Richard Cooperstein was a member of the "Valuation/Liquidity: A Comparison of Non-QM Products" panel.

Discussion Points:

• Pre-payment speeds and interest rate sensitivity
• What process do you use to value Non-QM
• Valuing new issue vs. seasoned paper
• Property-level value issues
• What will cause the next mortgage liquidity crisis?
• Valuing performing vs. re-performing vs. non-performing
• Mark-to-market policy
• 4th quarter volatility