Stephen F.J. Ornstein Partner

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Industries Banking Financial Services Real Estate Structured Finance Practices Banking

Corporate & Securities Structured Finance Education

JD, 1989, Columbia University School of Law, Harlan Fiske Stone Scholar

AB, 1986, Brown University, magna cum laude, Phi Beta Kappa

Admitted To Practice Pennsylvania 1989 District of Columbia 1990 Stephen F.J. Ornstein Partner sornstein@tpw.com Washington, DC 1700 Pennsylvania Ave., NW Suite 800 Washington, DC 20006 Phone 202.626.5646 Fax 202.626.1930 New York

Two World Financial Center New York, NY 10281 Phone 212.912.7400 Fax 212.912.7751

Stephen Ornstein is a partner in Thacher Proffitt's Washington, D.C. office, where he concentrates on banking and real estate law with an emphasis on federal regulation of real estate. Mr. Ornstein regularly counsels national mortgage companies, mortgage insurers, financial institutions and others in complying with mortgage and consumer lending regulations, including:

• RESPA

• Truth-in-Lending • Fair Credit Reporting • Equal Credit Opportunity • Fair Housing/Fair Lending • National Flood Insurance Act • State regulations and licensing.

Mr. Ornstein has worked extensively in the area of government regulation of mortgage finance, particularly with respect to FHA-insured and VA-guaranteed single-family and project mortgage loans, and secondary market issues. Mr. Ornstein also has substantial experience in the legal issues governing federal and state bank regulation, including agency powers and procedures with respect to professional liability claims.

Recent Experience

• Represented several investment banking firms as issuers or underwriters in public offerings and private placements of mortgage pass-through

certificates. These securitizations have employed a wide variety of credit support and tax structures, and have resulted in the issuance of a broad range of securities with simple to complex payment characteristics. • Represented several of the nation's largest residential mortgage loan

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Publications / Articles

• "Calculating TILA Disclosures in Variable Rate Transactions," Consumer Finance Law, Spring 2006 (May 08, 2006)

• "Illinois HB 4050," Consumer Finance Law, Spring 2006 (May 08, 2006) • "Interagency Guidance on Credit Risk Management for Home Equity

Lending," Consumer Finance Law, Spring 2006 (May 08, 2006)

• "Massachusetts Fair Lending Examination Guidelines," Consumer Finance Law, Spring 2006 (May 08, 2006)

• "The Wyoming Residential Mortgage Practices Act," Consumer Finance Law, Spring 2006 (May 08, 2006)

• "Update on Massachusetts Regulations Regarding the Determination and Documentation of the "Borrower's Interest" and the Predatory Home Loan Practices Act," Consumer Finance Law, Spring 2006 (May 08, 2006) • "Further Amendments to New York Part 41 Regulations," Consumer

Finance Law (Fall 2005) (September 17, 2005)

• "Georgia Residential Mortgage Fraud Act," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "Inclusion of Yield-Spread Premiums in California High Cost Calculation," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "New Jersey Department of Banking and Insurance Bulletin 04-22," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "The Indiana Home Loan Practices Act," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "The Mississippi Mortgage Consumer Protection Law," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "The Nevada Predatory Lending Statute," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "The New Mexico Anti-Predatory Lending Law and Regulations," Consumer Finance Law (Fall 2005) (September 17, 2005)

• "The Fair and Accurate Credit Transactions Act of 2003," The Journal of Structured Finance (Spring 2005) (April 15, 2005)

• "Amendments to New Jersey Home Ownership Security Act," The Real Estate Finance Journal (Winter 2005) (January 21, 2005)

• "Massachusetts Predatory Home Loan Practices Act and Other

Amendments to Massachusetts Law," The Journal of Structured Finance (Winter 2005) (January 14, 2005)

• "Vermont High-Rate, High-Point Notice," Consumer Finance Law (Winter 2004) (December 15, 2004)

• "Wisconsin Responsible High Cost Mortgage Lending Act," Consumer Finance Law (Winter 2004) (December 15, 2004)

• Consumer Lending Alert: Massachusetts Predatory Home Loan Practices Act and Other Amendments to Massachusetts Law (October 12, 2004) • "Amendments to the Nebraska Mortgage Bankers Registration and

Licensing Act," Quarterly Report, Consumer Finance Law, Vol. 58, No. 3 (Fall 2004) (September 30, 2004)

• "The Maine High-Rate, High-Fee Mortgage Statute," Quarterly Report, Consumer Finance Law, Vol. 58. No. 3 (Fall 2004) (September 30, 2004) • "The Oklahoma Anti-Predatory Lending Law," Quarterly Report, Consumer

Finance Law, Vol. 58, No. 3 (Fall 2004) (September 30, 2004) • "The Utah Residential Mortgage Practices Act and the Utah High Cost

Home Loan Act." Quarterly Report, Consumer Finance Law, Vol. 58, No. 3 (Fall 2004) (September 30, 2004)

• Consumer Lending Alert: Amendments to New Jersey Home Ownership Security Act (September 03, 2004)

• Consumer Lending Alert: Local Anti-Predatory Lending Litigation Update (September 03, 2004)

• "2003 Amendments to the New York Part 41 Regulations," Consumer Finance Law, Quarterly Report (Spring/Fall 2003) (September 01, 2003) • "New Mexico Anti-Predatory Lending Law," Consumer Finance Law,

Quarterly Report (Spring/Fall 2003) (September 01, 2003)

• "California Predatory Lending Bills 489 and 344," Consumer Finance Law, Quarterly Report (Summer/Fall 2003) (June 01, 2003)

• "The City of Los Angeles Anti-Predatory Lending Ordinance," Consumer Finance Law, Quarterly Report (Summer/Fall 2003) (June 01, 2003) • "The Michigan Consumer Mortgage Protection Act," Consumer Finance

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• "Amendments to the City of Cleveland Predatory Lending Ordinance," Consumer Finance Law (Spring/Fall 2003) (March 01, 2003)

• "Idaho House Bill 28," Consumer Finance Law, (Spring/Fall 2003) (March 01, 2003)

• "The Virginia Anti-Predatory Lending Law," Consumer Finance Law (Spring/Fall 2003) (March 01, 2003)

• "Update on Massachusetts High Cost Home Loan Regulations Memorandum," Consumer Finance Law (Spring/Fall 2003) (March 01, 2003)

• "New York City Anti-Predatory Lending Ordinance," Review of Banking & Financial Services (February 2003) (February 01, 2003)

• "Illinois Anti-Predatory Lending Regulations," Consumer Finance Law, Quarterly Report (Winter 2002) (December 01, 2002)

• "Ohio Anti-Predatory Lending Legislation," Consumer Finance Law, Quarterly Report (Winter 2002) (December 01, 2002)

• Consumer Lending Alert: New York City Anti-Predatory Lending Ordinance (December 01, 2002)

• Consumer Lending Alert: New York State Anti-Predatory Law (December 01, 2002)

• "City of Toledo Anti-Predatory Lending Ordinance," Consumer Finance Law, Quarterly Report (Summer/Fall 2002) (June 01, 2002)

• "The District of Columbia Home Loan Protection Act of 2002," Consumer Finance Law, Quarterly Report (Spring 2002) (April 01, 2002)

• Consumer Lending Alert: D.C. Home Loan Protection Act of 2002 (April 01, 2002)

• "FED Hits Predatory Lending with Changes to Reg Z that Expand HOEPA Coverage to Many More Loans," The Bottom Line (Jan 2002) (January 01, 2002)

• "New York State Banking Department Final Regulation Part 41 Restrictions and Limitations on High-Cost Home Loans," Consumer Finance Law, Quarterly Report (Winter 2001) (December 01, 2001)

• "Recent HOEPA Mortgage Litigation," Consumer Finance Law, Quarterly Report (Winter 2001) (December 01, 2001)

• "Recent HOEPA Developments," Consumer Finance Law, Quarterly Report (Fall 2001) (October 15, 2001)

• "Federal Reserve Board Amendments to Regulation Z/HOEPA Regulations," Consumer Finance Law (Fall 2001) (October 01, 2001) • California Predatory Lending Bills 489 and 344 (October 01, 2001)

• Consumer Lending Alert: Pennsylvania Anti-Predatory Lending Bill (August 18, 2001)

• Consumer Lending Alert: City of Dayton Predatory Lending Ordinance (August 01, 2001)

• Consumer Lending Alert: DeKalb County Predatory Lending Ordinance (August 01, 2001)

• Consumer Lending Alert: Connecticut Anti-Predatory Lending Regulations (July 02, 2001)

• Consumer Lending Alert: Cook County Predatory Lending Ordinance (July 02, 2001)

• Consumer Lending Alert: Texas Anti-Predatory Lending Statute (July 02, 2001)

• Consumer Lending Alert: Illinois Anti-Predatory Lending Regulations (June 01, 2001)

• "Massachusetts Enacts High Cost Mortgage Regulations," The Banking Law Journal (May 2001) (May 01, 2001)

• "Massachusetts High-Cost Mortgage Regulations," Consumer Finance Law Quarterly Report (Winter 2001) (February 01, 2001)

• "Summary of North Carolina Senate Bill 1149 Prohibiting Predatory Lending," Consumer Finance Law, Quarterly Report (Fall 2000) (September 01, 2000)

• "Examining the Effect of New Legislation on Consumer Protection for High Cost Mortgages," Real Estate Law Journal, Vol. 25: 40 (1996) (June 01, 1996)

"NYC Ordinance Pre-empted by State, Federal Law," The Bottom Line (May 2004)

"Texas High-Cost Home Loan Disclosures," with Matthew Yoon. Consumer

Finance Law, Quarterly Report (Spring/Fall 2003)

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Lampe in American Bar Association Section of Business Law's

Truth-in-Lending (2002 Supplement)

"Recent High Cost Mortgage Litigation," The Review of Bankers and

Financial Services, Vol. 16, No. 8. (2000)

• "National Flood Insurance - Analysis of the National Flood Insurance Reform Act of 1994 and Final Regulation Promulgated by the Federal Banking Agencies," Mortgage Bankers Association of America (1996)

Events / Speeches

• Opal Financial Group Housing Finance Summitt 2006, Miami, FL ( April 2, 2006)

• MBA's National Technology Conference & Expo, San Diego, CA (March 29 - April 1, 2006)

• Moderator: "Loan Sales in the Secondary Market / Predatory Lending Issues, " ABS West, Phoenix, AZ (February 8, 2006)

• "Assignee Liability, Ensuring Marketability, and Other Due Diligence Considerations for the Secondary Market," 8th National Corporate Counsel Event on Anti-Predatory Lending Compliance, Las Vegas, NV (November 17-18, 2005)

• "Predatory Lending and its Consequences in the Secondary Market," 2005 ABS East, Boca Raton, FL (September 14, 2005)

• "Loan Sales in Today's World of Predatory Lending Restrictions," MBA Regulatory Compliance Conference, Washington, DC (September 7-9, 2005)

• "The New Home Mortgage Disclosure Act Requirements and the Elliot Spitzer Investigation," HSBC Finance Corporation Finance Forum, Northbrook, Illinois (May 17, 2005)

• Housing Finance Summit, Amelia Island, FL (April 4-6, 2005)

• "Predatory Lending and its Consequences in the Secondary Market," ABS West, Phoenix, AZ (February 8, 2005)

• "Fees, Disclosures and Disputes: Creating and Implementing Post-Fairbanks Policies" panelist at Consumer Lending at the Crossroads, Las Vegas, NV (November 08, 2004)

• "Predatory Lending" panelist at MBA's Regulatory Compliance Conference, Washington, DC (September 20, 2004)

• "Track B - Regulatory Risk: It is Out There and More is Coming" panelist at LoanPerformance 2004 RiskSummit, Carlsbad, CA (July 27, 2004) • ACI Conference (May 24, 2004)

• Servicing and Administration in the Securitization Market Conference (May 21, 2004)

• Financial Research Associates LLC Seminar (May 20, 2004) • ACI Predatory Lending Conference (March 29, 2004)

• Home Equity ABS Workshop 2004 provided by UBS AG (January 23, 2004)

• MBA Regulatory Compliance Conference (September 29, 2003) • "Understanding the Latest Predatory Lending Regulations and Strategies

for Protecting Your Business From Assignee Liability Risks" (July 23, 2003) • "Consequences of Predatory Lending in the Secondary Markets" at the

American Bar Association Section of Business Law Spring Meeting, Los Angeles, CA (April 03, 2003)

• "Predatory Lending Legislation And Its Effects On The Secondary Market" at the American Securitization Forum, New York, NY (March 12, 2003) • "Predatory Lending and Its Consequences in the Secondary Market" at the

ABS West 2003 Conference (February 06, 2003) • ABS West 2003, Phoenix, AZ (February 05, 2003)

• "The Very Latest Initiatives in Federal, State and Local Regulation Against Predatory Lending" panelist, San Diego, CA (April 22, 2002)

• Consumer Law, Palm Springs, CA (March 18, 2002) • ABS West Conference, Phoenix, AZ (February 06, 2002)

• American Bar Association Consumer Financial Services Committee Winter Meeting (January 05, 2002)

• Compliance Seminar for Wachovia Securities, Inc. (December 11, 2001) • MBA Conference in New Orleans (November 16, 2001)

• "Anti-Predatory Lending," Galveston, TX (October 29, 2001)

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• Mortgage Bankers Association Regulatory Compliance Conference, panel moderator (June 15, 2001)

• Compliance Seminar, New York, NY (May 21, 2001)

• "Consumer Finance Law," Real Estate Finance Conference (May 17, 2001) Professional / Civic Affiliations

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