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Personal Auto Securitization Northwest Actuarial Forum

1. Agenda Slide. Section 1 Securitization HistorySection 2 Personal Auto Securitization Section 3 Personal Auto Securitization Example - Axa Sparc2Section 4 Conclusion. Section 1: Securitization History. . 3. Securitization History US Government Sponsored Entities. 1938 US Congress establis

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Personal Auto Securitization Northwest Actuarial Forum

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    1. Personal Auto Securitization Northwest Actuarial Forum Parr Schoolman, FCAS, MAAA Vice President & Actuary Aon Re Services September 5, 2008

    2. 1 Agenda Slide Section 1 Securitization History Section 2 Personal Auto Securitization Section 3 Personal Auto Securitization Example - Axa Sparc2 Section 4 Conclusion

    3. Section 1: Securitization History

    4. 3 Securitization History US Government Sponsored Entities 1938 US Congress established The Federal National Mortgage Association (“Fannie Mae”, or FNMA) Original mandate was to buy Federal Housing Administration and Veterans Administration loans from lenders. 1968 US Congress divides Fannie Mae into two organizations: FNMA – Privatized with a mandate to establish a secondary market of conventional mortgages Government National Mortgage Association (“Ginnie Mae” or GNMA) - remained a government entity within the Department of Housing and Urban Development, and used to finance government assisted housing programs 1970 The Federal Home Loan Mortgage Corporation (“Freddie Mac”, or FHLMC) was established as a government-chartered corporation owned by 12 Federal Home Loan banks. Eventually privatized in 1989 Though privatized, Fannie Mae and Freddie Mac can borrow directly from the US Treasury.

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