15 p.m. - 3:45 p.m.
Refreshment Break
Exhibit Hall, lower level
Sponsored by Freddie Mac

3:45 p.m. - 5 p.m.
Concurrent panels

Foreign Investment in
United States Real Estate

Foreign, domestic and rating agency executives
involved in international commercial
real estate finance discuss their respective
appetites for investing in commercial real
estate markets in the United States. Learn
why foreign companies are interested in
U.S. commercial real estate markets and
how your firm might take advantage of
this expanding capital source in the near
future. Among the topics explored are the
reasons for growth in international real
estate finance markets; the role of the
mortgage banker in international transactions;
why some foreign capital sources
may have a lower cost of funds compared
to the United States; and rating agency criteria
for evaluating CMBS in the international
marketplace.

The Next Dimension of Ginnie Mae

Come meet the new Ginnie Mae staff and
get the answers to your questions about
the future of Ginnie Mae in this roundtable
session. Should multifamily have a Ginnie
Mae II program with multiple issuer pools
and/or an incentive for multifamily production
in underserved areas? Come discuss
these and other questions and concerns
with Ginnie Mae senior staff.

3:45 p.m. - 5 p.m.
Correspondent meetings

Bear, Stearns & Co. Inc. (open)
Asia 1 Room, lobby level

The Manufacturers Life Insurance Co.
(open)
Northern Hemisphere Ballroom,
Salon E1, ballroom level

Mountain Funding Inc. (open)
Oceanic 1 Room, lobby level

StanCorp Mortgage Investors LLC
(closed)
Northern Hemisphere Ballroom,
Salons E3-E4, ballroom level

4 p.m. - 5:30 p.m.
Exposition happy hour
Exhibit Hall, lower level
Sponsored by Freddie Mac

5:30 p.m.
Convention exposition concludes
Exhibit Hall, lower level

5:15 p.m. - 6:15 p.m.
International Reception
Australia 3, lobby level
Sponsored by Dechert & GMAC
Commercial Mortgage Corp.

WEDNESDAY, FEB. 6, 2002

8 a.m. - 10 a.m.
Convention Registration Hours
Convention Foyer 2, lobby level

8 a.m. - noon
MORPAC Hospitality Suite
Europe 1 Room, lobby level
(open to MORPAC Gold, Platinum &
Millennium contributors only)

8:45 a.m. - 10:15 a.m.
Roundtable discussions

Co-Lending vs. Loan Participations -- What's
the Difference?

Commercial real estate practitioners discuss
the legal and business differences
between these two investment formats,
as well as explore why and how portfolio
lenders utilize these formats to diversify
risk and grow their portfolios. Voting and
other control-rights implications are also
discussed along with the effect that either
structure might have on the borrower.

Environmental Insurance:
Real Protection and the New Viable
Alternative to Due Diligence

Environmental insurance is now serving
lenders with a suitable alternative to Phase
I's. Learn about environmental insurance as
industry experts explore options and benefits
now available to both lenders and borrowers,
enabling them to transfer risk as
opposed to performing due diligence.

10:15 a.m.
Convention concludes

Be sure to visit MBA's 2002 CREF Convention
Web site for the most up-to-date convention
information, including who's registered for
this premier industry event: