About the Event
KBRA's RMBS Breakfast Forum: Outlook, Products and Performance Drivers
May 5, 2026 | 8:00 AM - 11:30 AM EST
New York, NY
KBRA is pleased to host the RMBS Breakfast Forum on May 5 in New York City. This event will include discussions led by KBRA’s RMBS Analytical Leadership and leading industry experts bringing real-time insight into U.S. RMBS market conditions. The panels will bring a combination of data-driven insights and KBRA methodology-focused discussion and will provide market participants with a practical framework for evaluating risk and opportunities relevant across Prime, Non-QM, Second Lien and esoteric RMBS sectors. Panelists will explore these topics in today’s evolving RMBS landscape, including credit trends, product and borrower profiles, and regulatory considerations.
Discussion Topics
- Prime, CRT & Second Lien Market Outlook
- Non-QM & Investor DSCR
- Residential Transition Loans (RTL)
- Performance Trends & Credit Fundamentals
Where
Ease 1345
Concourse Level, 1345 6th Ave, New York, NY 10105
*RSVP by April 28, 2026.
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Agenda
8:00-8:45 AM EST
Breakfast & Conference Registration
Agenda is subject to change.
8:45 - 9:00 AM EST
Opening Remarks
Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS, KBRA
Van Hesser, Senior Managing Director, Chief Markets Strategist, KBRA
9:00-9:45 AM EST
Prime, CRT and 2nd Lien Outlook, Performance and Current Trends
- KBRA’s Prime Default & Loss Study
- CES/HELOC Outlook & Performance
- CRT and the GSEs- What does the future hold?
Moderator
Edward DeVito, Senior Managing Director, RMBS KBRA
Panelists
Rob Catarella, Managing Director, Ellington Management Group
Kristy Cariello, Vice President, JPM
Sharif Mahdavian, Managing Director, KBRA
Pooja Pathak, Managing Director, Metlife
Kristy Cariello, Vice President, JPM
Sharif Mahdavian, Managing Director, KBRA
Pooja Pathak, Managing Director, Metlife
9:45-10:30 AM EST
Evolving Trends in Non-QM and Investor DSCR Mortgages
- Overview of KBRA’s Non-QM Default and Loss Study
- Recent developments in Non-QM and DSCR products
- Update on Non-QM Performance
Moderator
Patrick Gervais, Senior Managing Director, KBRA
Panelists
Meghan Bruen, Director, Annaly Capital Management
Armine Karajyan, Global Head of Structured Finance Research, KBRA
Ethan Goldwasser, Executive Director, Residential Mortgage Banking, Morgan Stanley
Frank Zhi, Credit Analyst, T.Rowe Price
Meghan Bruen, Director, Annaly Capital Management
Armine Karajyan, Global Head of Structured Finance Research, KBRA
Ethan Goldwasser, Executive Director, Residential Mortgage Banking, Morgan Stanley
Frank Zhi, Credit Analyst, T.Rowe Price
10:30-10:45 AM EST
Networking Break
10:45-11:30 AM EST
The Esoteric Landscape-Spotlight on Residential Transition Loans (RTLs)
- What is an RTL?
- Drivers of Investor Demand
- Overview of KBRA’s RTL Methodology
Moderator
Ed Tamiso, Senior Director, KBRA
Panelists
Jake Epstein, Principal, Ellington
Dan Hall, Managing Director, KBRA
Ketan Parekh, Managing Director, Toorak Capital
Ryan Shanberg, Managing Director, Nomura
Jake Epstein, Principal, Ellington
Dan Hall, Managing Director, KBRA
Ketan Parekh, Managing Director, Toorak Capital
Ryan Shanberg, Managing Director, Nomura
11:30 AM EST
Event Concludes
KBRA Speakers
Ed DeVito
Senior Managing Director
RMBS
Patrick Gervais
Senior Managing Director
RMBS
Dan Hall
Managing Director
RMBS
Van Hesser
Senior Managing Director
Chief Markets Strategist
Jack Kahan
Senior Managing Director
Global Head of ABS & RMBS
Armine Karajyan
Managing Director
RMBS
Sharif Mahdavian
Managing Director
RMBS
Edward Tamiso
Senior Director
RMBS
KBRA Business Development
KBRA's RMBS Breakfast Forum: Outlook, Products and Performance Drivers
May 5, 2026 |New York, NY
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