Global Experience

Since inception, Bladestone/AGS have been engaged in a number of assignments both internationally and domestically. Noteworthy transactions include:

Domestic

Loan File Due Diligence - Bladestone/AGS has performed loan file due diligence domestically since 1995 for Wall Street investment banks, financial guaranty providers and originator/issuers of MBS. Bladestone has had experience reviewing all types of assets but specializes in residential prime and sub-prime mortgage loans, home equity and non-performing loans. The scope of the loan file review is tailored to meet each client's requirements, and generally includes credit underwriting, legal, appraisal and a regulatory compliance review.

Transaction Oversight - Bladestone/AGS was engaged by a financial guaranty company to develop procedures to accurately capture and track insurance exposure on their residential mortgage-backed security portfolio. Bladestone analyzed over 200 insured mortgage-backed security transactions to ensure compliance between the servicer and trustee reporting and of each security. Additionally, data collection methodologies were enhanced to identify and reduce data errors. Bladestone's efforts resulted in the client capturing more accurate performance information providing more effective delinquency and loss exposure tracking.

Operational Assessment - Bladestone/AGS was engaged by an investment bank to perform an operational assessment on an issuer of sub-prime residential home equity securities that was suspected of fraud. Bladestone provided a comprehensive analysis of origination and servicing procedures that were contributing to delinquency and cash flow problems in issued MBS. Loans included in several MBS were re-reviewed to ensure compliance to representations and warranties. These audits were used to develop a strategy to minimize loss on these poorly performing securities.

International

Argentina:
Advisor to Banco Hipotecario Nacional on the first ever cross-border mortgage securitization from an emerging market country. This transaction became the platform for future securitized transactions. Advised the client in the development of written origination policies and procedures and the creation of an investor reporting department and master servicing system that is still in use today.

Belize:
Bladestone is currently engaged as the Oversight Consultant performing transaction surveillance for the Belize Mortgage Company 2002-1 transaction. Moody's and Fitch rated this transaction A3 and A, respectively. Bladestone monitors the deal triggers, reserves, third party reporting and servicing of the Development Finance Corporation on behalf of the investors and trustee.

Brazil:
Creator of a conduit finance program in partnership with a Brazilian affiliate firm, designed to attract domestic capital sources to the residential construction and mortgage loan finance markets.

Chile:
Technical advisor to start up servicing operation, providing servicing system functionality requirements than enabled start up to develop a servicing system for the Chilean market. Reviewed beta test results and advised on staffing requirements.

Ecuador:
Advisor to Banco Union to determine the feasibility of an international mortgage and auto loan securitization through our origination and servicing evaluation product.

Europe:
Origination and Servicing Evaluation advisor for a Pan European trade receivable securitization, covering 5 countries. Advised the client in servicing and master servicing procedures, data requirements and technology enhancements.

Guatemala:
Program advisor to Mercury Mortgage Finance - Guatemala ("MMFG"). MMFG is the sponsor of a mortgage conduit program and eventual issuer of cross border MBS. To date, Bladestone has provided operational assessments of potential participants to the program, data analytics and program implementation advisory services. Bladestone will be providing Transaction Surveillance to the MBS, monitoring master servicing operations, ensuring compliance with the requirements of the Issuance and deal triggers, reviewing collections and loss mitigation efforts and claims against the reserve accounts or guaranty.

Mexico:
Mortgage advisor to the Inter-American Development Bank for a mortgage securitization program. Provided an Origination and Servicing Evaluation of a Mexican Mortgage Bank, including an evaluation of the underwriting and servicing practices to industry and international standards as well as the ability of the institution to support an MBS transaction. Additionally, Bladestone assessed the technology capabilities and reviewed portfolio statistics and information provided by the originating institution.

Panama:
Advisor to Wall Street Securities (now La Hipotecaria Inc) a Panamanian mortgage company that successfully created an ongoing securitization program for residential mortgage loans placed locally in the Panamanian market. Bladestone/AGS reviewed the origination program, servicing process and systems and made recommendations for conforming to industry standards.

Turkey:
Program advisor to European Housing Finance ("EHF"). EHF is the developer and master servicer of a mortgage conduit program and eventual Issuer of a cross border MBS. To date, Bladestone has provided an operational assessment, data analytics and program implementation advisory services. Bladestone will be providing Transaction Surveillance to the MBS, monitoring master servicing operations, ensuring compliance with the requirements of the Issuance and deal triggers, reviewing collections and loss mitigation efforts and claims against the reserve accounts or guaranty.