Karl N. Snow, PhD

Karl N. Snow has more than 15 years of experience providing financial and statistical analysis as a consultant, an academic, and a professional in the mortgage and investment banking industries. He provides consulting advice and expert analysis on a wide range of issues involving financial assets and securities, mortgage lending, and insurance products. He has submitted expert reports and provided testimony on asset valuation and economic damages. Dr. Snow also provides advice and expert analysis on asbestos-related issues involving insurance coverage and bankruptcy, and discrimination in mortgage and labor markets.

Prior to joining Bates White, Dr. Snow was a Senior Economist at Welch Consulting. He also served as Principal Economist in the Housing Analysis and Research group at Freddie Mac, and as Director at UBS Investment Bank (formerly UBS Warburg). In addition to his professional experience, Dr. Snow has held professorships in the finance departments of the Kenan-Flagler Business School at the University of North Carolina-Chapel Hill and the Stockholm School of Economics, and in the economics department at Brigham Young University. Dr. Snow has taught courses and presented workshops on finance and economic topics at academic institutions in Europe and the United States.

Selected Experience

• Submitted an expert report and testified in federal court on behalf of a Fortune 100 company. Estimated the value of insurance and other financial assets that were proposed to be transferred to a 524(g) trust for a bankrupt subsidiary of the corporation.

• Submitted an expert report for and testified on behalf an insurance company in a dispute with the policy holder. Demonstrated how the value of not being able to access certain policies to pay future asbestos-related liabilities could be estimated using an option-based approach.

• Submitted an expert report and testified on behalf of an insurance company in a dispute between the company and its auditor. Analyzed the company’s commercial lending portfolio and estimated losses on various high-risk loans.

• Provided statistical analysis for a large financial institution to estimate the fraction of mortgage loans in a securitized pool that failed to meet the originator’s stated guideline. Analyzed the risk of the portfolio and estimated future losses.

• Provided consulting services for outside counsel representing a special committee formed to evaluate allegations in a shareholder derivative action involving a monoline insurer. Evaluated the insurer’s processes and procedures including its deal origination, underwriting, pricing, cash-flow modeling, risk modeling, and surveillance activities. Analysis focused on insurer’s policies for and models related to underwriting financial guarantees on subprime RMBS, closed-end second and HELOC ABS and multi-sector CDO securities.

• Acted as lead consultant for multiple insurance companies in valuing insurance policies issued to corporations with asbestos-related liability. Valued the policies under different allocation methodologies, occurrences definitions and other policy features. Provided litigation and settlement support.

• Provided consulting support in a dispute between a corporation and a bank over an investment in Auction Rate Securities (ARS). Estimated the damages resulting from the liquidity the corporation lost when the ARS auction market failed in 2008.