AMERICATALYST LLC AND EUROCATALYST BV PRESENT
SEPT. 29 - OCT. 1, 2013 | AUSTIN, TEXAS
A ME R I C ATA LYS T
RENTING THE FUTURE
OCTOBER 1-2, 2013 AUSTIN, TEXAS
INSIDE 401 Congress Avenue, Suite 1540
OUR THANKS --------------------------------------2 THE AGENDA IN BRIEF------------------------------4 THE PROGRAM | AMERICATALYST 2013 -------------6 THE PROGRAM | RENTING THE FUTURE ------------30 SPEAKERS AND PANELISTS 2002-2012 -----------47 2013, THE CLASS OF ------------------------------53 RENTING, THE FUTURE? | A TIME LINE -------------77
Austin, Texas 78701 (512) 551-9332 Toni Moss, Founder and CEO Shirley Jackson, Chief Creative Officer DIRECTOR OF EVENTS AND MEDIA Christina Vick MARKETING ASSISTANT Zach, Q. Yvaire
OUR THANKS Toni Moss would and AmeriCatalyst like to thank: • Pat McEnerney, for his insight, napkin diagrams, and ocean-view assistance in designing this year’s program for AMERICATALYST 2013
AmeriCatalyst would also thank its partners and sponsors for their generous support of AmeriCatalyst 2013: Rorschach + Renting the Future 2013:
• Laurie Hawkes, for her insight, humor, and late-night/early morning/weekend assistance in designing this year’s program for RENTING THE FUTURE
• • • •
• John Getchis, Michael Drayne, and Kathy Gibbons for designing the program for the Ginnie Mae Issuer and Investor Symposium And the following individuals for their extraordinary support: Pascale Bos Amy Brandt Meg Burns Alex Charfen Wally Charnoff Rich Ford Eshna Ghosh Karen and Bill Glasgow Laurie Goodman Yael Gross Steven Horne JK “Guvnah” Huey Terri Hunter Shelley Kaye David Lykken Laurie Maggiano Teresa Medley Dale McPherson Brooke Schenkel Terry Sadowski Scott Simon Eric Taylor Ted Tozer
HOST CATALYST PARTNERS
Amherst CoreLogic Field Asset Services Wingspan
NATIONAL CATALYST PARTNERS
• • • •
Katten Muchin Rosenman LLP Lender Processing Services Ready4Remodel RentRange
REGIONAL CATALYST PARTNERS
• Keystone Asset Management • KML Law Group • National Field Network SUPPORTING CATALYST (NON-FINANCIAL)
• Ginnie Mae
RENTING THE FUTURE: HOST
• Main Street Renewal
RENTING THE FUTURE: EMERGING INDUSTRY
• auction.com • OwnAmerica • RentRange
RENTING THE FUTURE: EMERGING NATIONAL
• Sidley Austin LLP
RENTING THE FUTURE: EMERGING NATIONAL
• Digital Risk • Stewart Lender Services
Most of all, Toni would like to thank Shirley Jackson, Christina Vick, and Zach Yvaire for being a team that she can count on. She says, “I’d go rock climbing with you guys any day!” And finally, to the team mascots Lulu and Barkis - walks will resume on October 3rd!
If we can reposition an entire industry, imagine what we can do for you
AGENDA, IN BRIEF SUNDAY, SEPTEMBER 29: AMERICATALYST 2013: RORSCHACH 02:00 – 07:00 pm REGISTRATION 07:00 – 10:00 pm OPENING DINNER
MONDAY, SEPTEMBER 30: AMERICATALYST 2013: RORSCHACH 07:30 am REGISTRATION OPENS IN THE WILDFLOWER ATRIUM 07:45
08:30 – 08:50 am 08:50 – 09:20 am 09:20 – 10:30 am
MORNING COFFEE SERVED IN THE WILDFLOWER ATRIUM
1.0 PRESENT SHOCK AND THE LONG NOW 1.1a THE UNRAVELING: THE “INHERENT ERROR” | FEATURING YANIS VAROUFAKIS 1.1b THE UNRAVELING: THE STATE OF THE WORLD
10:30 – 11:00 am REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 30 MINUTES 11:00 – 12:15 pm
RORSCHACH: THE STATE OF THE U.S. HOUSING FINANCE MARKET
12:15 – 01:30 pm LUNCH IN THE HILL COUNTRY DINING ROOM | SPONSORED BY READY4REMODEL | 75 MINUTES 01:30 – 02:40 pm 02:40 – 03:00 pm
BLOWBACK: MORTGAGE ORIGINATION, FUNDING AND THE CONSTRICTION OF CREDIT YOU SAY YOU WANT A RESOLUTION: PHASE ONE OF THE FHFA STRATEGIC PLAN | FEATURING WANDA DELEO
03:00 – 03:15 pm REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 15 MINUTES
IF I HAD A HAMMER: U.S. HOUSING MARKET REFORM 03:15 – 04:30 pm 04:30 – 04:45 pm REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 15 MINUTES 04:45 – 06:00 pm
ATLAS MUGGED! WHERE REGULATION HAS GONE TOO FAR VS. NOT FAR ENOUGH | CHAMPAGNE DEBATE SPONSORED BY NATIONAL FIELD NETWORK
06:00 – 08:00 pm COCKTAIL PARTY AND RECEPTION IN THE WILDFLOWER ATRIUM | SPONSORED BY AUCTION.COM 08:00 – 11:00 PM
PRIVATE DINNERS HOSTED BY EVENT PARTNERS IN DOWNTOWN AUSTIN
TUESDAY, OCTOBER 1: AMERICATALYST 2013: RORSCHACH 07:30 am REGISTRATION OPENS IN THE WILDFLOWER ATRIUM 07:45 – 08:30 am MORNING COFFEE SERVED IN THE WILDFLOWER ATRIUM 08:30 – 08:40 am INTRODUCTION AND OVERVIEW 08:40 – 09:40 am
REVENGE OF THE NERDS: HOW BIG DATA WILL TRANSFORM THE MORTGAGE INDUSTRY 09:40 – 10:00 am REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 20 MINUTES 10:00 – 11:15 am FOOL ME TWICE: ISSUES IMPACTING INVESTORS, ORIGINATORS AND SERVICERS THAT HAVE NOT BEEN ADDRESSED OR
11:15 – 12:25 pm
RESOLVED THE BEST TRADE: WHAT IS THE BEST INVESTMENT IN HOUSING FINANCE THIS YEAR?
12:25 – 12:30 pm THE END OF AMERICATALYST 2013: CLOSING REMARKS 12:30 – 01:30 pm LUNCH IN THE HILL COUNTRY DINING ROOM FOR AMERICATALYST AND RENTING THE FUTURE DELEGATES | SPONSORED BY READY4REMODEL
TUESDAY, OCTOBER 1: RENTING THE FUTURE
RENTING, THE FUTURE: AN INTRODUCTION
01:40 – 02:20 pm 02:20 – 03:40 pm
AFTER THE BOYS OF SUMMER HAVE GONE: THE STATE OF SINGLE FAMILY RENTAL AND WHAT HAPPENS NEXT
01:30 – 01:40 pm
IN CONTEXT: THE FACTS AND FIGURES SUPPORTING THE SINGLE FAMILY RENTAL OPPORTUNITY FEATURING IVY ZELMAN AND DENNIS MCGILL, ZELMAN & ASSOCIATES
03:40 – 04:00 pm REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 20 MINUTES 04:00 – 05:10 pm
1.3 AT FACE VALUE: A COMPARATIVE APPROACH TO ANALYST METRICS AND METHODOLOGIES IN SECTOR ANALYSIS AND VALUATION
05:10 – 06:30 pm
THE CAPITALIZATION OF THE SINGLE FAMILY RENTAL SECTOR
06:30 - 08:00 pm COCKTAIL RECEPTION IN THE WILDFLOWER ATRIUM SPONSORED BY FIELD ASSET SERVICES AND AMERICATALYST
TUESDAY, OCTOBER 1: GINNIE MAE INVESTOR AND ISSUER 09:00 - 02:00 pm REGISTRATION OPEN FOR GINNIE MAE INVESTOR AND ISSUER SYMPOSIUM 01:30 - 02:00 pm OPENING COFFEE IMMEDIATELY OUTSIDE THE FORUM AMPHITHEATER 02:00 - 02:30 pm 02:30 - 03:30 pm 03:30 - 04:30 pm
TED TOZER INTRODUCTION, GINNIE MAE IN CONTEXT
CHANGING OF THE GUARD: THE NEW LEADERS IN RESIDENTIAL HOUSING FINANCE BELTING IT OUT: HOUSING POLICY AND HOUSING FINANCE REFORM, THE STATUS OF THE FHA AND VA, AND LEGISLATIVE ODDSMAKING INSIDE THE BELTWAY
04:30 - 05:00 pm REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 30 MINUTES 05:00 - 06:15 pm
AGENCY MBS MARKET FLOWS: SUPPLY / DEMAND AND CHALLENGES CLOSING REMARKS (TED TOZER)
06:15 - 06:30 pm
06:30 - 08:00 pm COCKTAIL RECEPTION IN THE WILDFLOWER ATRIUM SPONSORED BY FIELD ASSET SERVICES AND AMERICATALYST
WEDNESDAY, OCTOBER 2: RENTING THE FUTURE 07:45 – 08:30 am MORNING COFFEE SERVED IN THE WILDFLOWER ATRIUM 08:30 – 09:15 am 09:15 – 10:15 am
ON THE VERGE: ADVANCING THE DEVELOPMENT OF A NEW SECTOR YOU CAN’T ALWAYS GET WHAT YOU WANT: SUPPLY, SOURCING, PRICING, ACQUISITIONS AND THE INEVITABILITY OF CONSOLIDATION
10:15 – 10:30 am REFRESHMENT BREAK IN THE WILDFLOWER ATRIUM | 20 MINUTES 10:30 – 11:30 am 11:30 – 12:30 pm
THE HEART OF THE MATTER: OPERATIONS, PROPERTY MANAGEMENT AND RESIDENT INCENTIVES YOU CAN FIX A HOUSE, BUT CAN YOU FIX A NEIGHBORHOOD? LEADING INITIATIVES IN NEIGHBORHOOD AND COMMUNITY REVITALIZATION
AmeriCatalyst’s capabilities and services center around an “ecosystem” of ﬁve fundamental elements : content, context, community, communication, and convergence. When viewed separately each element describes broad open-ended concepts. When viewed holistically, they comprise the lifecycle of our core capabilities.
Corporate strategy Custom events Marketing and market positioning White Papers M&A, joint venture and partnership strategies Third-party sales support Research and Corporate Intelligence Executive search and recruitment Executive training and motivation
FOLLOW US ON TWITTER @AmeriCatalyst
MONDAY, SEPT.30 | 8:30-8:50 AM
TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EuROCATALYST BV
A ROAD MAP TO AMERICATALYST 2013
PRESENT SHOCK AND THE LONG NOW
Event founder, host, and AmeriCatalyst CEO Toni Moss establishes the context and narrative for this yearâ€™s event with a provocative discussion on the impact of socio-cultural changes in our personal lives and perceptions and how that affects our professional behavior and decision-making, the compression of time and its effect on the mortgage industry, and the need for long-term thinking.
MONDAY, SEPT.30 | 8:50-9:20 AM
YANIS VAROuFAKIS, DEPARTMENT OF ECONOMICS, uNIVERSITY OF ATHENS AND VISITING PROFESSOR, LBJ SCHOOL OF PuBLIC AFFAIRS, THE uNIVERSITY OF TEXAS
THE “INHERENT ERROR”
How do you know for certain that Western capitalism is in crisis? When questions about its failure become one of the main session topics at Davos. (Actually, in 2012, there were three sessions dedicated to the topic). The failure to anticipate and explain the 2007/2008 global financial crisis has turned the field of economics into one of the most derisive disciplines in academia, and is accelerating an ongoing process of creative destruction of economics in general. This year’s Intellectual Catalyst, Yanis Varoufakis, explains the “inherent error” in all economic models and theories and how it changes everything we thought at least someone knew about the world, and how those changes impact our world of housing finance.
MONDAY, SEPT.30 | 9:20 - 10:30 AM
TIM SKEET, Managing Director, Financial Institutions Group, Debt Capital Markets, ROYAL BANK OF SCOTLAND
TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EuROCATALYST BV
FANNY BÖRGSTROM, FORMER Head of Group Funding, NORDEA TREASuRY AND NORDEA HYPOTHEK DOuG DuNCAN, Senior Vice President and Chief Economist, FANNIE MAE
JOSH ROSNER, Managing Director, GRAHAM FISHER & COMPANY YANIS VAROuFAKIS, Department of Economics, uNIVERSITY OF ATHENS AND Visiting Professor, LBJ SCHOOL OF PuBLIC AFFAIRS, THE uNIVERSITY OF TEXAS YVES SMITH, FOuNDER, NAKED CAPITALISM
THE STATE OF THE WORLD
THE UNRAVELING A sequel to last year’s theme of “The Entanglement” as the latest stage of globalization in which sovereign destinies are intertwined, this year we focus on “The Unraveling” as we begin to see (and come to terms with) the declining trajectory of the global economy. Providing an overview of the most crucial issues impacting the global economy, we discuss how those issues, including the spread of the European debt crisis, will impact the U.S. We will also discuss internal U.S. economic issues including QEIII and in doing so, are likely to inadvertently step into a pile of political discussion. Finally, as the opening, “Big Picture” panel each year, we’ll address contemporary intellectual issues including the failure of economics and how theory and fundamental assumptions about financial issues are changing; the evolving role and use of game theory in anticipating economic shifts and investment returns; systemic risk and why “Too Big To Fail” still matters; the devastating impact of escalating inequality and student debt on the future of U.S. housing, and other compelling and inevitably controversial topics.
REFRESHMENT BREAK | 10:30 - 11:00 AM
CHRISTOPHER WHALEN, MANAGING DIRECTOR AND EVP, CARRINGTON HOLDING COMPANY LLC
TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EuROCATALYST BV ED DELGADO, CEO, FIVE STAR INSTITuTE DOuG DuNCAN, Senior Vice President and Chief Economist, FANNIE MAE MARK FLEMING, Chief Economist, CORELOGIC
MONDAY, SEPT.30 | 11:00AM - 12:15 PM
LAuRIE GOODMAN, Director, HOuSING FINANCE POLICY CENTER, uRBAN INSTITuTE
PAuL MILLER, Managing Director, FFBR CAPITAL MARKETS & CO. CHRISTOPHER WHALEN, Managing Director and EVP, CARRINGTON HOLDING COMPANY LLC
KYLE LuNDSTEDT, Managing Director, Applied Analytics, LPS DATA & ANALYTICS
LUNCH IN THE HILL COUNTRY DINING ROOM | 12:15 - 1:30 PM SPONSORED BY READY4REMODEL
Featuring leading economists, analysts and expansive thinkers on U.S. housing finance, this session provides a comprehensive update on the state of the U.S. housing finance industry. In addition to a complete analysis of current market dynamics and quantification of market metrics including the fundamentals impacting credit and collateral, we cover house prices; mortgage performance; foreclosure inventory; Agency and non-Agency RMBS performance and vulnerabilities; origination volumes; the progress of current government programs to stimulate housing market recovery; the implications and implementation of forthcoming regulation; prospects and implications of QE and the overall near future of the market. We titled this session “Rorschach” as an observation about the remarkable diversity of opinion and analysis on the industry today.
THE STATE OF THE u.S. HOuSING FINANCE MARKET
Turning Data into Information We deliver actionable intelligence across all aspects of the U.S. real estate market â€“ Homes, performing and non-performing loans, agency and non-agency debt, derivatives, strategy and advisory services.
Main Street Renewal LLC is an affiliate of Amherst that acquires U.S. single family properties and converts them to rental use. Amherst Securities Group, LP member FINRA/SIPC
PAT MCENERNEY, MANAGING DIRECTOR, DEuTSCHE BANK CHRIS HASPEL, PARTNER AND HEAD OF CAPITAL MARKETS, FENWAY SuMMER LLC ANuP AGARWAL, CHIEF INVESTMENT OFFICER, WESTERN ASSET MANAGEMENT COMPANY | WAMCO
MONDAY, SEPT.30 | 1:30 - 2:40 PM
GENGER CHARLES, CHIEF OF STAFF TO THE ASSISTANT SECRETARY FOR HOuSING / FEDERAL HOuSING COMMISSIONER AT HuD MIKE NIXON, SENIOR HOuSING POLICY ADVISOR, u.S. DEPARTMENT OF HOuSING AND uRBAN DEVELOPMENT | HuD
MEG BuRNS, SENIOR ASSOCIATE DIRECTOR, OFFICE OF HOuSING AND REGuLATORY POLICY, FEDERAL HOuSING FINANCE AGENCY | FHFA
TOM SHOWALTER, CHIEF ANALYTICS OFFICER, DIGITAL RISK
To mortgage originators, January 10, 2014 is a date as feared as the end of the Mayan Calendar. This is the date on which the CFPB’s “Final Rule” goes into effect. Concurrent with the issuance of the Final Rule, the CFPB has also issued Proposed Amendments to Regulation Z, known as “The Concurrent Proposal”. In this sweeping regulation, there is hardly a loan that remains unaffected. Of greatest concern to originators is the new section 129C to the Truth in Lending Act, which requires creditors to determine a consumer’s ability to repay (“ATR”). This session discusses QM and QRM and the inevitable constriction of credit (which some say will retract by 30% to 40%) as a result of the new regulation; prospects for the increase in loans excluded from the ATR, and lending models that could potentially serve as a viable detour to current regulation.
MORTGAGE ORIGINATION, FuNDING AND THE CONSTRICTION OF CREDIT
MATT VERNON, CONSuMER SALES EXECuTIVE, BANK OF AMERICA HOME LOANS
MONDAY, SEPT.30 | 2:40 - 3:00 PM
FEATuRING A DISCuSSION WITH: HOSTED BY:
WANDA DE LEO, DEPuTY DIRECTOR, OFFICE OF STRATEGIC INITIATIVES, FEDERAL HOuSING FINANCE AGENCY [ FHFA ] ALAN BOYCE, CEO, ABSALON PROJECT TONI MOSS, FOuNDER AND CEO, AMERICATALYST LLC AND EuROCATALYST BV
PHASE ONE OF THE FHFA STRATEGIC PLAN – BuILDING A NEW INFRASTRuCTuRE FOR THE SECONDARY MORTGAGE MARKET
YOU SAY YOU WANT A RESOLUTION In February of last year, FHFA Acting Director Ed DeMarco presented Congress with a comprehensive and ambitious Strategic Plan for the next phase of Fannie Mae and Freddie Mac Conservatorships based on three primary goals: 1) Build a new infrastructure for the secondary mortgage market; 2) Gradually contract the Enterprises’ dominant presence in the marketplace while simplifying and shrinking their operations; and 3) Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages. This one-on-one interview is focused on the FHFA’s work with Fannie Mae and Freddie Mac to design and build a single securitization platform that can serve both Enterprises and a post-conservatorship market with multiple future issuers. Given the goal of the platform to encompass issuance, disclosure, bond administration and master servicing, the new infrastructure could become the industry’s greatest utility – with profound implications for the market moving forward.
REFRESHMENT BREAK | 3:00 - 3:15 PM
MONDAY, SEPT.30 | 3:15 - 4:30 PM
DAVID STEVENS, PRESIDENT AND CEO, MORTGAGE BANKERS ASSOCIATION TED TOZER, PRESIDENT, GINNIE MAE ALAN BOYCE, CEO, ABSALON PROJECT ROB COuCH, COuNSEL, BRADLEY ARANT BOuLT CuMMINGS AND COMMISSIONER OF THE HOuSING COMMISSION, BIPARTISAN POLICY CENTER
STEVEN HORNE, CEO, WINGSPAN PORTFOLIO ADVISORS JIM PARROTT, SENIOR FELLOW, uRBAN INSTITuTE SCOTT SIMON, FORMER MANAGING DIRECTOR AND HEAD OF ASSETBACKED SECuRITIES, PIMCO
MARK WILLIS, RESIDENT RESEARCH FELLOW, FuRMAN CENTER FOR REAL ESTATE AND uRBAN POLICY, NYu
u.S. HOuSING MARKET REFORM
IF I HAD A HAMMER In late 2007, as the housing finance industry descended into a prolonged state of entropy, the U.S. government intervened to provide a “quick fix” to the market and ended up becoming the market fixture. Today, U.S. taxpayers guarantee approximately 90% of all new mortgages, amounting to around $5.1 trillion and growing. Over the past five years, collaboration among industry experts, trade organizations, academics and think tanks has resulted in a wide variety of proposals for housing finance reform, most of which have had minimal impact on policymaking to date. However, as the tenor surrounding debts, deficits, austerity and sequestration rises in the political sphere, policymakers are finally motivated to propose legislation to restructure the current governmental role in the market. This session compares and contrasts the two most recent pieces of legislation: Representative Jeb Hensarling’s 2011 GSE Bailout Elimination and Taxpayer Protection Act, reintroduced on July 12 of this year as the Homeowners and Taxpayers Protection Act of 2013; and Senators Corker and Warner’s Housing Finance Reform and Taxpayer Protection Act of 2013. We also compare and contrast the three proposals that represent the most viable options for comprehensive market reform
REFRESHMENT BREAK | 4:30 - 4:45 PM 17
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MONDAY, SEPT. 30 | 4:45 - 6:00 PM CHAMPAGNE DEBATE SPONSORED BY NATIONAL FIELD NETWORK TONI MOSS, FOuNDER AND CEO, AMERICATALYST LLC AND EuROCATALYST BV AMY BRANDT, CHIEF OPERATING OFFICER, PROSPECT MORTGAGE LAuRIE MAGGIANO, SERVICING AND SECONDARY MARKETS PROGRAM MANAGER, OFFICE OF RESEARCH, MARKETS & REGuLATIONS, CONSuMER FINANCIAL PROTECTION BuREAu [CFPB] YVES SMITH, FOuNDER, NAKED CAPITALISM
BOB CARuSO, EXECuTIVE MANAGING DIRECTOR, TRANSACTION SERVICES, LPS LARRY PLATT, PARTNER, K&L GATES BILL GLASGOW, PRESIDENT, GLASGOW MANAGEMENT
One of the most anticipated traditions of this event is the ever provocative and highly interactive annual Champagne Debate. This year two teams representing key sectors of the industry and key sectors of consumer advocacy square off to debate the industry’s perspective on regulation that has gone too far vs. specific areas in which consumer advocates feel that regulation has not gone far enough. Throughout the session we will be discussing specific details of all settlements and regulations which have, currently are, and will be dramatically impacting the market.
WHERE REGuLATION HAS GONE TOO FAR VS. NOT FAR ENOuGH
COCKTAIL RECEPTION | 6:00~7:30 PM | WILDFLOWER ATRIUM HOSTED BY AUCTION.COM 19
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W HAT H A P P E N S W H E N YO U CH A L L E NG E TH E MO S T E XT RAOR D I N A RY M I N D S I N T H E H O US I NG FI NA NCE I NDUS TRY TO A C O M P E LLI N G S E R I E S O F DE BATE S O N TH E MO S T I M P O RTA N T I S S U E S O F O UR L I FE TI ME ?
INS IGHT. I DE A S. SOLUTI O NS.
KYLE LuNDSTEDT, Managing Director, Applied Analytics, LPS DATA & ANALYTICS TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EuROCATALYST BV BOB AVERY, Project Director, National Mortgage Database, FEDERAL HOuSING FINANCE AGENCY (FHFA) MARK FLEMING, Chief Economist, CORELOGIC
TUESDAY, OCT. 1 | 8:40 - 9:40 AM
ALLAN MENDELOWITZ, Strategic Advisor, DELOITTE CONSuLTING
REFRESHMENT BREAK | 9:40 - 10:00 AM 24
The recent public disclosure of the sheer extent of NSA surveillance activities dramatically reveals the capabilities of “Big Data.” The term refers to massive volumes of information that were previously too big to capture, store, manage, and analyze. Traditionally undertaken in the realm of science and research, “Big Business” now has the tools to economically benefit from Big Data, not to mention Big Government. The Holy Grail of the mortgage industry is the creation of a single database comprising all loan information in the industry. In collecting more, and better data, more real-time observations can be made about an unlimited number of industry dynamics. However, more data and observations provide even more room for interpretation, amplifying the Rorschach effect. Currently, the most crucial mortgage information has been aggregated by private firms specialized in collecting, aggregating analyzing specific types of industry data – yet thus far, no firm has all of the data. And that is about to change. Notwithstanding the inordinate competitive advantages of private firms capable of maximizing the value of Big Data, the need for transparency and more effective micro-prudential regulation has led to the creation of comprehensive databases in all areas of real estate and financial services. This session focuses on the impact and implications of two of those endeavors: The OFR database which, if traction can be gained, promises to be the mother of all databases; and the National Mortgage Database, which is a joint initiative between the CFPB and FHFA that is anticipated to launch this year. We will also discuss how Big Data is currently being used in the mortgage industry, and the overall positive and negative aspects of a Big Data future.
REVENGE OF THE NERDS
HOW BIG DATA WILL TRANSFORM THE MORTGAGE INDuSTRY
ANDREW JENNINGS, Chief Analytics Officer, FICO and Head of FICO LABS
TERESA BRYCE BAZEMORE, PRESIDENT, RADIAN GuARANTY TED TOZER, PRESIDENT, GINNIE MAE SuE ALLON, VICE CHAIRMAN, STEWART LENDER SERVICES VINCENT FIORILLO, PRESIDENT, ASSOCIATION OF MORTGAGE INVESTORS, AND PORTFOLIO MANAGER, DOuBLELINE CAPITAL
TERESA BRYCE BAZEMORE
TUESDAY, OCT. 1 | 10:00 AM - 11:15 AM
LAuRIE GOODMAN, DIRECTOR, HOuSING POLICY CENTER, THE uRBAN INSTITuTE
ERIC KAPLAN, MANAGING DIRECTOR, MORTGAGE FINANCE, SHELLPOINT PARTNERS
CHRIS DIANGELO, MANAGING PARTNER, NEW YORK, KATTEN MuCHIN ROSENMAN LLP
This session is titled in response to the pervasive mentality that as the market recovers, market practices, behavior, and profits will return to that of the past. Moving forward, serious obstacles continue to impede market progress, transparency, and investment returns (both of and on capital), and crucial issues in all sectors remain unaddressed. This session identifies and confronts those issues without fear or favor.
FOOL ME TWICE
ISSuES IMPACTING INVESTORS, ORIGINATORS AND SERVICERS THAT HAVE NOT BEEN ADDRESSED OR RESOLVED
TUESDAY, OCT. 1 | 11:15 AM - 12:30 PM
SEAN DOBSON, CEO, AMHERST TIM SKEET, MANAGING DIRECTOR, DEBT CAPITAL MARKETS, ROYAL BANK OF SCOTLAND JOHN BRITTI, EXECuTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, OCWEN FINANCIAL CORP. AMY BRANDT, CHIEF OPERATING OFFICER, PROSPECT MORTGAGE
COLIN WIEL, CHIEF INVESTMENT OFFICER AND FOuNDER, WAYPOINT HOMES
WHAT IS THE BEST INVESTMENT IN HOuSING FINANCE THIS YEAR?
THE BEST TRADE
Last year we introduced a new debate to compare, contrast, and vote on the best investment in housing finance that year. This year marks the establishment of a tradition to end the event each year on this topic, with the session hosted by the previous year’s winner. With the respective investments listed below, each representative firm will discuss the strategy, inherent risks in that strategy, and prospective returns over what timeframe. At the end, the audience will vote on which investment they would make.
END OF AMERICATALYST 2013 | CLOSING COMMENTS
LUNCH IN THE HILL COUNTRY DINING ROOM | 12:40 - 1:45 PM SPONSORED BY READY4REMODEL
SAVE THE DATE AMERICATALYST 2014 SEPTEMBER 7TH - SEPTEMBER 9TH
AUSTIN, TX FOLLOW @AMERICATALYST AND BE THE FIRST TO KNOW ABOUT 2014 EVENTS!
WHAT IS YOUR EXIT STRATEGY?
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Automated Income Values (GRM) Gross Rental Yield Reports
TUESDAY, OCT. 1 | 1:30 PM - 1:40 PM
INTRODuCTION AND OVERVIEW
RENTING, THE FUTURE In opening comments, Toni Moss discusses the editorial narrative of this year’s program. As the session title suggests, “Renting, the Future” is based on the premise that the emergence of Single-Family Rental – as an industry sector, and as an alternative to homeownership that will increase exponentially over time - is an inevitable outcome of globalization, in which the financial crisis was merely the catalyst.
TUESDAY, OCT. 1 | 1:40 - 2:20 PM
IVY ZELMAN, PRINCIPAL AND CEO, ZELMAN & ASSOCIATES DENNIS MCGILL, PRINCIPAL AND DIRECTOR OF RESEARCH, ZELMAN & ASSOCIATES
THE FACTS AND FIGuRES SuPPORTING THE SINGLE FAMILY RENTAL OPPORTuNITY
In this keynote address, Ivy Zelman and Dennis McGill present their latest research addressing the convergence of housing finance and real estate in and related facts and figures from the Single-Family Rental and housing sector, including demographics and demand, banking, mortgage REITs, homebuilding, home improvement, and construction.
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MEASURE TWICE. RENOVATE ONCE.
RICH FORD, MANAGING DIRECTOR, REAL ESTATE INVESTMENT BANKING, JEFFERIES & CO. IVY ZELMAN, PRINCIPAL AND CEO, ZELMAN & ASSOCIATES GARY BEASLEY, PRESIDENT AND CHIEF EXECuTIVE OFFICER, WAYPOINT HOMES
TUESDAY, OCT. 1 | 2:20 - 3:40 PM
JuSTIN CHANG, CEO, COLONY AMERICAN HOMES, LLC LAuRIE HAWKES, PRESIDENT, COO AND MEMBER OF THE BOARD OF DIRECTORS, AMERICAN RESIDENTIAL PROPERTIES, INC | ARPI DAVE SINGELYN, CEO, AMERICAN HOMES FOR RENT | AMH *
OLIVER CHANG, MANAGING DIRECTOR, SYLVAN ROAD CAPITAL
This panel features the trailblazing firms in the sector and their approach to the market, addressing the current stage of market development and obstacles and opportunities moving forward.
REFRESHMENT BREAK | 3:40 - 4:00 PM
AFTER THE BOYS OF SUMMER HAVE GONE
THE STATE OF SINGLE FAMILY RENTAL AND WHAT HAPPENS NEXT
P E N N S Y LVA N I A
P E N N S Y LVA N I A
KML Law Group, P.C. offers legal services to the mortgage default servicing industry in loan resolution matters including loan modifications, foreclosure, home retention, court mediation and conciliation programs, bankruptcy, eviction, title curative, REO closings and secured creditorâ€™s rights representation. Our attorneys and employees are among the most experienced, knowledgeable and engaged in the industry. The firm represents a broad spectrum of mortgage servicing organizations. For further information, please contact Michael McKeever, Esq. at 215-825-6301 or email: email@example.com.
P E N N S Y LVA N I A
HOST CO-HOST FEATuRING
LAuRIE HAWKES, PRESIDENT, COO AND MEMBER OF THE BOARD OF DIRECTORS, AMERICAN RESIDENTIAL PROPERTIES, INC | ARPI SEAN DOBSON, CEO, AMHERST
TUESDAY, OCT. 1 | 4:00 - 5:10 PM
STEFANOS ARETHAS, ASSISTANT VICE PRESIDENT, MOODY’S INVESTORS SERVICE JAY MCCANLESS, SENIOR RESEARCH ANALYST, STERNE AGEE JADE RAHMANI, VICE PRESIDENT, RESEARCH ANALYST, KEEFE, BRuYETTE & WOODS
DOuG BENDT, DIRECTOR OF MBS RESEARCH, DEuTSCHE BANK
STEVE STELMACH, SENIOR ANALYST, FINANCIAL SERVICES GROuP FBR CAPITAL MARKETS
AT FACE VALUE
HAENDEL ST. JuSTE
As we’ve seen over the past three years, the evolution of the Single-Family Rental sector is extremely dynamic, and characterized by complex variables that are in a crucial stage of definition. In this session, we compare the metrics, models and methodologies used by leading analysts to value the sector and differentiate the firms that define it, as well as the challenges that rating agencies have faced in upcoming securitizations.
A COMPARATIVE APPROACH TO ANALYST METRICS AND METHODOLOGIES IN SECTOR ANALYSIS AND VALuATION
HAENDEL ST. JuSTE, EquITY RESEARCH ANALYST, MORGAN STANLEY
1.4 HOST CO-HOST PANELISTS
TUESDAY, OCT. 1 | 5:10 - 6:30 PM
DAN MCCANN, MANAGING DIRECTOR, FBR CAPITAL MARKETS MATT JOHNSON, MANAGING DIRECTOR, MORGAN STANLEY SuSAN MILLS, MANAGING DIRECTOR, HEAD OF RESIDENTIAL FINANCE, CITI GLOBAL MARKETS, INC. RYAN STARK, DIRECTOR, DEuTSCHE BANK SECuRITIES JEFF TENNYSON, CEO, B2R FINANCE LP ANNY HuANG, PARTNER, SIDLEY AuSTIN DENNIS CISTERNA, SENIOR VICE PRESIDENT, JOHNSON CAPITAL GROuP
CAPITALIZATION OF THE SINGLE-FAMILY RENTAL SECTOR Given the diminishment of public equity market activity beginning earlier this year, this session looks at how market players are financing their growth and the accumulation of assets through leverage. We primarily focus on debt options, which are expanding across a spectrum from the lowest to the highest cost of capital from securitization to credit facilities to new financing alternatives recently developed for the SFR sector.
COCKTAIL RECEPTION | 6:30~7:30 PM | WILDFLOWER ATRIUM HOSTED BY FIELD ASSET SERVICES AND AMERICATALYST LLC 38
WEDNESDAY, OCT. 2 | 8:30 AM - 9:15 AM
RICH FORD, MANAGING DIRECTOR, REAL ESTATE INVESTMENT BANKING, JEFFERIES & CO. LAuRIE HAWKES, PRESIDENT, COO AND MEMBER OF THE BOARD OF DIRECTORS, AMERICAN RESIDENTIAL PROPERTIES, INC | ARPI GENGER CHARLES, CHIEF OF STAFF TO THE ASSISTANT SECRETARY FOR HOuSING / FEDERAL HOuSING COMMISSIONER, u.S. DEPARTMENT OF HOuSING AND uRBAN DEVELOPMENT | HuD SEAN DOBSON, CEO, AMHERST DAN MAGDER, FOuNDER AND MANAGING DIRECTOR, CENTER CREEK CAPITAL GROuP JEB MASON, MANAGING DIRECTOR, THE CYPRESS GROuP SuDHA REDDY, CEO, HAVEN REALTY CAPITAL TONI MOSS, FOuNDER AND CEO, AMERICATALYST LLC AND EuROCATALYST BV
ADVANCING THE DEVELOPMENT OF A NEW SECTOR
ON THE VERGE
We know that to date, approximately $17 billion to $20 billion in capital has been raised and/or invested to acquire approximately 150,000 single-family homes. We also know that there are currently four public REITs focused exclusively on single-family rentals, several publicly traded firms have made significant investments, the first historic securitization is imminent, and some analysts estimate the potential for the sector to grow to almost $100 billion over the next few years. And yet there is no consensus on something as basic as a definitive title for the sector. Is it the Single-Family Rental sector? REO-to-Rental? Buy-toRent? Or Single-Family REO? Considering the high (and often critical) media profile, inherent complexities, and rapidly evolving nature of Single-Family Rental, this session discusses the need for definition and direction to bring credibility, standards, and investment focus to the sector. Toward that end, we review existing models including a think tank (SFRS) and trade organization approach to determine the best strategy to establish, support, and lead the sector moving forward.
8 Years & 420,000 assets later...
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2.2 INTRODuCTION HOST CO-HOST PANELISTS
WEDNESDAY, OCT. 2 | 9:15 - 10:15 AM
WALLY CHARNOFF, CEO, RENTRANGE BETH O’BRIEN, MANAGING DIRECTOR, AuCTION.COM TONI MOSS, FOuNDER AND CEO, AMERICATALYST LLC AND EuROCATALYST BV JK HuEY, SENIOR VICE PRESIDENT, WELLS FARGO ALEX CHARFEN, CEO, CHARFEN INSTITuTE GREG RAND, CEO, OWNAMERICA NATE SHuLTZ, SENIOR POLICY ADVISOR, u.S. DEPARTMENT OF HOuSING AND uRBAN DEVELOPMENT | HuD TOM HALLOCK, SENIOR VICE PRESIDENT, ACquISITIONS, AMERICAN HOMES 4 RENT | AMH*
SuPPLY, SOuRCING, PRICING, ACquISITIONS AND THE INEVITABILITY OF CONSOLIDATION
YOU CAN’T ALWAYS GET WHAT YOU WANT
2012 saw the largest amount of acquisition activity for distressed properties to such an extent that the pursuit has been characterized as a “pie eating contest”. However, with a dwindling supply of distressed inventory, for many late-comers, the only pie left is humble. This session dives deep into the supply side of Single-Family rental, including current rental prices and sizing the current foreclosure inventory; current sources of short sales and REO; purchasing NPLs as a means of acquiring assets; where future acquisitions will be coming from and how they will be priced, and the inevitability of consolidation of sub-scale operators as supply dwindles down. At least for now
REFRESHMENT BREAK | 10:15 - 10:30 AM
WEDNESDAY, OCT. 2 | 10:30 - 11:30 AM
COLIN WIEL, CHIEF INVESTMENT OFFICER & FOuNDER, WAYPOINT HOMES TONI MOSS, FOuNDER AND CEO, AMERICATALYST LLC AND EuROCATALYST BV ERIC GuTSHALL, PRESIDENT AND COO, HAVEN REALTY CAPITAL MIKE LANE, VICE PRESIDENT OF OPERATIONS, MACK COMPANIES ROB LEE, MANAGING DIRECTOR, SYLVAN ROAD CAPITAL RICHARD MAGEL, COO, MAIN STREET RENEWAL DALE MCPHERSON, CEO, FIELD ASSET SERVICES | FAS LANI PORTER, SVP, OPERATIONS, AMERICAN RESIDENTIAL PROPERTIES, INC | ARPI
OPERATIONS, PROPERTY MANAGEMENT AND RESIDENT INCENTIVES
THE HEART OF THE MATTER
This session is focused on the challenges of scaling single-family rental featuring firms that are performing the operational functions in-house vs. those using third-party providers, discussing the pros, cons, costs of each respective approach, emerging best practices for resident management, and scattered-site rentals. We also discuss the cost-benefit analysis of resident incentives, the alignment of interests between operators and property managers, and the success and failure of lease-to-own.
WEDNESDAY, OCT. 2 | 11:30 AM - 12:30 PM
TONI MOSS, FOuNDER AND CEO, AMERICATALYST LLC AND EuROCATALYST BV JuLIA GORDON, DIRECTOR, HOuSING FINANCE AND POLICY, CENTER FOR AMERICAN PROGRESS ETHAN HANDELMAN, VICE PRESIDENT FOR POLICY AND ADVOCACY, NATIONAL HOuSING CONFERENCE ROBERT KLEIN, CHAIRMAN, SAFEGuARD PROPERTIES AND CHAIRMAN RIK ENTERPRISES CRAIG NICKERSON, PRESIDENT, NATIONAL COMMuNITY STABILIZATION TRuST | NCST TOM DEYO, VICE PRESIDENT, NEIGHBORWORKS AMERICA
LEADING INITIATIVES IN NEIGHBORHOOD AND COMMuNITY REVITALIZATION
YOU CAN FIX A HOUSE, BUT CAN YOU FIX A NEIGHBORHOOD?
The initial promise of single-family rental was the large-scale renovation of foreclosed properties to stem the tide of neighborhood decline resulting from the crisis. Institutional investors have, for the most part, focused entirely on individual properties, leaving it to the non-profits to revitalize neighborhoods. The need for community redevelopment is so great that today, non-profits are increasingly partnering with for-profit firms wit surprisingly profitable outcomes. This session discusses some of the more unique opportunities, initiatives, and cutting-edge projects that make a crucial difference in distressed communities around the country.
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S E L E C T L I S T O F P A N E L I S T S A N D S P E A K E R S I N E U R O C A T A L Y S T / A M E R I C A T A L Y S T S E R I E S
T H E
2 0 0 2 - 2 0 1 1 EUROCATALYST 2002 | LIVE FROM MADRID | 22-24 SEPTEMBER | Will European Mortgage Markets Survive Globalization?
» Tamara Adler, MD, Head of Debt Capital Markets, Structured Finance, J.P. Morgan Chase & Co. » Carmen Barrenechea, CoDirector, Titulización de Activos » Alexander Batchvarov, MD, Head of International Structured Credit Research, Merrill Lynch » Alfonso Caro, Secretary General, Asociación Hipotecaria Española » Adrian Coles, Director General, Building Societies Association (UK), and Secretary General, International Union for Housing Finance » Simon Collingridge, Director, Structured Finance Group, Standard and Poor’s » Michael Coogan, Director General, Council of Mortgage Lenders » Richard Downer, MD, Principal and Asset-backed Finance, Bear Stearns International » Achim Dübel, Real Estate Finance Specialist » Esther Dyson, Chairman, EDVenture Holdings » Dr. Felix Hey, SVP, Director of Securitisation, HVB Real Estate » Martin Finegold, Chairman, Trigold » Rafael Garces, Funding Department, Capital Markets, CAJA Madrid » Bruno de Gasperis, Head of Credit, Italian Banking Association » Torben Gjede, Director General, Realkreditrådet » Louis Hagen, General Manager, Verband deutscher Hypothekenbanken » Judith Hardt, Secretary General, European Mortgage Federation » Francisco Hernangómez, Chief of Statistics and Analysis, Confederación Española de Cajas de Ahorros » Jeroen van Hessen, Head of Structured Finance, NIB Capital Bank » Mike Hyman, Director of Business Development, EDS Credit Services » Stuart Jennings, Senior Director, European Structured Finance, FitchRatings » Eric Klesta, Head of Servicing, UCI (Union de Creditos Inmobiliarios, SA) » Eric Klopfer, VP, Legal & Regulatory Issues, GE Mortgage Insurance International » Prof. Dr. Thomas Kretschmar, CEO, Hypoport Group » Marty Levine, Senior MD, Shorebank Advisory Services » Kate Main, Senior Policy Advisor, Council of Mortgage
Lenders » John Maltby, CEO, Kensington Mortgage Company » Dr. Michael Lea, President, Countrywide International Consulting Services » Luis Miralles, CEO, Ahorro y Titulización » Stefano Montuschi, Director General, Servizi Immobiliari Banche » Karen Naylor, MD, Structured Finance Ratings, Standard and Poor’s » Eimer O’Rourke, Secretary, Irish Mortgage & Savings Association » Klaus-Friedrich Otto, Editor in Chief, Der Langfristige Kredit » Friedrich Piaskowski, Member of the Board, DGHyp (Deutsche GenossenschaftsHypothekenbank AG) » Jesus del Pino Duran, Director of Mortgages, BBVA » Andrew Pople, MD, Retail Banking, Abbey National » Tony Porter, Chief Operating Officer, Executive MD , PMI Europe » Tammy Richardson, Director of Business Development, GE Mortgage Insurance » Barbara Ridpath, MD and Chief Criteria Officer, Standard and Poor’s Europe » Ron Roark, Chairman, Crown Mortgage Management » Christopher Rodrigues, Group Chief Executive, Bradford & Bingley » Will Ross, Director, Head of ABS Research, ABN Amro » Santiago Ruiz-Morales, Head-Securitisation (Spain & Portugal), Crédit Agricole Indosuez » Karel Schiffer, Director, Nationale Hypotheek Garantie » Peter Schott, Director, Aareal Bank AG » Alexandra Sleator, SVP, Coordinator for European Covered Bond Ratings, Moody’s Investors Service » Bas Snijders, Director of Funding, SNS Bank » Juan Pablo Soriano, MD, Moody’s Investors Service España » Jean-Luc Spetz, MD, EUROHYPO Europäische Hypothekenbank S.A., Luxembourg » Ian G. Stewart, HeadMortgage Marketing & Securitisation, HBOS Treasury Services » John Sutherland, Divisional Director, Nationwide Building Society » Philippe Tapernoux, Director, European Securitisation, UBS Warburg » José Ramón Torá, Director, Structured Finance Group, Standard and Poor’s » Fernando Vargas, Deputy Director General, Banco de España » Sandra Wesseling, Senior Policy Officer, De Nederlandsche Bank NV
(Dutch central bank) » Clive Wood, Head of Banking and Mortgages, HSBC Bank EUROCATALYST 2003 | LIVE FROM LISBON | 22-24 OCTOBER 2003 | Competition and Convergence (localization and globalization) In European Housing Finance and FixedIncome Investment
» Baralides Alberdi, economist » Isabel Almeida, VP, Banco Espírito Santo » José Luís Almeida, head, equity capital markets division, BCP Investimento » Alexander Batchvarov, head of international structured finance research, Merrill Lynch International » Fanny Borgström, head of group funding, Nordea AB » Jean-Louis Bravard, EMEA MD, EDS Financial Industry Group » Yves Burger, Director, Standard & Poor’s, Paris » Peter Champness, past chairman and secretary general, TEGoVA » Loïc Chiquier, lead financial officer, financial sector development department, World Bank » Liam Coleman, head of investment & distribution, treasury division, Nationwide Building Society » Adrian Coles, Director General, Building Societies Association » Michael Coogan, Director General, Council of Mortgage Lenders » Mitch Creekmore, VP, Director of business development, Stewart Title Guaranty » Gabriel S. David, MD, global capital markets, EDS Financial Industry Group » Achim Dübel, financial services consultant and policy analyst » Thierry Dufour, MD, Compagnie de Financement Foncier » Yaron Ernst, VP, senior credit officer, Moody’s Investors Service » Nathalie Fontaine-Aubin, head of funding, Caisse Centrale du Crédit Immobilier de France (3CIF) » Maria Fregosi, group SVP, ABN Amro Mortgage Group » Artur Gama, Director adjunto, Montepio Geral » Bruno de Gasperis, head of credit and international department, Associazione Bancaria Italiana » Rafael Garcés, head of credit markets, Caja Madrid » Torben Gjede, Director general, Realkreditrådet » Gary Gordon, Director of securitisation, HBOS » Walter Groll, head of capital markets, HSH Nordbank AG » Louis Hagen, general manager, Verband deutscher Hypothekenbanken » Arndt Hallman, head of capital markets, treasury,
Stadtsparkasse Köln » Hélène Heberlein, Senior Director, European structured finance, FitchRatings » Jeroen van Hessen, Executive Director, structured finance, NIB Capital Bank » Mike Hyman, Director of Business Development, EDS Credit Services » Kevin Ingram, partner, Clifford Chance » Philip Jenks, head of mortgage strategy and development, Halifax plc » Stuart Jennings, Senior Director, European structured finance group, FitchRatings » Richard Jones, MD and CIO, Countrywide Financial » Brian Kane, Director, structured finance, Standard & Poor’s » Milan Khatri, Chief Economist, Royal Institute of Chartered Surveyors » Eric Klesta, Director of international corporate development and servicing, UCI » Tomasz Klodowski, MD, Poland, Stewart International » Eric Klopfer, VP, legal and regulatory affairs, GE Mortgage Insurance » Hoesli Labhart, MD, Citigroup » Dr. Michael Lea, EVP for global markets, Countrywide Home Loans » Robert Liao, Director, Citigroup Global Markets » Dominique Linder, portfolio manager, credit analyst, Allianz PIMCO Asset Management » Karin Lissakers, advisor to George Soros, Soros Fund Management (former U.S. Executive Director, IMF) » David Liu, VP, international markets, PMI Europe » Pernille Lohmann, chief analyst, head of capital management, Danske Bank Group Finance » Johannes Luef, president and CEO, Værdipapircentralen A/S (VP Securities Services) » Lisa Macedo, analyst, Moody’s Investors Service » Luke March, chief executive, Mortgage Code Compliance Board » Götz Michl, real estate investment banking, Bayerische Hypo- und Vereinsbank AG » Tom Mondelaers, senior portfolio manager, Philips Pension Fund » S. Trezevant Moore, Jr., EVP, capital markets, Radian Guaranty » Svein Ivar Mossige, deputy general manager, international treasury, DnB Markets » Filomena Oliveira, general manager, Caixa Geral de Depósitos » Eimer O’Rourke, secretary, Irish Mortgage and Savings Association » Diane Pendley, MD,
FitchRatings » Timo Pietilä, MD, Aktia Real Estate Mortgage Bank » Sacha Polverini, head of European regulatory affairs, GE Mortgage Insurance » Tony Porter, executive MD / chief operations officer, PMI Europe » Annick Poulain, SVP, ratings coordinator for European structured covered bonds, Moody’s France » Hartmut Rahner, Director treasury, Deutsche GenossenschaftsHypothekenbank » Ganesh Rajendra, Director, Global Markets Research, Deutsche Bank AG » Henry Raymond, chief executive officer, Caisse de Refinancement de l’Habitat » William Ross, global head of ABS research, ABN Amro » Santiago Ruiz-Morales, head of securitisation, Crédit Agricole Indosuez » Claudia Schneider, VP, securitisation, KfW » Matthew Sebag-Montefiore, Director, Mercer Oliver Wyman » Kim Slawek, group MD, FitchRatings » Alexandra Sleator, SVP, ratings coordinator for European covered bonds, Moodys Investors Service » Juan Pablo Soriano, Director general, Moody’s España S.A. » Jean-Luc Spetz, MD, EUROHYPO Europäische Hypothekenbank SA, » Otmar Stoecker, MD, Verband Deutscher Hypothekenbanken » Dominic Swan, head of SIVs, HSBC » John Sutherland, divisional Director, Nationwide Building Society » Jean-Claude Synave, MD, Dexia Municipal Agency » José Ramón Torá, Standard & Poors » José Antonio Trujillo, executive chairman, InterMoney Titulización » Erik Urskov, EVP, Nykredit » Bob van Order, former chief international economist, Freddie Mac » Ferdinand Veenman, MD, capital markets & risk, GMAC-RFC » Karsten von Köller, chief executive officer, EuroHypo » Peter Williams, deputy Director general, Council of Mortgage Lenders » Clive Wood, Director of retail banking, HSBC » Göran Zakrisson, SVP, AB Spintab » Michael Zlotnik, Director, Standard & Poor’s EUROCATALYST 2004 | LIVE FROM BERLIN | 11-13 NOVEMBER | Growth, integration and differentiation in European mortgage markets and fixed-income products
» Roberto Aleu, Head of Capital Markets, CECA » Dr. Bjorn Alink, Manager, Structured Finance, SNS Financial Markets » Torsten Althaus, Director, Standard & Poor’s » Marc Bajer, CEO, Via Capital » Iain Barbour, Global Head of Structured Finance, Commerzbank » Alexander Batchvarov, head of international structured finance research, Merrill Lynch International » David Beale, Director, Structured Finance, Standard and Poor’s » Lotte Bomgaard, Investor Relations Manager, Nykredit » Fanny Borgström, Head of Funding, Nordea Treasury » Jean-Louis Bravard, MD, Global Financial Services Group, EDS » Guy Brown, Director of European Risk Management, Genworth Financial » Liam Coleman, Head of Treasury, Nationwide » Adrian Coles, Director General, Building Societies Association » Mario Cortesi, Citigroup » Jill Craig, Head of European Policy, RICS Europe » Fernando Cuesta, Head of Funding, Caja Madrid » Lars Dalitz, Operations, Investment Division, European Central Bank » Bruno de Gasparis, Head of Credit and International Department, ABI » Gerald Dillenburg, Principal Advisor on capital adequacy, European Commission » Achim Dübel, financial services consultant and policy analyst » Bill Eldridge, Public Affairs Director - EU, Barclays Bank PLC » Dr. Klaus C. Engelen, Contributing Editor, International Economy, and International Correspondent, Handelsblatt » Yaron Ernst, VP, Senior Credit Officer, Moody’s Investors Service » Dr. Dieter Glüder, Head of Asset Securitisation, KfW Group » Leo-Hendrik Greve, Director, Citigroup » Marcus Guddat, Director, Fixed Income Syndicate, Citigroup » Dr. Louis Hagen, Executive Director, Verband deutscher Hypothekenbanken » Thomas Herbert, Executive Director, European Head of Credit Research, Calyon » Barbara Hewson, MD and Principal, NewLine Capital Partners LLC » Stuart Jennings, FitchRatings » Tom Jones, MD, Countrywide Financial » Dr. Astrid Kratschmann, Chief of Department, Central European Housing Finance, Erste Bank
» » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » »
Hoesli Labhart, Citigroup Dr. Michael Lea, economist, Cardiff Consulting David Liu, Director, VP, International Markets, PMI Europe Ted Lord, Barclays Capital Gabriel Low, MD, Citigroup Simon Low, Mercer Oliver Wyman Guillermo “Gil” G. Marmol, Division VP, EDS Business Process Outsourcing Portfolio Toni Moss, Founding Partner, EuroCatalyst Gabriele Müller, Capital Markets Director, Germany, Genworth Financial Ted Packmohr, Head of Covered Bond Research, Dresdner Kleinwort Wasserstein Alan Patterson, MD, Global Financial Markets, Citigroup Patrick Pearson, Head of Unit, Banking and Financial Conglomerates, Internal Markets DG, European Commission Alex Pollock, Senior Fellow, American Enterprise Institute Tony Porter, MD, PMI Europe Ganesh Rajendra, Head of European Securitsation Research, Deutsche Bank Dr. Scott Christopher Rankin, European Securitisation Forum Ron Roark, Chairman, Crown NorthCorp Will Ross Santiago Ruiz Morales, Executive Director, Securitisation, Calyon Luis Sanchez Guerra, Head of Capital Markets, Ahorro Corporación Financiera Guus Schoorlemmer, Head of Structured Finance, Aegon Nederland Peter Schott, MD, Aereal Bank Matthew Sebag-Montefiore, Director, Mercer Oliver Wyman Tim Skeet, MD of Origination, Debt Capital Markets, ABN Amro Alexandra Sleator, SVP, Coordinator for European Covered Bond Ratings, Moody’s Investors Service Joe Smallman, CEO, GMAC-RFC Securities Europe Juan Pablo Soriano, Director General, Moody’s Investors Service Espana Dominic Swan, Head of SIVs, HSBC Angel Tello, Capital Markets Division, Caixa Catalunya Sam Theodore, MD, Global Banking Coordinator, Moody’s Investors Service Rob Thomas, EMFA Erik Uskov, EVP, Nykredit Vincent Vandevoorde, MD, TBE NV, and Director of Financial Services, Fortis Bank Jeroen van Hessen, MD, NIB Capital Dr. Karsten von Köller, Chairman, Lone Star Europe, Former Chairman, EuroHypo Pehr Wissé, Deputy General, Treasury, Svenska Handelsbanken Dr. Jörg Wulfken, Partner, Mayer, Brown, Rowe & Maw Gaedertz, Frankfurt Kris Wulteputte, MD, SNS Financial Markets Matthew Wyles, Group Development Director, Portman Building Society Michael Zlotnik, MD, Head of FI Europe, Financial Services Group, Standard & Poor’s
EUROCATALYST 2005 | LIVE FROM ROME | 26-28 SEPTEMBER | Risk, relationships and reward in European mortgage markets
» Alexander Batchvarov, head of international structured finance research, Merrill Lynch International » Craig Beresford, Head of Asset Sales - Capital Markets, GMAC-RFC » Hein Blocks, MD, Nederlandse Vereniging van Banken (Netherlands Bankers’ Association), and Chairman of the Executive Committee of the European Banking Federation » Michael Bolton, Head of Lending, Birmingham Midshires » Lotte Bomgaard, Investor Relations Manager, Nykredit » Fanny Borgström, Head of Funding, Nordea Treasury » Alan Boyce, Director, Soros Fund Management » Jean-Louis Bravard, MD, Global Financial Services Group, EDS » Julian Callow, Chief European Economist, Barclays Capital » Enrico Cantarelli, Senior Advisory Board Member, Italian Treasury » Alex Cataldo, Moody’s Investors Service » Angela Clist, Partner, Allen & Overy » Sandro Cocco, Head of Treasury & Finance, Banca Intesa » Liam Coleman, Head of Treasury, Nationwide » Michael Coogan, Director General, Council of Mortgage Lenders (UK) » Darren Cook, Head of Mortgages, MoneyFacts Group plc » Mario Cortesi, Mananging Director, Citigroup » Dino Crivellari, MD, Unicredito Gestione Crediti » Achim Dübel, financial services consultant and policy analyst
» Stefano Curti, Responsabile Comparto Prodotti, Unicredito Banca Per la Casa » Keith Davies, WPP - Prudential & Accounting Standards Department, FSA » Thierry Dufour, Director of Finance, Credit Foncier de France » Yaron Ernst, VP, Senior Credit Officer, Moody’s Investors Service » Bruno de Gasparis, Head of Credit and International Department, ABI » Piero Fattori, General Manager, Banca Mediolanum » Justin Fox, Nationwide Building Society » Fausto Galmarini, Head of Credit Department, Unicredito Italiano » Rafael Garces, Head of Funding, Caja Madrid » Silvia Ghielmetti, Director, CRIF Decision Solutions » Heiko Glander, Transformation Partners » Maurizio Gozzi, Head of Debt Capital Markets, Italy and Greece, Calyon Corporate and Investment Bank » Peter Green, Director of Treasury and Balance Sheet Management, Bradford & Bingley » J. Kingsley Greenland II, President and CEO, DebtX » Leo-Hendrik Greve, MD, Financial Institutions Capital Markets, Citigroup » Todd Groome, Division Chief, Financial Market Stability Division, IMF » Francois Haas, Economist, IMF » Louis Hagen, Executive Director, Verband deutscher Pfandbriefbanken » Steve Haggerty, MD, Homeloan Management Limited » Adrian Hill, Macquarie Bank Italia » Lauri Iloniemi, Head of Asset & Liability Management, Sampo Bank » Stuart Jennings, Director, European Structured Finance, FitchRatings » Tobias Just, Senior Economist, Deutsche Bank » Jon Katovsky, MD, Brittania Building Society » Eric Klesta, Chief Operating Officer, UCI » Stephen Knight, Executive Chairman, GMAC-RFC UK » Igor Kouzin, Chairman of the Board and CEO, DeltaCredit Bank » Astrid Kratschmann, Chief of Department, Central European Housing Finance, Erste Bank » Hoesli Labhart, Citigroup » Pam Lamoreaux, Chief Operating Officer, European Housing Finance » Heiko Langer, Senior Covered Bond Analyst, BNP Paribas » Dr. Michael Lea, economist and principal, Cardiff Consulting » David Liu, Director, VP, International Markets, PMI Europe » Gabriel Low, MD, Fixed Income, Citigroup » Johannes Luef, CEO, Værdipapircentralen A/S » Davide Meretti, Pirelli Real Estate Financing » Massimo Molinari, Head of ALM, Gruppo MPS » Pierre Monnin, General Manager, Micos Banca » Patrizia Monzeglio, Responsible Ufficio Marketing, UGC Banca per la Casa » Toni Moss, Founding Partner, EuroCatalyst » Gabriele Müller, Capital Markets Director, Germany, Genworth Financial » Flavio Ottiviani, General Manager, Credito Fondiario e Industriale (Fonspa) » Jon O’Brien, Operations Director, PMPA (Professional Mortgage Packagers Association) » Robert Parker, Vice Chairman, Credit Suisse Asset Management » Marco Pescarmona, CEO, MutuiOnline » Timo Pietilä, MD, Aktia Real Estate Mortgage Bank plc » Tony Porter, MD, PMI Europe » Trevor Pothecary, Executive Chairman, Mortgages plc » Annick Poulain, Moody’s France S.A. » Edward Register, Director / Servicer Ratings, FitchRatings » Carmen Retegan, Executive Director and Acting CEO, Domenia Credit » Stanley Rhodes, Vice Chairman, ABN Amro Mortgage Group » Santiago Ruiz-Morales, Executive Director - Securitisation, Calyon » Domenico Santececca, Direttore Centrale, ABI » Franz Schmidpeter, Country Manager Germany, GMAC-RFC Deutschland GmbH » Dr. Bernhard Scholz, CEO, Münchener Hypothekenbank » Matthew Sebag-Montefiore, Director, Mercer Oliver Wyman » Harsha Shewaram, EU Internal Markets and Services DG, Financial Institutions » Tim Skeet, MD of Origination, Debt Capital Markets, ABN Amro » Joe Smallman, CEO, GMAC-RFC Securities Europe » Dominic Swan, Head of SIVs, HSBC » Anna Tavano, Citigroup » Bahadir Teker, Capital Markets Board of Turkey » Angel Tello, Capital Markets Division, Caixa Catalunya » Rob Thomas, Senior Policy Advisor - Funding, Council of Mortgage Lenders (UK) » Claus Tofte Nielsen, Senior Portfolio Manager, Norges Bank Investment Management » Marco Torrones, economist, IMF » Erik Uskov, EVP, Nykredit » Ferdinand Veenman, MD, Continental European Capital Markets Group, GMAC-RFC » Dr. Jörg Wulfken, Partner, Mayer, Brown, Rowe & Maw Gaedertz, Frankfurt » Cor Zwaan, Director Mortgage Finance & Asset Securitisation, NIB Capital EUROPESERVICING 2005 | 3 JUNE | AMSTERDAM | THE BRIDGE BETWEEN PRIMARY AND SECONDARY MARKETS | Maximizing Growth, Minimizing Operational Risk and Recovering Asset Value in European Mortgage Markets
» Glenn Aaronson, President, SIB/Corso Venezia » Marc Bajer, CEO, Via Capital
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Craig Beresford, Head of Asset Sales, GMAC-RFC Jean Louis Bravard, MD, Global Financial Services Industry, EDS Anne Bridges, Head of Securitisation, Hatfield Philips International Helena Day, VP, Morgan Stanley Mortgage Servicing Rudolph Donkers, Chairman of the Managing Board, STATER NV Clarence Dixon, MD, Continental Europe, Crown Mortgage Management Markus Enders, Head of European Portfolio Management, Hypo Real Estate Bank International Yaron Ernst, Senior Credit Officer, Moody’s France S.A. Steve Haggerty, MD, Homeloan Management Ltd. Brian Kane, Director of Structured Finance Ratings Services, Standard & Poor’s Thomas Kretschmar, CEO, Hypoport AG Ryszard Kruszel, Director XXL, STATER NV Diane Pendley, MD, FitchRatings Edward Register, Director of Servicer Ratings, FitchRatings Ron Roark, Chairman, Crown Mortgage Management Paul Rowbotham, Director of Investor Relations, SPML Ian Stewart, Head of Securitisation and Structured Analysis, HBOS Angel Tello, Capital Markets Division, Caixa Catalunya David Tweedy, MD, Platform Home Loans
EUROPESERVICING 2006 | 31 MAY 1 JUNE | LONDON | Bridging primary and secondary markets, enabling cross-border lending and protecting investment value in European mortgage and real estate markets
» Glenn Aaronson, Co-head European Asset Management and Head of Acquisition, Germany and Holland, Morgan Stanley Real Estate Fund » Baralides Alberdi, Consultant / Associate Partner, EuroCatalyst » Alexander Batchvarov, Head of International Structured Finance Research, Merrill Lynch International » Larry Banda, Head of Mortgages, Banking, Savings & Mortgages Division, Nationwide » Craig Beresford, Head of Asset Sales - Capital Markets, GMAC RFC » Rob Bier, Chairman, Sparck Hypotheken » Jean Louis Bravard, MD, Global Financial Services Industry EDS » Marie-Noelle Brisson, Director of Servicer Evaluations, Standard and Poor’s » Clive Bull, Director, European Commercial Real Estate, Deutsche Bank AG » Bill Cohane, MD, Wachovia Securities » Mike Culhane, Chairman & Chief Executive Officer, Oakwood Group » Helena Day, VP, Head of Investor Relations, Morgan Stanley Mortgage Servicing » John Deacon, Executive Director, Head of Debt Principal Finance, UBS Principal Finance » Clarence Dixon, MD - Continental Europe, Crown Mortgage Management » Bill Dudgeon, MD, db Mortgages (Deutsche Bank) » Howard Esaki, Executive Director, Morgan Stanley » Paul Fenn, Development Director, Homeloan Management Limited » Monica Filkova, Portfolio Administrator, Eurohypo AG » Scott Goedken, Investment Director - Acquisitions, LNR Partners Europe » Michael Gutierrez, Standard & Poors (US) » Steve Haggerty, Group Commercial Director, Skipton Building Society » Holly Hammarstrom, Senior Research Analys, European Credit Management (ECM) » Tom Haverkamp, Member of the Management Board, GFKL Financial Services AG » Robbie Hughes, VP - Client Relations, GMAC Commercial Markets Europe » Brian Kane, Director - Structured Finance Ratings Services, Standard & Poor’s » Eric Klesta, Chief Operating Officer, International & Corporate Development UCI - Unión de Créditos Inmobiliarios S.A. » Nick Laird, Founder and CEO, Global Realty Outsourcing (GRO) » Jörgen Louw-Pedersen, General Manager » John Maltby, Chief Executive, Kensington Group » Giovanni Pini, European Credit Management (ECM) » Trevor Pothecary, CEO, Mortgages plc » Edward Register, Director, Servicer Ratings FitchRatings (London) » Jochen Speek, CEO (Sprecher des Vorstands), VR Kreditwerk » Dominic Swan, Head-Structured Investment Vehicles, HSBC Bank plc » Rob van den Berg, Director, GMAC Hypotheken » Hans Vrensen, Director, CMBS Research Barclays Capital » Rick Watson, MD, European Securitisation Forum » Robert Wojciechowicz, Executive Director, Morgan Stanley Mortgage Servicing » Joerg Wulfken, Partner, Mayer, Brown, Rowe & Maw LLP EUROCATALYST 2007 | LIVE FROM MADRID | 5 OCTOBER | The globalization of mortgage markets, risk transfer and the sub-prime crisis
» Alexander Batchvarov, MD, Merrill Lynch » Craig Beresford, Trading Director, Captial Markets, GMAC-RFC Limited » Michael Bolton, CEO, Edeus Mortgage Creators » Antonio Boné, Risk & Compliance Manager, AIG United Guaranty » Fanny Borgstrom, Head of Group Funding, Nordea » Pat Butler, Head of Global Financial Services Practice, McKinsey & Company » Julian Callow, Chief European Economist, Barcap » Alain Carron, Head of Securitisation, Credit Foncier » Liam Coleman, Head of Treasury, Nationwide Building Society » Michael Coogan, Director General, Council of Mortgage Lenders » Fernando Cuesta, Head of Funding, Caja Madrid
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Mike Culhane, Group CEO, Oakwood Financial Jim Cunningham, Senior Economist, Council of Mortgage Lenders Martin Damaske, MD, Hypoport Capital Market AG Paul Dudouit, Head of Long Term Funding, Credit Foncier Achim Duebel, Financial Sector Economist, Finanpolconsult Todd Groome, Advisor, IMF Jack Guttentag, Professor Emeritus, Wharton School Simon Hayes, Senior UK Economist Barclays Capital Gloria Hernandez, Chief Financial Officer, Banco Pastor Peter Jeffrey, Partner & Head of European Securitisation Group, PricewaterhouseCoopers Stuart Jennings, MD, Fitch Ratings Igor Kouzin, Chairman and CEO, DeltaCredit Michael Lea, Principle, Cardif Consulting Luis Leirado, Director General, Tasaciones Inmobiliarias\Ted Lord, MD, Barclays Capital David Lykken, Founder and CEO, Mortgage Banking Services Direct John Malone, CEO, Premier Mortgage Services Angel Mas, president, Genworth European MI business, Genworth Toni Moss, Founder and CEO, EuroCatalyst BV Lorena Mullor Gomez, Chief Economist, Asociacion Hipotecaria Espanola Karen Naylor, MD, Regional Practice Leader, RMBS, Standard & Poor’s Juan Pablo Soriano, MD, EMEA Covered Bonds Moody’s Investors Service Marco Pescarmona, Co-Founder and CEO, Gruppo MutuiOnline Eddie Register, Senior Director, Fitch Ratings Carmen Retegan, CEO, GE Money Romania Flavio Rusconi, Merrill Lynch David Ryan, Chairman and CEO, Statefirst Group Ireland Dennis Sheehan, Senior MD, Continental Europe GMAC-RFC Tim Skeet, MD, Head of Covered Bonds, Merrill Lynch Dominic Swan, Head of SIVs, HSBC Sam Theodore, MD, European Financial Institutions DBRS Rick Watson, MD, European Securitisation Forum
EUROPESERVICING 2008 | 28-20 APRIL | LONDON | VERTIGO: Mortgage servicing, processing, and administration in a world offbalance
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Asheesh Advani, CEO, Virgin Money US Baralides Alberdi, economist Peter Atkinson, Senior Portfolio Manager, State Street Bank Alexander Batchvarov, MD, International Structured Product Research, Merrill Lynch Ingrid Beckles, VP of Servicing and Asset Management, Freddie Mac Rob Bier, CEO, SPARCK Hypotheken Michael Bolton, CEO, Edeus Mortgage Creators Tamara Box, Partner, Head of International Structured Finance, Berwin Leighton Paisner Jean-Louis Bravard, MD, Electronic Data Systems Ltd Clive Bull, Director, Deutsche Bank Alain Carron, Head of Securitisation, Credit Foncier Mike Culhane, Group CEO, Oakwood Global Finance Achim Dübel, Financial Sector Economist, Finanpolconsult Thomas Gaede, MD, Immofori GmbH Paul Hannon, Assistant Managing Editor, Dow Jones Newswires Ruprecht Hellauer, Managing Partner, Lohnback Investment Partners Peter Jeffrey, Head of European Securitisation, PriceWaterhouseCoopers Bill Keenan, Chairman and CEO, De Novo Corporation and K2 Financial, LLC Gregg Kohansky, Senior Director, Structured Finance, Fitch Ratings Igor Kouzin, Chairman and CEO, DeltaCredit Ryszard Kruszel, MD, Stater Udo Linden, van der Head of Structured Consumer Capital, ABN Amro Dipesh Mehta, Manager, Securitisation Research, Barclays Capital Julie Meyer, Founder and CEO, Ariadne Capital Jason Miller, MD & Partner Oakwood Global Finance, Engage Credit Limited Adrian Mitri, Executive Director, Servicing Mortgage Capital, Lehman Brothers Toni Moss, Founder and CEO, EuroCatalyst BV Giovanni Pini, ABS, European Credit Management Eddie Register, Senior Director, Fitch Ratings Tammy Richardson, MD- Structured Transactions, Genworth Ron Roark, Vice Chairman and CEO, Crown Westfalen Bank Frank Roessig, CEO, GMAC-RFC Securities Europe Charles Roxburgh, MD, McKinsey & Company Tim Skeet, MD, Head of Covered Bonds, Merrill Lynch Stephen Staid, Lehman Brothers Ravi Stickney, VP, Global Investment Strategies, ING Dominic Swann, Head of Structured Investment Vehicles, HSBC Gillian Tett, Columnist and Assistant Editor, Financial Times Rob Thomas, Senior Policy Advisor, Council of Mortgage Lenders Hans Vrensen, Head of European Securitisation Research, Barclays Capital Rick Watson, MD, European Securitisation Forum Matthew Wyles, Group Executive Director, Nationwide Building Society
DISTRESSED SERVICING 2009 | EUROCATALYST 2009 | 16-17 NOVEMBER | AUSTIN, TEXAS
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Kyle Bass, Managing Partner, Hayman Advisors, LP Ingrid Beckles, SVP of Default Management, Freddie Mac Ken Blevins, CEO/COO, PMH Financial Howard Botts, EVP and Director of Database Development, First American Spatial Solutions
» Amy Brandt, CEO, Acqura Loan Services » Robert Caruso, EVP Strategy & Business Development, Lender Processing Services » Ron D’Vari, co-founder & CEO, NewOak Capital » Jon Daurio, Chairman & CEO, Kondaur Capital Corporation » Andrew Davidson, President, Andrew Davidson & Co., Inc. » Doug Duncan, VP/Chief Economist, Fannie Mae » Bill Erbey, Chairman & CEO, Ocwen Financial Corporation » Ron Faris, President, Ocwen » David Feldman, VP, Regulatory / Legislative Issues, First American Valuation and Property Solutions » Mark Fleming, Chief Economist, First American CoreLogic » Laurie Goodman, Senior MD, Amherst Securities » Todd Groome, MD, Diversified Global Asset Management » Paul Hayman, President, TenantAccess » Jeff Hoberman, CEO, FC Recovery » Steven Horne, CEO, Wingspan Portfolio Advisors » David Hurt, SVP, First American Core Logic » Allen Jones, Default Management Policy Executive, Bank of America » John Kiff, Senior Financial Sector Expert, International Monetary Fund » Robert Klein, CEO, Safeguard Properties » Richard Koch, Director, Standard & Poor’s » Andrew Leventis, Senior Economist, Federal Housing Finance Agency » Susan Lund, Director, Research, McKinsey Global Institute » Kyle Lundstedt, MD, LPS Applied Analytics » Tom Marano, Chief Capital Markets Officer/CEO of Mortgage Operations-GMAC, Residential Capital, LLC » Dale McPherson, CEO, Field Asset Services » Robert Meachum, EVP Special Servicing, Saxon » George Miller, Executive Director, American Securitization Forum » Paul Miller, Group Head, MD, FBR Capital Markets » Peter Monroe, Chairman & CEO, National Real Estate Ventures » Phoebe Moreo, Partner, Deloitte & Touche LLLP » Toni Moss, CEO, EuroCatalyst » Keith Murray, CEO, PCV Murcor » Diane Pendley, MD, Fitch Ratings » Larry Platt, Partner, K&L Gates LLP » Alex Pollock, Resident Fellow, American Enterprise Institute » Eddie Register, Senior Director, Fitch Ratings » Faith Schwartz, Executive Director, HOPE NOW Alliance » Thomas Showalter, VP, First American Core Logic » Tim Skeet, Head of Debt Capital Markets, Bank of America Merrill Lynch » Scott Stengel, Partner, Orrick, Herrington & Sutcliffe LLP » Dennis Stowe, President / CEO, Residential Credit Solutions, Inc. » Seth Wheeler, Senior Advisor, US Department of Treasury » Dean Williams, CEO/Chairman, Williams & Williams AMERICATALYST 2010 | LIVE FROM AUSTIN | 12-14 SEPTEMBER | INSIDE OUT| Rebuilding the U.S. Housing Finance System
» Dean Baker, Co-Director, Center for Economic Policy Research (CEPR) » Kyle Bass, Managing Partner, Hayman Advisors, LP » Ingrid Beckles, CEO, IBK LLC » Stephen Benetz, SVP, Default Management Services, Realogy LLC » Beth Ann Bovino, Senior Economist, Standard & Poor’s » Alan Boyce, CEO, Absalon » Amy Brandt, CEO, Vantium Capital, Inc » Teresa Bryce, President, Radian Guaranty » Tom Deutsch, Executive Director, American Securitization Forum » Sean Dobson, Chief Executive Officer, Amherst Securities Group LP » Jordan Dorchuck, EVP, Chief Legal Officer & Secretary, American Home Mortgage Servicing (AHMSI) » Mike Dubeck, MD, Hudson Advisors » Achim Duebel, Economist, FinPolConsult » Doug Duncan, Chief Economist, Fannie Mae » Bill Erbey, Chairman & CEO, Ocwen Financial Corporation » Mark Fleming, Chief Economist, CoreLogic » Laurie Goodman, Senior MD, Amherst Securities » Richard Green, Director, Lusk Center for Real Estate, University of Southern California » Todd Groome, Chairman, Alternative Investment Management Association » Jack Guttentag, Professor of Finance Emeritus, Wharton » Jeff Hoberman, CEO, FC Recovery, Southern Financial Partners » Dave Hurt, SVP of Business Development, CoreLogic » Andrew Jakabovics, Consultant, Department of Housing and Urban Development » Michael Lea, Director of the Corky McMillin Center for Real Estate, San Diego State University » Paul Leonard, VP of Government Affairs, Housing Policy Council, The Financial Services Roundtable » Adam Levitin, Professor, Georgetown University Law Center » James Lockhart, Vice Chairman, WL Ross & Co » Kyle Lundstedt, MD, LPS Applied Analytics » Dan Magder, Director-US Investments, Lone Star U.S. » Laurie Maggiano, Director of Policy, Office of Homeownership Preservation, U.S. Department of Treasury » Peter Mahoney, VP, Business Development, Green Tree Servicing » Rebecca Mairone, Default Servicing Executive, Bank of America Home Loans » Jeb Mason, MD, The Cypress Group » Patrick McEnerney, MD, Deutsche Bank » Dale McPherson, CEO, Field Asset Services, Inc » Robert Meachum, EVP, Saxon Mortgage » Allan Mendelowitz, Chairman, Former, FHFB » Paul Miller, Research Analyst, FBR Capital Markets & Co.
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Stewart Morris Jr., President, Stewart Title Brett Nicholas, EVP, Redwood Trust Diane Pendley, MD, Fitch Ratings Joseph Pigg, VP and Sr. Counsel, American Bankers Association Laurence Platt, Partner, K&L Gates LLP Josh Rosner, MD, Graham Fisher & Company Faith Schwartz, Executive Director, HOPE NOW Rick Sharga, SVP, RealtyTrac Inc. Thomas Showalter, VP, Business Development, CoreLogic David Stevens, FHA Commissioner, HUD Dennis Stowe, President/CEO, Residential Credit Solutions, Inc. Ted Tozer, President, Ginnie Mae Larry Walker, VP, Genpact Paul Willen, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston » Dean Williams, Chairman, Williams & Williams
AMERICATALYST 2011 | LIVE FROM AUSTIN | 7-8 NOVEMBER | Convergence: The globalization of housing finance, 10 years on
» Louis Amaya, Co-Founder / Board Member, National Asset Direct Inc., » Jo Ann Barefoot, Co-Chair, Treliant Risk Advisors » Kyle Bass, Managing Partner, Hayman Capital Management, LP » Alan Boyce, CEO, Absalon Project » Amy Brandt, CEO, Vantium Capital » John Britti, EVP, Ocwen Financial Corporation » Andrew Davidson, President, Andrew Davidson & Co. » Sean Dobson, CEO and Chairman, Amherst Securities Group, LP » Tal Franklin, Attorney, Talcott Franklin, PC » Steve Fulton, Portfolio Manager, WAMCO » Laurie Goodman, Senior MD, Amherst Securities Group, LP » Ben Graboske, SVP, Product & Technology, CoreLogic » Todd Groome, Chairman, Alternative Investment Management Association » Paul Hayman, President, TenantAccess » Steve Horne, CEO, Wingspan Portfolio Advisors LLC » Dave Hurt, SVP, CoreLogic » Wes Iseley, President, Carrington Mortgage Services » Ted Jones, Director of Investor Relations, Stewart Information Services » Darius Kingsley, Deputy Chief, Homeownership Preservation Office, U.S. Department of the Treasury » Michael Lau, EVP, Phoenix Capital Inc. » Adam Levitin, Professor of Law, Georgetown University » James Lockhart, Vice Chairman, WL Ross & Co. » Kyle Lundstedt, MD, Applied Analytics Division, Lender Processing Services » Laurie Maggiano, Director of Policy, Office of Homeownership Preservation, U.S. Department of the Treasury » Jeb Mason, MD, Cypress Advisory » Tony Meola, Servicing Executive, Bank of America » Paul Miller, MD, FBR Capital Markets » Toni Moss, Founder/CEO, AmeriCatalyst LLC » Diane Pendley, MD, FitchRatings » Dave Reedy, SVP, Ranieri Partners Management, LLC » Annette Rizzo, Judge, The Philadelphia Court of Common Pleas » Raymond Romano, Senior Advisor, The Collingwood Group » Tim Rood, Partner, The Collingwood Group » Josh Rosner, MD, Graham Fisher & Company » Faith Schwartz, Executive Director, HOPE NOW » Mike Simonsen, CEO, Altos Research » Tim Skeet, MD, Royal Bank of Scotland » Yves Smith, Blogger and editor, Naked Capitalism » David Stevens, President and CEO, Mortgage Bankers Association » Dennis Stowe, President & CEO, Residential Credit Solutions, Inc. » Ted Tozer, President, Ginnie Mae » Marina Walsh, Director of Policy Research, Mortgage Bankers Association » Mark Willis, Resident Research Fellow, Furman Center for Real Estate and Urban Policy, NYU » Ivy Zelman, CEO, Zelman and Associates AMERICATALYST 2012 | LIVE FROM AUSTIN | 30 SEPT- 1 OCTOBER | THE ENTANGLEMENT
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Kyle Bass, Managing Partner, Hayman Capital Management, LP Gary Beasley, Managing Director, Waypoint Homes Alan Boyce, CEO, Absalon Project Amy Brandt, Board of Directors, AmeriCatalyst Idea Lab John Britti, CFO & EVP, Ocwen Financial Corporation John Burns, CEO, John Burns Real Estate Consulting Meg Burns, Senior Associate Director for the Office of Housing and Regulatory Policy, FHFA Oliver Chang, Co-Founder, Sylvan Road Capital, LLC Genger Charles, Senior Policy Advisor to the Assistant Secretary for Housing/Federal Housing Commissioner, U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Walter Charnoff, Founder/ CEO, RentRange Andrew Davidson, President, Andrew Davidson & Co. Wanda DeLeo, Deputy Director, Office of Strategic Initiatives, FHFA Ed Delgado, COO, Wingspan Portfolio Advisors Tom Deutsch, Executive Director, American Securitization Forum Sean Dobson, CEO and Chairman, Amherst Securities Group, LP Pat Doyle, Managing Director, Trust Company of the West Doug Duncan, Chief Economist, Fannie Mae Frank Eder, SVP, Neuberger Berman, LLC William Emerson, Chief Executive Officer, Quicken Loans Vincent Fiorillo, President, Association of Mortgage Investors Chris Flanagan, Managing Director and Head of US Mortgage & Structured Finance Research, Bank of America Merril Lynch Mark Fleming, Chief Economist, CoreLogic Rich Ford, Managing Director, Jefferies & Co., Inc.
» Carol Galante, Acting Assistant Secretary for Housing, HUD » Laurie Goodman, Senior Managing Director, Amherst Securities Group, LP » Ben Graboske, SVP, Real Estate & Financial Services, CoreLogic » Daniel Gross, Columnist/ Global Business Editor, Newsweek Daily Beast » Matt Hankins, Vice President, Sterling Partners » Chris Haspel, Special Asset Investment & Servicing, Consumer Financial Protection Bureau » Laurie Hawkes, President, American Residential Properties, Inc. » Paul Hayman, Chief Executive Officer, Inclyne, Inc. » Steven Horne, CEO and President, Wingspan Portfolio Advisors » JK Huey, SVP, Wells Fargo Home Mortgage » Louise Keely, Chief Research Officer, The Demand Institute » William Keenan, Chairman & CEO, De Novo Corporation » William, King, Chief Investment Officer and Head of Asset and Risk Management, Carrington Holding Company » Jacob, Kirkegaard, Research Fellow, Peterson Institute for International Economics » Robert Lee, Managing Director, Sylvan Road Capital - HavenBrook Homes » Kyle Lundstedt, Managing Director, Applied Analytics Division, Lender Processing Services, Inc. » David Lykken, Managing Partner, Mortgage Banking Solutions » Dan Magder, Director, Rock Creek Capital » Richard Magel, Chief Operating Officer, Main Street Renewal » Laurie Maggiano, Director of Policy, Office of Homeownership Preservation, U.S. Department of Treasury » Ryan McBride, EVP, Colony American Homes » Patrick McEnerney, Managing Director, Deutsche Bank » Dale McPherson, CEO, Field Asset Services » Paul Miller, Managing Director, FBR Capital Markets » Toni Moss, Founder/CEO, AmeriCatalyst LLC » Michael Nixon, Senior Housing Policy Advisor, U.S. Department of Housing and Urban Development » Brandon Osmon, Co-Portfolio Manager, Hayman Capital Management, LP » Ketan Parekh, Director, Bank of America Merrill Lynch » Diane Pendley, Managing Director, Operational Risk Group, Structured Finance, FitchRatings » Josh Rosner, Managing Director, Graham Fisher & Company » Lawrence Rufrano, Markets Policy, Federal Reserve Board » David Schneider, CEO, Vericrest Financial » Faith Schwartz, Executive Director, HOPE NOW Alliance » Ellen Seidman, Advisor, The Urban Institute » Rick Sharga, EVP, Carrington Mortgage Holdings, LLC » Thomas Showalter, Chief Analytics Officer, Digital Risk LLC » Scott Simon, Managing Director, PIMCO » Tim Skeet, Managing Director, Royal Bank of Scotland » Ryan Stark, Director, Deutsche Bank » David Stevens, President and CEO, Mortgage Bankers Association » Vishwanath Tirupattur, Managing Director, Credit Securitized Products Research and Strategy, Morgan Stanley » Ted Tozer, President, Ginnie Mae » Robert Vahradian, Senior Managing Director, GTIS Partners » Susan Webber, Editor and Publisher, Naked Capitalism » Greg Whitworth, EVP Servicing Solutions, ServiceLink, FNF’s National Lender Platform » Colin Wiel, Co-Founder and Managing Director, Waypoint Real Estate Group » Mark Willis, Resident Research Fellow, Furman Center for Real Estate and Urban Policy, NYU
Mortgage Banking T H E M AG A Z I N E O F R E A L E S TAT E F I N A N C E
Surviving a Tidal Wave Of Suits, Laws and Regs
ON HIS BILL
A Never-Ending Story
58 What’s Driving
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NOTE: NOT ALL ATTENDEES WERE ABLE TO SEND BIOS AND PHOTOS TO US BEFORE OUR ACTIVE DEADLINE, AND then, suddenly, a bio-gremlin appeared, to shift, rearrange and mysteriously remove some bios, here and there. Overnight. To make up for this, Shirley will email the post-event yearbook in PDF format (or make it available for download) to all registered attendees of this yearâ€™s show. NEW OBSERVATIONS (OVER 2012): Taylors still run strong as the surname of choice, while J-names seem to be in vogue for many men. East-West education divide still there, with a strong showing by the midwest.
ANUP AGARWAL | Chief Investment Officer and Head of Agency MBS WESTERN ASSET MANAGEMENT COMPANY | WAMCO Anup, who joined WAMCO earlier this year as Head of Non-Agency MBS and ABS, was appointed Chief Investment Officer and Head of Agency MBS in September upon the retirement of Stephen Fulton. Anup has 15 years of experience in securities analysis and investment management. From 2007-2013, he served as Portfolio Manager and Head of Consumer Credit for Stark Investments, a global alternative investment firm. In this role, he was responsible for developing and implementing the investment strategy for Agency and non-Agency mortgages, asset backed securities and commercial mortgage backed securities. Anup has an MBA in Finance from Temple University and a Bachelor of Technology degree from Indian Institute of Technology in Varanasi, India.
SUE ALLON | Vice Chairman STEWART LENDER SERVICE As Vice Chairman at Stewart Lender Services, Sue is dedicated to leading Stewart’s emergence into the capital markets space with due diligence and oversight services. Before joining Stewart, she was CEO of Allonhill, which she founded with a mission to reinvent the mortgage due diligence industry. Prior to Allonhill, Sue introduced credit risk management to the mortgage industry when she launched The Murrayhill Company in 1997. At Price Waterhouse, and, separately, at Coopers & Lybrand, she was a manager in the asset resolution and litigation support practices. She served as a manager at Coopers & Lybrand, where she was in charge of business development for the company’s Resolution Trust Corporation asset management practice. Sue graduated from Colorado College with a BA in Economics.
AMY BRANDT | Chief Operating Officer PROSPECT MORTGAGE Amy is the Chief Operating Officer of Prospect Mortgage, the second-largest FHA 203K lender in the nation. In this role, Amy oversees all aspects of the company’s operations, including Information Technology, Operations, Credit, Capital Markets, Training, Project Management, Analytics, Post Closing/ Funding and Servicing. Prior to this position, Amy served as President of Correspondent Lending and Servicing. Before joining Prospect, Amy ran Vantium Capital, Inc. and Vantium Capital Management, firms she began with Apollo LP. As the CEO of Vantium Capital, Amy led the acquisition of special servicer, Acqura Loan Services, and third party asset recovery firm, Strategic Recovery Group. Amy is the founder of the Residential Servicing Coalition and sits on the Board of the AmeriCatalyst Idea Lab.
STEFANOS ARETHAS | Lead Analyst, Structured Finance Group MOODY’S INVESTORS SERVICE Stefanos is a lead analyst within the Structured Finance Group at Moody’s Investors Service, where he is responsible for primary new issuance ratings on commercial mortgage backed securities. Stefanos is a member of the large loan transaction team with a specific focus on retail, hotel, and multifamily. Additionally, Stefanos takes a lead role on all multi-family credit analysis including all Freddie Mac K-Series transactions. Stefanos is co-leading Moody’s analysis of proposed single family rental securitizations. Stefanos received a B.S. in Economics from the University of North Carolina at Charlotte and a Master’s of Real Estate from Georgetown University. He currently lives in New York City.
LOETTA ARRINGTON | SVP FIELD ASSET SERVICES Loetta has been with FAS since 2002. Her diversified knowledge and experience is a result of 25 years in mortgage servicing and property management. In the past, Loetta served as an REO asset manager with Midland Mortgage and as a liquidation specialist with the FDIC. While with the FDIC, she authored the first Affordable Housing Manual and successfully trained agents and homebuyers throughout the Southwest Region on the Affordable Housing Program. Just prior to joining FAS, she was with Calmco Servicing for seven years where she held the positions of litigation manager, eviction manager, and loan boarding manager. Loetta is very active in the industry, attending industry conferences throughout the year, where she is often asked to speak on informative educational panels.
ROBERT B. AVERY | Project Director, National Mortgage Database FEDERAL HOUSING FINANCE AGENCY | FHFA Bob is the Project Director of the National Mortgage Database at the Federal Housing Finance Agency. He joined the FHFA after retiring as a Senior Economist from Board of Governors of the Federal Reserve System in 2012. Previously, he held positions as a Professor at Cornell and as an Assistant Professor at Carnegie Mellon. His work at the Federal Reserve focused on supervisory issues related to community affairs and bank supervision. He was one of the founders of the tri-annual Survey of Consumer Finances and designed the loan sampling systems used for the Fed’s examinations of small bank safety and soundness and for large syndicated loans. He heads a new inter-agency effort at the FHFA designed to create a comprehensive residential mortgage database to better serve supervisory and policy concerns.
SHARON BARTLETT | Director, Vendor Services FREDDIE MAC Sharon has been with Freddie Mac for more than 30 years and has a diverse background in mortgage loan servicing and REO. As Director of Vendor Services, Sharon and her team are responsible for the management and oversight of all vendors supporting the REO disposition process; including real estate brokers, closing and title agents, valuation vendors, general contractors, preservation and maintenance vendors, etc. During her tenure at Freddie Mac, Sharon has worked in a broad range of disciplines, including: Default Management, Loan Administration, Loss Mitigation, Asset/Outsourcing Management, Servicer Relations, Risk Management, and Broker Management.
TERESA BRYCE BAZEMORE | President RADIAN GUARANTY INC Teresa Bryce Bazemore is President of Radian Guaranty Inc., Radian Group Inc.’s principal mortgage insurance subsidiary. As President, she is responsible for all domestic and international mortgage insurance business operations. Prior to her appointment as President, Teresa was the Executive Vice President, General Counsel, Chief Risk Officer and Secretary for Radian Group, a global credit risk management company. She has previously served in senior mortgage roles at Bank of America and PNC Bank. Teresa is President of the Mortgage Insurance Companies of America and serves on the Economic Advisory Council for the Federal Reserve Bank of Philadelphia.
GARY BEASLEY | Co-Chief Executive Officer & Chairman WAYPOINT HOMES Gary provides overall leadership to the firm with particular focus on Waypoint’s capital and growth strategies. Gary first became involved at Waypoint as an investor and advisory board member in early 2009, eventually joining full-time as a managing director in December 2011 and becoming President and CEO in January 2013. Prior to joining Waypoint, Gary served as both an operating executive and principal investor across a wide range of industries including hospitality, real estate, consumer Internet, and clean tech. After helping orchestrate Geolo Capital’s investment into Joie de Vivre Hospitality in mid-2010, Gary served as JDV’s interim CEO until the company’s merger with Thompson Hotels in October 2011. Gary holds a B.A. in Economics from Northwestern University and an M.B.A. from Stanford.
DOUGLAS BENDT | Director of Agency MBS Research DEUTSCHE BANK Doug is the Director of Agency MBS Research at Deutsche Bank focusing on prepayments and housing prices. Previously, he was the Director of Research at C-BASS, the largest holder of non-investment grade non-agency MBS. Doug was the President and Founder of Mortgage Risk Assessment Corp., which produced repeat sales Home Price Indexes and the Home Price Analyzer automated valuation model, both of which are now produced and distributed by CoreLogic. He was a co-founder of the Mortgage Securities Division at Dow Jones Telerate, which produced the Advance Factor Service, an extremely accurate short-term prepayment forecasting model for agency securities using title search orders as leading indicators.
DAN BERMAN | President, Applied Analytics LENDER PROCESSING SERVICES, INC. As president of LPS Applied Analytics, Dan’s goal is to deliver comprehensive, high quality data, analytics and technology solutions that solve client problems and produce actionable, value-added results. Dan’s professional experience covers over 24 years and includes senior sales, business development, and general management positions across a range of industries. Prior to joining LPS, Dan spent eight years at First American CoreLogic, most recently as Senior Vice President of Mortgage Analytics. During his tenure at First American, Dan also served as COO of LoanPerformance, led the integration of CoreLogic and served as head of the National Accounts sales force. Dan has a Bachelor of Arts degree in Economics from the University of Texas and an M.B.A. from the University of Southern California.
FANNY BORGSTROM | Former Head of Group Funding NORDEA TREASURY AND NORDEA HYPOTHEK Fanny, a “legend” in Nordic banking funding and debt capital markets who helped guide the development of Scandinavian covered bond markets, retired in August as head of group funding at Nordea, a position she had held since 1997. Prior to this, she was first vice president, international treasury, of Merita Bank of Finland, which merged with the Swedish Nordbanken in 1997 to become MeritaNordbanken. Merita Bank and Nordbanken, along with Unibank of Denmark and Christiania Bank og Kreditkasse of Norway began conducting operations under the Nordea name in December 2001. Nordea today is the largest financial services group in the Nordic and Baltic Sea region. AmeriCatalyst 2013 marks the 10th anniversary of her EuroCatalyst debut (Lisbon 2003).
ALAN BOYCE | CEO ABSALON PROJECT Alan is CEO of AbsalonProject, a joint venture between George Soros and the Danish financial system that is assisting in the organization of a standardized mortgage-backed securities market for Mexico. He is also a consultant for Soros Fund Management, where he works to implement the Danish mortgage system in the United States, as well as the president of Adecoagro, a food and renewable energy producing company that owns and operates more than 270,000 hectares of highly productive land throughout Argentina, Brazil, and Uruguay. Previously, Alan was the senior managing director for investment strategy at Countrywide Financial Corporation. He was responsible for secondary markets, the hedging of MSRs, and the balance sheet for Countrywide Bank and Balboa Insurance.
JOHN BRITTI | Chief Financial Officer OCWEN FINANCIAL CORPORATION John became CFO in 2012 having joined Ocwen as EVP of Finance and Business Development in 2011. He has over 20 years of mortgage and financial services experience. Prior to joining Ocwen, John was Chief Operating Officer for mortgage insurer RMIC. He held two positions at Freddie Mac as a Vice President running Field Sales and Pricing & Structured Transactions. John has also been a Vice President at Capital One running Thrift and Mortgage Operations. He has investment experience raising a venture capital fund and working with buy-out firms. After business school, John worked at McKinsey & Company in their financial services industry group. Prior to business school, he was an analyst for the Central Intelligence Agency. He holds a BA in Economics from the University of Maryland.
MEG BURNS | Senior Associate Director, Office of Housing and Regulatory Policy FHFA Meg administers policy and regulatory initiatives involving single-family and multifamily finance, credit loss mitigation strategies, housing markets and housing mission responsibilities of the Enterprises and FHL Banks. Prior to joining FHFA, Meg was the director of the Office of Single Family Program Development for the Federal Housing Administration, or FHA. In this position, she was responsible for all origination policies related to FHA’s single-family programs. She managed three divisions, handling valuation and collateral-related issues and programs, credit policy and insuring practices, and consumer protections and counseling services. Meg holds a B.A. in philosophy from Connecticut College and a M.A. in philosophy and public policy from The George Washington University.
ANNE C. CANFIELD | President CANFIELD & ASSOCIATES Canfield & Associates, Inc., which Anne launched in 1996, is a consulting firm providing strategic planning, policy advice, and representational services to major corporations on federal and state legislative and regulatory issues in the financial services, health care, tax, trade, and budget policy areas. Anne’s affiliated firm, Canfield Press, LLC, publishes specialized financial publications, including the GSE Report, the Mortgage Report, and a series of Roadmap documents tracking the requirements of the Dodd-Frank Act, the activities of the CFPB, legislative and other policy proposals to reform Fannie Mae and Freddie Mac, and more. Anne is also Executive Director of the Consumer Mortgage Coalition (CMC), a trade association representing national mortgage lenders, servicers and service providers.
JUSTIN CHANG | Principal COLONY CAPITAL, LLC Justin, as Principal of Colony Capital, is responsible for the identification, evaluation, consummation, and management of new investments, with a particular focus on extending Colony’s presence and activities on a global basis. He is also the Chief Executive Officer of Colony American Homes as well as the Chief Executive Officer of CAH Manager, LLC. Prior to joining Colony in 2010, Justin was a Partner and Managing Director with TPG Capital, an international private equity investment firm that he joined in 1993. He currently serves on the Board of Directors of Colony American Homes and CAH Manager, LLC. Justin received his M.B.A. from Harvard Business School in 1993 and his B.A. in Economics and Political Science from Yale University in 1989. He serves on the Yale Development Council.
OLIVER CHANG | Co-founder and Managing Director SYLVAN ROAD CAPITAL Oliver is co-founder and managing director of Sylvan Road Capital, an asset management firm focused on the buy-to-rent market. Oliver is a thought leader on the topic of institutional investments in distressed single family housing, having served both investors and government agencies. Before co-founding Sylvan Road, Oliver was Morgan Stanley’s Head of US Housing Strategy and focused on all aspects of the housing market including home price dynamics, supply and foreclosure issues, demand and mortgage credit concerns, and the relationship between home prices and mortgage performance. Oliver received a BS in Operations Research and Industrial Engineering from Cornell and an MBA from Columbia Business School.
ALEX CHARFEN | Co-founder and CEO CHARFEN INSTITUTE As co-founder and CEO of the Charfen Institute, Alex has redefined the standard of success for business leadership. His determination and passion for success come in part from 20 years as an entrepreneur, in which he’s achieved great success and weathered failure, from bankruptcy to the Inc. 500. Not only has Alex reshaped the entire real estate industry by authoring the Certified Distressed Property Expert® (CDPE)—the fastest-growing independent designation in real estate history—and the Certified Investor Agent Specialist™ (CIAS) designations, but he has educated, coached and developed numerous small business owners through the revolutionary LEAD Experience. Alex was a participant in the U.S. Federal Housing Finance Agency’s (FHFA) 2009 Short Sale and Deed-in-Lieu Roundtable.
GENGER CHARLES | Chief of Staff and Senior Policy Advisor to the Assistant Secretary for Housing/Federal Housing Commissioner U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Genger advises the Commissioner and the Secretary of HUD on legislative, regulatory and operational issues in the areas of Single Family, Multifamily and Healthcare. She also serves as a liaison between FHA and congressional, industry, and community stakeholders and leads a team which performs all communications functions for the Office of Housing. Prior to this, Genger was the Associate Director of Public Policy for the Mortgage Bankers Association (MBA). In this role she assisted in the development and implementation of MBA’s strategy on legislative, regulatory, and industry issues related to residential government lending as well as secondary and capital market issues.
WALTER “WALLY” CHARNOFF | Founder & CEO RENTRANGE, LLC Wally is the founder and CEO of RentRange, LLC, which was formed in 2007 with a vision of developing the most comprehensive residential property rental data repository in the United States. RentRange delivers a wide array of rental market intelligence and valuation focused offerings to the financial services and real estate marketplaces. Wally is widely recognized as a subject matter expert in real estate analytics and rental market evaluation. He has over 18 combined years of knowledge and competency in the securities and real estate investment technology industries, and appears often in interviews with Fox Business News, Bloomberg Business Week, CNN, Wall Street Journal, MarketWatch, Forbes, and Investor’s Business Daily.
DENNIS CISTERNA III | SVP, co-head, Opportunistic Finance Group JOHNSON CAPITAL Johnson Capital is one of the country’s top real estate capital advisory firms with more than 20 locations nationwide. Since its inception in 1987, Johnson Capital’s aggregate transaction volume has surpassed $38 billion. The Opportunistic Finance Group within Johnson specializes in institutional-level equity and debt placement, with a focus on construction and development structured financing. Dennis is currently involved in the placement of more than $750MM in debt and equity assignments across the nation. As one of the most active intermediaries in the residential investment space, he most recently structured an agreement between Blackstone and Johnson Capital to originate portfolio loans in the buy-to-rent sector. Dennis holds a Bachelor’s Degree in Political Science from San Diego State University.
TOM CIULLA | Managing Director LPS DATA & ANALYTICS Tom is Managing Director for LPS Data & Analytics, Sales and Licensing. He is responsible for developing client relationships, strategic alliances and partnerships across a wide array of industries including mortgage, capital markets, real estate, insurance and marketing. Tom leads his team in delivering a variety of data and analytics solutions that leverage LPS’ property and loan performance data, valuation tools, portfolio monitoring capabilities and predictive analytics. Before joining LPS, Tom was Vice President of Business Development and Strategic Relationships with CoreLogic. Tom earned his master’s degree in business management from the Bertolon School of Business at Salem State University, where he also earned his Bachelor’s degree in design and business management.
PHIL COMEAU | President and CEO PHILLIP E. COMEAU COMPANY, INC. AND SYNERGISTIC ASSOCIATES, INC. Phil has over 43 years of innovative residential and commercial finance experience. He has been a pioneering leader in mortgage delinquent loan management, data analytics and performance metrics. Before forming his consulting companies, Phil was with Freddie Mac where he was responsible for Freddie Mac’s Multifamily Servicing and then for Freddie’s Single Family Non-Performing Loans. Prior to Freddie, Phil was SVP of Financing with Oxford Development Corporation, where he was responsible for originating $1.5 billion of creative multifamily financing (lower floaters and a publicly registered participating bond fund) and for restructuring more than $500 million of multifamily loans. He received his MBA in Finance and BS in Engineering from Cornell. He is also on the RentRange Board of Directors.
BILL COPPEDGE | Senior Managing Director, Business Development FAY FINANCIAL Bill, who has 36 years of experience in the mortgage industry, joined the team at Fay Financial in 2012. With over a billion dollars under management Fay Servicing manages residential whole loans and works to create innovative servicing solutions that benefit both its mortgagors and clients. Previously, Bill was SVP of Whole Loan Acquisitions and Sales at SunTrust Mortgage, involved with all whole loan purchase and sales of consumer assets, including residential, student loans, and automobile loans. An avid networker, Bill has a mortgage blog with 2,000 email members, over 1,900 Linkedin contacts, and over 4,300 Outlook contacts. Bill is also the force behind MortgageNewsClips.com, a mortgage news blog read by senior management in all areas of mortgage acquisition, distribution, and securitization.
BRIAN DAILY | SVP, Strategic Alliance Group REO ALLEGIANCE Brian is currently focused on building alliances and synergies with industry partners. REO Allegiance supports the default servicing business as it relates to field services management. As a proven business strategic designer, Brian provides keen candid visionary insight to critical projects. He brings over 25 years of experience in the mortgage banking sector covering a wide range of responsibilities. On the banking side of the business, he has managed, built and implemented strategies pertaining to risk management, capital markets, secondary markets, default servicing, quality control, field services management and loan originations. Prior to joining REO Allegiance, Brian held executive positions with Bank of America, NationStar Mortgage, and Fremont Investment and Loan.
KYM DALTON | CEO GLOBAL-ED Kym is a 35-year veteran of housing finance markets in Australia and New Zealand. He’s noted for having adapted RMBS techniques pioneered in the U.S. to suit the Australian and New Zealand markets from the late 1980s. He was the CEO of AMS, at one time the largest private sector RMBS issuer in the world outside of the USA. AMS was ultimately owned by ABN AMRO NV and Kym spent time in North America working with executives of their mortgage group, including Toni Moss. Leaving AMS in 2002, Kym became a private consultant. He is currently the founder and CEO of “GlobalED” a company that deals with financial literacy issues by providing concise, confirmed comprehension, an admixture of consequential learning and compliance in an engaging, online format using iconic animated characters.
JIM DAVIS | Vice Chairman and EVP of Strategy and Business Development STEWART LENDER SERVICES Jim joined Stewart Lender Services (SLS) in Spring 2013 from Homeward Residential (formerly American Home Mortgage Servicing), where he served in a role as Executive Vice President - Chief Government Affairs Officer. At Homeward, Jim had responsibility for all activities and relationships with government agencies, consumer groups, trade groups, press and other external entities. Prior to moving into the government affairs role, Mr. Davis served as Head of Default Administration for Homeward with responsibility for all default functions including loss mitigation, foreclosure and bankruptcy. Prior to the acquisition by Homeward, he managed all customer service, collections, loss mitigation, foreclosure, bankruptcy and claim functions for Option One Mortgage.
WANDA DELEO | Deputy Director, Office of Strategic Initiatives FEDERAL HOUSING FINANCE AGENCY Wanda is the Deputy Director of the Office of Strategic Initiatives for the Federal Housing Finance Agency, a position she assumed in May 2012, leading and overseeing all activities associated with the agency’s conservatorship strategic plan. The strategic plan outlines an expansive agenda of agency activities to shape the future of housing finance—maintaining a focus on loss mitigation and market liquidity issues—while contracting the footprints of Fannie Mae and Freddie Mac in the marketplace. Wanda has held multiple positions at FHFA, including Deputy Director of the Division of Examination Programs and Support, Acting Deputy Director of the Division of Housing Mission and Goals and Chief Accountant. Wanda is a Certified Public Accountant and holds a PhD in accounting from Georgia State.
Ed Delgado ED DELGADO | President and CEO FIVE STAR INSTITUTE Ed is the President and CEO of the Five Star Institute, a leading mortgage banking association providing education and strategic services to the US mortgage market. He is the former Chief Operating Officer of Wingspan Portfolio Advisors, an award-winning, diversified mortgage servicing company. Formerly SVP of Wells Fargo and executive at Freddie Mac, Ed has more than 20 years of experience in mortgage banking and is recognized as a thought leader and innovator. While SVP of government and industry relations at Wells Fargo, Ed played an integral role within the company’s mortgage servicing group and served as a leader in the mortgage community, government agencies and industry trade groups in Washington, D.C. Ed was a key representative to the U.S. Department of the Treasury.
CHRIS DIANGELO | Partner KATTEN MUCHIN ROSENMAN LLP Chris is managing partner of Katten’s New York office and co-head of the Structured Finance and Securitization practice. He focuses his practice on structured finance and securitization matters. Chris represents a variety of clients, including issuers, lenders, underwriters and bond insurers, in a wide range of programs and projects involving asset-backed debt, municipal debt, straight corporate debt and equity, warehouse lines, regulatory matters and acquisitions. Throughout the last decade, he has developed a strong knowledge of housing and mortgage policy reform—including Fannie Mae and Freddie Mac reform—a topic on which he is a frequent speaker. Chris has also spoken on the impact of the DoddFrank Act on structured finance.
SEAN DOBSON | CEO and Chairman of the Board AMHERST HOLDINGS Sean has been the head mortgage analyst and trader at Amherst Securities since he joined the firm in 2000. He is widely recognized as one of the leading strategists in the industry and an expert in all facets of the mortgage business including loans, RMBS and related derivatives. He has led the development of Amherst’s loan level diagnostic system (ALIAS), which is widely recognized for its predictive analytics. In 2006, he made a vocal announcement predicting the coming meltdown in the mortgage markets based on research produced using these tools; and he created Amherst Derivatives Products to offer analytical and intermediation services related to derivative strategies designed to take advantage of the market disruption.
MICHAEL DRAYNE | SVP, Office of Issuer & Portfolio Management GINNIE MAE Michael was named Senior Vice President of the Office of Issuer & Portfolio Management in March 2012. In this capacity, he oversees the management of the Single-Family and Multifamily divisions, as well as the Monitoring/Asset Management Division, which is responsible for the oversight of the Ginnie Mae servicing assets owned by Issuers or Ginnie Mae itself. Michael joined Ginnie Mae in February 2011 to serve as director of the Single-Family Division in the Office of Mortgage-Backed Securities. A 25-year veteran of the housing finance industry, Michael began his career at Chevy Chase Bank, where he served as Vice President and Director of Secondary Marketing. Michael has a Bachelor’s of Science Degree in Business Administration and a Master’s Degree in Public Management.
JEANNIE FANTASIA | Vice President SECUREVIEW Jeannie began her career as a Renovation & Construction specialist in a Design/Build Firm, a venture that drove her passion for both real estate and community involvement. Today, Jeannie brings her more than 20 years of experience in both the banking and real estate industries to her role at SecureView. Prior to joining SecureView, Jeannie was employed by Bank of America, where she began as AVP of Neighborhood Stabilization and was quickly promoted to VP of Community Revitalization. As the Business Lead, Jeannie was responsible for new bank programs including property donations, natural disaster recovery donations, deconstruction, and preservation, and was tasked coming up with a holistic approach to solving the issues faced by those communities hit hardest by the foreclosure crisis.
ED FAY | Founder and CEO FAY SERVICING Ed is the founder and CEO of Fay Servicing, a specialized residential mortgage servicer with over $1.5 billion in assets under management. The company, founded in 2007, uses a unique, relationship-based servicing strategy in order to communicate with borrowers and create a customized resolution plan. This emphasis on personalized service has resonated with both the homeowners as well as Fay Servicing’s growing customer base which ranges from large multi-national banks to socially responsible private equity funds. Prior to founding Fay Servicing, Ed was in various Senior Strategy and Operations rolls at Household International, HSBC and Countrywide. Ed earned a Bachelor’s degree in Economics and History from Duke University and an MBA from Clarkson University.
VINCENT A. FIORILLO | Portfolio Manager, MBS Senior Trader DOUBLELINE CAPITAL Vince, a founding member of DoubleLine and a portfolio manager and senior trader in its Mortgage Group, brings over 30 years of mortgage, asset-backed and commercial mortgage experience to the DoubleLine team. Prior to joining DoubleLine in 2009, he was a Managing Director at TCW for four years, where he oversaw ABS and CMBS trading. Vince was also an Executive Director with Morgan Stanley, where he was responsible for developing mortgage origination providers into the Morgan Stanley Conduit and expanding the firm’s activity in both the ABS and CMBS markets. Prior to joining Morgan Stanley, Vince was the Co-Head, Managing Director of the MBS Group at Smith Barney. Vince is also President of the Association of Mortgage Investors.
MARK FLEMING | Chief Economist CORELOGIC Mark is chief economist for CoreLogic, America’s largest provider of advanced property and ownership information, analytics and services. He leads the economics team responsible for analysis, commentary, and forecasting trends in the real estate and mortgage markets. His research interests include real estate and urban economics, applied econometrics, and mortgage risk. He has published research in the American Journal of Agricultural Economics and Geographic Information Sciences, and is published in the book, “Advances in Spatial Econometrics”. Mark has over 15 years’ experience in the mortgage and property information business. Before CoreLogic, he worked at Fannie Mae developing property valuation models. Mark has a Master’s of Science and a Doctorate in Agricultural and Resource Economics.
RICH FORD | Managing Director, Real Estate and Investment Banking JEFFRIES GROUP, INC. Rich has 15 years of experience in Real Estate Investment Banking. Prior firms include Bank of America Merrill Lynch, RBC Capital Markets, Lehman Brothers and Morgan Stanley. He participated on $4 billion of book-run equity transactions. Rich has an MBA from the University of Chicago, a M.S. in Economics from the London School of Economics and a B.S. in Economics from the University of Victoria.
JOHN F. GETCHIS | SVP, Office of Capital Markets GINNIE MAE John joined Ginnie Mae as the Senior Vice President of the Office of Capital Markets in July 2012, bringing with him 35 years of experience at financial institutions with a focus on mortgage-backed securities and the capital markets. In his current role, he is responsible for overseeing the performance and execution of Ginnie Mae’s multiclass securities program, which allows the private sector to combine and restructure cash flows from Ginnie Mae MBS into securities that meet unique investor needs. Prior to joining Ginnie Mae, John was the Chief Operating Officer at Ally Securities, a subsidiary of Ally Financial, Inc. John earned his Bachelor’s of Science degree from the University of Maryland, Robert H. Smith School of Business, and his MBA in Finance from George Washington University.
SCOTT GILLEN | SVP, Strategic Initiatives STEWART LENDER SERVICES Scott is responsible for oversight of Stewart’s product development and strategy related to product implementation. Additionally, he has direct management responsibilities over Stewart’s Home Retention and Loss Mitigation initiatives. He oversees key client relationships as well as Stewart’s GSE relationships. Prior to joining Stewart, Scott served as Director of Sales and Marketing for Mortgage Resource Network. There his responsibilities included the ongoing management and oversight of MRN’s sales and marketing efforts. Prior to that, Scott served in senior management positions with Harbor Financial Mortgage Corp. He received his BA degree from the University of Texas in Psychology and is a graduate of the MBA’s School of Mortgage Banking and Future Leaders program.
PAUL A. GLANTZ | President PROCTOR FINANCIAL, INC. A Paul possesses an in-depth understanding of business, having acquired substantial experience through progressively more responsible positions in finance, insurance, real estate and cinematic exhibition. He holds a Bachelor’s of Science Degree in Business Administration with High Distinction from Wayne State University and a Master’s Degree in Taxation from Walsh College. He also achieved the title of CPA. Since 1989, Paul has focused his efforts on building entrepreneurial businesses. Particularly noteworthy was his decision, in October 1990, to assume the position of Vice President of Finance and Administration with Proctor Financial, Inc., (“PFI”) a leading provider of specialized insurance services to mortgage lenders nationwide. Since January 2007, Paul has enjoyed leading PFI as President.
WILLIAM GLASGOW | President GLASGOW MANAGEMENT INC. Bill is President of Glasgow Management, which offers consulting services specializing in improvements to mortgage servicing operations. He recently retired as SVP from OneWest Bank, FSB, where he was responsible for overseeing the Mortgage Servicing Operations, including the Enterprise Call Center, Enterprise Customer Experience, Consumer Counseling and Support, Special Servicing, Loan Administration, Loss Mitigation, Loss Risk Management, Investor Accounting and various other Administrative support functions. He has over 40 years of experience in the mortgage industry beginning his career with United Mortgage Servicing Corp in Virginia Beach, VA. He has also held several executive management positions with Citi Corp Mortgage, BancBoston, Washington Mutual, and EMC.
LAURIE S. GOODMAN | Director, Housing Finance Policy Center URBAN INSTITUTE Laurie is the Director for the newly formed Housing Finance Policy Center, which is dedicated to providing participants in the decision making process with data-driven analysis of housing finance policy issues that they can depend on for relevance, accuracy, independence, and timeliness. Prior to joining the Urban Institute in 2013, Laurie spent 30 years as a top ranked analyst, researcher, and research department manager at a number of Wall Street firms. From late 2008-Sept, 2013, Laurie was a Senior Managing Director at Amherst Securities Group, L.P., a boutique broker dealer specializing in securitized products. She founded and headed up the RMBS Strategy effort; her group became known for its analysis of housing policy issues. Laurie has a MA and PhD in Economics from Stanford University.
BEN GRABOSKE, SVP, Real Estate & Financial Services CORELOGIC Ben is senior vice president of Real Estate & Financial Services for CoreLogic. He is responsible for leading the Capital Markets, Mortgage Analytics, and Realtor solutions businesses. All three businesses are market leaders in their respective industries. Under Ben’s leadership, CoreLogic has introduced many innovative products and solutions, including the Partner InfoNet MLS revenue sharing initiative, Vector continuous blind testing, Vector Securities, ValueMap and ListSource. Before joining CoreLogic, Ben also previously worked for the New York Times, where he created the newspaper’s first online article delivery and advertising website, www.nytimes.com, and for IBM, where he developed and launched its first-ever website, www.ibm.com. Ben holds BA derees in Physics and French from the UC, Berkeley.
ERIC L. GUTSHALL | Co-Founder and President HAVEN REALTY CAPITAL, LLC Eric has 15 years of general management and real estate experience. As the President of Haven Realty Capital, he is responsible for the strategic and tactical direction of the firm’s operating platform, which includes fundraising, infrastructure design, process development, systems implementation and staff leadership and development. Prior to co-founding Haven Realty Capital, Eric worked at a commercial development and property management firm in Los Angeles. Eric holds an MBA from the Marshall School of Business at USC, a Master’s in Real Estate Development (MRED) from USC and a BA in Political Science from Yale University. After graduating from Yale, Eric was drafted by the St. Louis Cardinals and played in its minor league system prior to beginning his professional career.
PAT McENERNEY | Managing Director DEUTSCHE BANK Patrick has more than 25 years of banking experience in a number of executive capacities and in a variety of legal structures and regulatory environments. He began his career with The Bank of New York as a credit trainee in 1984. Over the next 14 years, he held several roles, including President of both BNY’s mortgage banking company and President of BNY’s Real Estate Investment Trust. For a brief period in 1988 and 1999, Pat joined Participants Trust Co., the sole depository for GNMA securities, and served as the first Chief Credit Policy Officer for this newly formed industry joint venture. Pat joined Deutsche Bank in March 2008 with responsibility for pursuing a national banking charter. In July 2009, Pat returned to the mortgage side of Deutsche Bank becoming the Global Head of Mortgage Finance for RMBS.
DOUG DUNCAN | Vice President and Chief Economist FANNIE MAE As Fannie Mae’s vice president and chief economist, Doug is responsible for managing Fannie Mae’s Economics & Mortgage Market Analysis Group. Doug provides all economic, housing, and mortgage market forecasts and analyses and serves as the company’s thought leader internally and with external constituent groups. Reporting directly to the Chief Financial Officer of Fannie Mae, Doug is an important source of information and commentary on the external business and economic environment, and is a key spokesperson on the economy, housing, and mortgage markets. He has been elected to the Board of Directors for the National Association of Business Economists, is a member of the American Economics Association and the American Real Estate and Urban Economics Association.
ETHAN HANDELMAN, Vice President for Policy and Advocacy NATIONAL HOUSING CONFERENCE | NHC Ethan directs NHC’s policy and advocacy agenda focused on stemming the foreclosure crisis, strengthening the nation’s housing finance system, improving the coordination of housing, transportation and energy policy and assisting low- and moderate-income families through a stronger, balanced housing policy. Ethan joined NHC in March 2011 after leading the advisory practice at Recap Real Estate Advisors, assisting public- and private-sector clients to understand and shape the affordable housing financial and policy environment. While at Recap, Ethan authored “Government Sponsored Enterprises and Multifamily Housing Finance: Refocusing on Core Functions.” Ethan received his MA in International Relations from Harvard and holds a BA in Political Science from University of Michigan.
Anna-Liza B. Harris | Partner, Structured Finance and Securitization KATTEN MUCHIN ROSENMAN Anna-Liza is co-head of Katten’s Structured Finance and Securitization practice and a member of the firm’s Board of Directors. She advises clients on tax issues related to debt capital markets transactions, residential and multifamily mortgage-backed securitizations, asset-backed securitizations, and complex derivative and hybrid equity securities. In addition, Anna-Liza has substantial experience representing issuers of financial products in disputes with the Internal Revenue Service. Anna-Liza has been involved in the development of a number of innovative securitization structures and counsels issuers and underwriters in public offerings and private placements of securities. Anna-Liza works with clients ranging from first-time issuers to frequent market participants.
CHRISTOPHER C. HASPEL | Partner, Head of Capital Markets FENWAY SUMMER LLC Chris joined Fenway Summer from the Consumer Financial Protection Bureau, where he served on the Mortgage Markets team as the CFPB’s senior expert in residential mortgage servicing and securitization. Chris managed many of the CFPB’s efforts in developing and executing mortgage policy and led Mortgage Markets’ efforts in developing the CFPB’s mortgage servicing rules. Prior to joining the CFPB, Chris was the Director of Asset Management and Servicer Monitoring at Ginnie Mae, where he was responsible for surveillance of 220+ servicers for GNMA’s portfolio of 7.1 million loans. In addition, Chris oversaw servicing and asset management of Ginnie Mae’s $25+ billion defaulted issuer portfolio. He has over 20 years of experience in the mortgage industry and holds a B.S. from Georgetown University.
LAURIE A. HAWKES | President and COO AMERICAN RESIDENTIAL PROPERTIES, INC Laurie holds the positions of President and Chief Operating Officer of American Residential Properties, Inc., a fully integrated and internally managed real estate investment company (REIT), and has been a Member of its Board of Directors since its formation in May 2012. In October 2008, along with Stephen Schmitz, Laurie co-founded the Phoenix Fund and ARM in early 2010, as well as ARP LLC in October 2008. From 1995 to 2007 Laurie worked at U.S. Realty Advisors, a $3 billion real estate private equity firm, becoming a Partner in 1997 and serving as President of the firm from 2003 to 2007. In the 17 years prior to joining U.S. Realty Advisors, Laurie was a Wall Street investment banker specializing in real estate and mortgage finance. She holds a BA Degree from Bowdoin College and an MBA from Cornell.
JANE HENNESSY | President/CEO KEYSTONE ASSET MANAGEMENT As co-founder, President and CEO of Keystone Asset Management, Inc., Jane’s responsibilities align with the company’s mission and vision in providing dynamic results through technology and communication to each client and partner, without compromising integrity and ethics. Jane has lead Keystone to its current recognition as a Women’s Business Enterprise and an industry leader in REO management and disposition. Under Jane’s leadership, Keystone has also been named by the Philadelphia Business Journal as being among the top 30 women-owned business for the past two years.
RYAN HENNESSY | Executive Vice President KEYSTONE ASSET MANAGEMENT Ryan joined Keystone Asset Management in 2009. In his current role, he is responsible for continuing the evolution of the company’s mission and diversification by focusing on strategic growth and business development opportunities. Working closely with Operations, Information Technology, Finance and Sales, Ryan plays an instrumental role in Keystone’s procurement responsibilities by spearheading the implementation of new business arrangements, in addition to leading marketing and vendor management initiatives. Ryan is a graduate of Shippensburg University, holding a Bachelor’s of Science Degree in Marketing and Business Management.
STEVEN HORNE | Founder and President WINGSPAN PORTFOLIO ADVISORS, LLC Steven is founder and president of special servicer Wingspan Portfolio Advisors, LLC. He is a careerlong expert in creating and executing strategies to mitigate losses in real estate portfolios of all types, with a specialized concentration in servicing’s most difficult area, defaulted and seriously delinquent loans. Steve has an impressive track record in his unique and highly specialized area, having pioneered a number of the concepts and strategies used in the Wingspan methodology for converting defaulted loans into re-performing loans, saving borrowers and lenders alike from the lengthy and painful process of foreclosure. Previously, Steve was Director of Servicing Risk Strategy with Fannie Mae. He holds a J.D. from George Washington University and a bachelor’s degree from Emory University.
ANNY HUANG | Partner, Global Finance SIDLEY AUSTIN LLP Anny is a partner in Sidley’s Chicago office and serves as chair of Special Opportunities in the Global Finance practice. She represents and advises international banking clients, leading investment funds and public and private corporations. Her practice includes complex syndicated loan transactions and special opportunity financings. Recent transactions include representing the agents and arrangers in a credit facility for owned residential assets for funds affiliated with Blackstone Group LP. Anny currently serves on the Sidley Austin’s investment and retirement plans committee and is also a member of the committee on the retention and promotion of women. She graduated from the University of California - Berkeley (B.A., B.S., 1995), with highest honors and received her J.D. from Columbia University School of Law.
JK HUEY | SVP WELLS FARGO HOME MORTGAGE JK is SVP, Wells Fargo Home Mortgage REO and Short Sales, based in San Antonio, Texas. In her role, JK is directly responsible for managing all REO, Short Sale and Deed-in-Lieu activities for the servicing channel. A 30-year veteran of the mortgage industry, JK joined Wells Fargo in 2009. Prior to joining Wells Fargo, she was the servicing manager at IndyMac Bank and held senior management positions with Washington Mutual and HomeSide Lending. Along with being a Certified Mortgage Banker, Accredited Mortgage Professional, a member of the MORPAC and Loan Administration Steering Committees with the Mortgage Bankers Association of America, JK was the President of the Texas Mortgage Bankers Association from 1998-1999, She has an M.B.A. from Our Lady of the Lake University.
KIRK JAFFE | EVP PEAK CORPORATE NETWORK As EVP of Commercial Evaluation and National Sales for the Peak Corporate Network Entities, Kirk has fulfilled a number of key positions for an organization recognized as a provider of comprehensive real estate solutions nationwide. After a successful tenure for the network as EVP of its Originations and Private Lending unit, Kirk’s expertise has been tapped to head business development and relationship management duties for Peak’s growing commercial evaluations unit Peak Asset Solutions. Prior to his responsibilities with lending and commercial evaluations, Kirk served as Chief Operating Officer for the network overseeing the integration of 13 separate real estate entities into a single operating platform. Kirk is the past President of the Universal City/North Hollywood Chamber of Commerce.
NAGENDRA JAYANTY | Research Analyst CLAREN ROAD ASSET MANAGEMENT, LLC Prior to joining Claren Road in 2012, Nagendra was a lead Analyst and Trader in high yield, distressed and special situations for a long/short credit opportunity hedge fund at PIMCO. Previously, Nagendra analyzed and traded distressed Non-Agency RMBS cash and synthetics across the capital structure. Nagendra began his career in 2003 at TIAA-CREF Investment Management where he first was an Analyst in private placement debt securities and subsequently became an Associate, supporting senior portfolio managers in management and trading of corporate debt funds. Nagendra received a BA in Economics, with a Minor in Spanish from Duke University in 2003. He received his MBA from The Wharton School at University of Pennsylvania in 2009. Nagendra holds a CFA designation as of 2006.
ERIC KAPLAN | Managing Director, Mortgage Finance SHELLPOINT PARTNERS LLC Eric joined Shellpoint in September 2011 as head of Mortgage Finance, with a primary focus on building and managing Shellpoint’s securitization program. Eric came to Shellpoint from Morgan Stanley, where he had spent the previous 8½ years developing its distressed mortgage business and covering a variety of residential mortgage whole loan and structured transactions and a number of advisory engagements. Eric began his career in 1993 practicing structured finance law and moved to securitization and whole loan banking in 1998, working as issuer and underwriter across a wide range of proprietary and agented deals. Eric holds an A.B. in from Princeton, and a J.D. from Boston University School of Law. He is an active participant in a number of subcommittees in of the Structured Finance Industry Group (SFIG)
SHELLEY KAYE | Executive Director WOMEN IN DEFAULT SERVICES | WINDS Shelley is one of the Founding partners and currently the Executive Director of Women in Default Services, (WinDS), a trade association for women in the real estate and mortgage industry . Prior to founding WinDS, Shelley served on the REOMAC Board of Directors for eight years and was the 2008 and 2009 President of REOMAC®, a national non-profit trade association for the mortgage default industry. Shelley has had a multifaceted career in both real estate and mortgage banking. She has been a licensed California Real Estate Agent for over 25 years and sold properties in Southern California prior to entering the mortgage banking field. Shelley also participates as a speaker on a variety of panels for many industry events.
CHRISTOPHER T. KELLY | Managing Director, Head of Real Estate CAPITALSOURCE A 25-year commercial real estate professional, Chris has extensive experience in real estate debt, mezzanine and equity markets. As the Managing Director - Head of Real Estate, Chris is responsible for all facets of CapitalSource’s national real estate lending business. CapitalSource, a publicly-traded (NYSE: CSE) commercial lender, provides financial products to middle market businesses and through its wholly owned subsidiary, CapitalSource Bank, provides depository products and services in southern and central California. In his current role, Chris develops the strategy and oversees the execution of the commercial real estate debt activities at CapitalSource. CapitalSource’s real estate lending targets mortgage investments in all types of commercial and for-rent residential real estate assets.
ROBERT KLEIN | Chairman and Founder | SAFEGUARD PROPERTIES CHAIRMAN AND CO-FOUNDER | SECUREVIEW Robert is a national expert in the property preservation industry. As the founder of Safeguard Properties he began his business in 1990 with just a handful of employees and a commitment to customer service. Under Robert’s leadership Safeguard Properties has grown to over 1,000 employees with an extensive network of subcontractors throughout the United States, Puerto Rico, and the Virgin Islands. Robert’s deep concern for communities suffering from the devastating effects of economic downturn and an ongoing foreclose crisis, has led him to seek out ways to ease the burden on America’s most vulnerable populations. This concern prompted Robert to support the creation of SecureView, an alternative board up system that is designed to look like traditional windows.
MICHAEL LEA | Professor SAN DIEGO STATE UNIVERSITY Michael is a Lecturer of Finance and the former Director of The Corky McMillin Center for Real Estate at San Diego State University. He is an internationally known authority on housing and mortgage finance. His current research interests are comparative housing finance systems, the future of the government sponsored enterprises and solutions to the mortgage market crisis. Michael has extensive industry experience, with over 25 years of financial services industry experience, including more than 18 years of international advisory work in 28 countries. He has taught at Cornell University, San Diego State University, the University of California, San Diego and the Wharton International Housing Finance Program. He received his Ph.D. in economics from the University of North Carolina, Chapel Hill.
JIM LEATH | SVP Business Development HAUCTION.COM Jim is SVP of business development for residential auction programs including short sale, third party sales and real estate owned by investors and servicers. Jim joined Auction.com in August 2013 and is responsible for penetrating accounts directly below the Top 5 servicers and expanding current business with existing clients. In addition to his business development responsibilities, he is helping create a structured sales discipline within the residential auction offerings. Before joining Auction.com, Jim served as Managing Director, Applied Analytics, for Lender Processing Service (LPS), where he was responsible for senior level sales exposure for all LPS Applied Analytics sales offerings as wells as flood, tax, and data products to the top 50, mid tier client accounts and inside sales accounts.
ROBERT A. LEE | Co-founder and Managing Director SYLVAN ROAD CAPITAL Rob is a Co-Founder and Managing Director of Sylvan Road Capital, an asset management firm focused on the buy-to-rent market. He is also the CEO of Havenbrook Homes, a wholly owned subsidiary of Sylvan Road Capital. He has over 16 years of experience in the real estate construction industry. Before cofounding Sylvan Road, Rob was a founder and managing director of Delmar Realty Advisors, an Atlantabased firm focused on the buy-to-rent market. Rob previously owned several successful companies that designed and built commercial and residential properties, most recently serving as owner of Chesapeake Development where he designed and built over 150 single family homes. Rob received a Bachelor’s of Arts from Emory University and a Master’s of Architecture from Georgia Institute of Technology.
P. HENCHMAN LEMAISTRE | EVP Leasing and Property Management COLONY AMERICAN HOMES Hench is responsible for directing Colony American Homes (CAH) national operations related to the property management of single-family residential assets. Prior to joining (CAH) in March 2012, he worked at Carrington Capital Management, LLC, where he began as Operations Manager and Controller in 2004 and served as Senior Managing Director. Hench was also a founding member and Director of Operations for Carrington Property Services, LLC, where he was responsible for the company’s initiative to buy single-family homes and convert them into long-term rental properties, and eventually served as its President. Hench also worked at Investors Bank and Trust (IBT) where he held several roles, including senior trader. He received his B.A. in Economics from Wheaton College.
RANDY LIGHTBODY | Executive Vice President, Sales & Strategy DIGITAL RISK As Executive Vice President, Sales and Strategy, Randy’s role on the executive team is to grow and brand the business significantly in the years to come. Randy brings 25 years of proven success in all phases of sales leadership and change management. Randy adds executive level experience to Digital Risk from his national leadership roles at companies such as Morgan Stanley, Bank One, Royal Bank of Canada, Rescue Holdings and Countrywide Bank. In addition, he has had senior roles at PMI Mortgage Insurance and most recently, Fidelity’s ServiceLink where he led enterprise sales efforts for all of ServiceLink’s brands, products and services.
KYLE LUNDSTEDT | Managing Director LPS APPLIED ANALYTICS Kyle coordinates the mortgage modeling and analytics effort for LPS Applied Analytics, which he joined in December 2007 to help manage the evolving business, and leverage the ability to combine LPS loan data, property information, and proprietary analytics in a host of valuable new ways. Previous to LPS, Lundstedt worked for Andrew Davidson & Co. (ADCo) as the director of Credit Modeling, and led the development of the LoanDynamics™ Model. He continued a strong track record of designing, developing, and validating behavioral models for the nation’s largest financial institutions. He received his B.A. in Economics and Political Science from Yale University, and earned a Ph.D. in Business Administration from U.C. Berkeley.
DAVID LYKKEN | Co-Founder and Managing Partner MORTGAGE BANKING SOLUTIONS David has garnered a national reputation as a business leader, visionary and entrepreneur He is quoted frequently in the business section of leading national newspapers and has his own national weekly radio program called “Lykken On Lending.” As co-founder and Managing Partner of KLS Consulting doing business as Mortgage Banking Solutions, David Lykken has over 37 years of management experience as an owner/operator with in depth expertise in real estate finance and housing. His knowledge and skills comprise a unique blend of technology and business strategy. Dave is married, has two daughters and currently resides in the beautiful Hill Country of Central Texas near Austin, Texas. David received a Bachelor’s degree in 1973 year from Pacific Lutheran University in Tacoma, Washington.
DAN MAGDER | Managing Director CENTER CREEK CAPITAL GROUP Dan has 20 years’ experience in finance, economic policy, and corporate strategy. He formed Center Creek Capital Group in 2011 to focus on the REO-to-rental opportunity. Previously, as Director of Investments for Lone Star Funds, a $30B private equity fund specializing in distressed debt, he opened the fund’s Washington DC office to focus on public-private partnerships. Dan has worked as an investment banker and a Director of Corporate Development at Capital One, where his deals included the $14B acquisition of North Fork Bank. Dan has published research papers on economics and business policy, and spoken at Harvard Business School, George Washington University School of Business, and industry conferences. Dan has a BA from Yale and an MBA from the Wharton School of Business.
RICHARD MAGEL | Chief Operations Officer MAIN STREET RENEWAL Richard has over 25 years experience in mortgage banking and has managed all aspects of mortgage banking including originations, servicing, and secondary marketing. His prior experience includes SVP of Executive Administration for Lomas Mortgage USA, President of Winstar Mortgage Partners, and 11 years with Guaranty Residential Lending as Chief Operating Officer. His accomplishments include operating a $10 billion a year origination and 100,000 loan servicing platform, extensive M&A experience, development of several asset or investment M&A structures, and management of multiple conduits and operational platforms. Richard received his BS from the School of Communications at The University of Texas in Austin, Texas.
LAURIE MAGGIANO | Servicing and Secondary Markets Program Manager | Office of Research, Markets & Regulations CONSUMER FINANCIAL PROTECTION BUREAU Laurie joined the CFPB as the Program Manager for Servicing and Securitization Markets in the Division of Research, Markets, and Regulations, in July 2013. Prior to joining the Bureau, she worked at the U.S. Department of the Treasury, where she served as the Director of Policy in the Office of Homeownership Preservation. During her time at Treasury, Laurie was one of the principal architects of the Making Home Affordable program, a nationwide foreclosure prevention program that helped form the basis for CFPB servicing rules. Prior to joining Treasury, Laurie managed servicing policy at the U.S. Department of Housing and Urban Development. She also spent 20 years in the private sector.
J. RYAN McBRIDE | Executive Vice President-Acquisitions COLONY AMERICAN HOMES, LLC Ryan is responsible for directing acquisition operations at Colony American Homes with a particular focus on building and managing the Company’s local partner network. Prior to joining Colony American Homes, he was a Senior Managing Director at Carrington where he was responsible for directing the firm’s single-family residential rental strategy, capital formation and evaluating merger and acquisition opportunities. Ryan also spent eleven years in investment banking, most of this time at J.P. Morgan, where he led public and private capital financings and M&A advisory services for companies across a range of industries. Ryan received his M.B.A. in Finance from The Fuqua School of Business at Duke University and his B.B.A. in Finance from The College of William and Mary.
CHRIS McCULLOUGH | National Sales Executive CAPITAL ONE Chris is National Sales Executive at Capital One, responsible for leading Home Loans sales strategy, development and growth across four channels. Chris joined Capital One’s Home Loans division as Vice President Enterprise Services in January 2012 and transitioned to the Retail Sales leader in October of that same year. He is an accomplished leader with over 26 years of financial services experience spanning auto finance, credit cards and mortgage. Prior to joining Capital One, Chris was Chief Operating Officer at Vantium Capital, where he led operations across three mortgage business units. Prior to that, he spent the majority of his career as Executive Vice President at General Electric Consumer Finance for 12 years, where he led a number of businesses across GE’s credit card and mortgage enterprises.
MICHAEL McKEEVER | Shareholder KML LAW GROUP, PC Michael is a graduate of Fairfield University and Villanova University School of Law. He has been practicing law and representing mortgage lenders for over 20 years. A founding shareholder of KML Law Group, P.C, Mike is licensed to practice law in both Pennsylvania and New Jersey and is a member of Federal District Courts in both states. He is AV rated by Martindale-Hubbell. Mike has testified before the Senate Judiciary Committee and has been interviewed by the WSJ, New York Times, NBC Nightly News, and CNN as to the efficacy of Mortgage Foreclosure Diversion and Conciliation Programs. He is involved in the creation of Mediation/Conciliation programs in Pennsylvania and New Jersey, protecting the rights of lenders while affording homeowners an opportunity to resolve their delinquent loans.
DALE McPHERSON | CEO FIELD ASSET SERVICES (FAS) Dale started his career in Loss Mitigation more than thirty-eight years ago and has led FAS for the past 13 years. Dale has previously worked with several mortgage lenders and service providers, including Ryan Mortgage Co., Lomas Mortgage, USA, Mellon Mortgage West and CALMCO, Inc. Collections, foreclosures, and REO administration have been the sole focus of Dale’s career and he has dutifully earned the trust and respect from his colleagues across the industry. In addition to many awards and accolades over the years, Dale serves on The DSN Editorial Advisory Board.
ROBERT MEACHUM | EVP, Servicing STONEGATE MORTGAGE Robert is EVP of Servicing at Stonegate Mortgage Corp., one of the nation’s largest independently-owned mortgage lenders and servicers. Before joining Stonegate in Spring 2013, Robert worked at Homeward Residential where he served as Senior Vice President, Subservicing and Special Servicing. He was responsible for Homeward’s fee-based servicing, which included sub and special servicing as well as business development. Prior to working at Homeward Residential, Robert worked at Saxon Mortgage as Executive Director. He managed the operational credit risk of Saxon’s $37 billion servicing portfolio where he developed the business strategy and provided key leadership for the turnaround of Saxon’s servicing platform.
ALLAN MENDELOWITZ | Strategic Advisor DELOITTE CONSULTING Allan is currently a strategic advisor to Deloitte Consulting. Previously he was the co-founder and co-leader of the Committee to Establish the National Institute of Finance. In that capacity he developed and executed the committee’s legislative and communications strategies that resulted in the creation of the Office of Financial Research in the Dodd-Frank legislation. Previously he served as Chairman and Member of the Board of Directors of the Federal Housing Finance Board. Before joining the Finance Board he served as Executive Director of the U.S. Trade Deficit Review Commission, a congressionally appointed bipartisan panel; Executive Vice President of the Export-Import Bank of the United States; and as Managing Director for International Trade, Finance, and Economic Competitiveness at the U.S. GAO.
PAUL MILLER | Managing Director, Group Head of Financial Institutions Research FBR CAPITAL MARKETS & CO. | FBRCH Paul is one of the top ranked bank analysts in the world. Well-known in the financial services investment community for providing in-depth, fundamental analysis and investment recommendations on mortgage finance companies, his coverage list includes mortgage-banking companies, mortgage insurance, smallcap thrifts, and large-cap banks. In 2010, Paul was named the top overall stock analyst among 2,700 analysts by Forbes.com. He also received the Forbes.com Blue Chip Analyst Award as the leading analyst covering banks & thrifts in 2008, 2009, and 2010; he received the same award for coverage of finance companies in 2009. Paul earned his B.S. in economics, his B.A. in international relations, and his M.S. in economics from the University of Delaware. He received the CFA designation in 1997.
EDWARD MILLS | Research Analyst and Vice President FBR CAPITAL MARKETS & CO. | FBRC Ed is a research analyst and Vice President, covering financial policy at FBR Capital Markets & Co. Prior to joining FBRC, Ed spent nine years on Capitol Hill working in both the House of Representatives and the Senate. Most recently, he served as Senior Policy Advisor for banking and finance for the U.S. Senate Committee on Small Business and Entrepreneurship, chaired by Senator Mary L. Landrieu of Louisiana. During his time with the House of Representatives, Ed worked as a policy advisor for financial service issues for Congresswoman Carolyn B. Maloney of New York, a professional staff member for the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, and a staff assistant for Congressman John F. Tierney of Massachusetts. Ed is a graduate of Boston College.
TONI MOSS | Founder, CEO AMERICATALYST LLC/EUROCATALYST BV Toni is the Chief Architect of the programs for both AmeriCatalyst 2013: Rorschach and Renting the Future 2013, as well as the main host of both events. She is Founder and CEO of EuroCatalyst BV and AmeriCatalyst LLC, “sister” global market-positioning and strategic advisory firms specializing in global housing finance industry. With a strong entrepreneurial background in strategic marketing and corporate positioning, corporate intelligence, and global trend forecasting, Toni is often the first to identify significant industry trends and articulate their context. She’s also Managing Director of Lone Star Holdings BV, an intellectual-property holding firm comprised of original ideas and assets in global housing finance, real estate and community development, and property recycling.
JODY NATOLI | CEO DATA STAR SERVICES, LLC Jody is a seasoned mortgage veteran and entrepreneur, with 34 years of executive management experience. Her expertise includes analyzing financial risk and mortgage processes, developing and implementing solutions to streamline operations and asset management. Jody has been involved in numerous industry initiatives collaborating with The Mortgage Bankers Association and Government Agencies including the initial development of MERS. Her track record includes 20 years as CEO and Founder of Data Star Services, with a client list including money center banks, regional banks, large originators, servicers and document custodians. Jody received the award for “President of the Year” from Stewart Title for the founding and development of what is now Stewart Lender Services.
CRAIG NICKERSON | President NATIONAL COMMUNITY STABILIZATION TRUST Craig is President of the National Community Stabilization Trust, a nationwide nonprofit organization created in 2008 to spur the revitalization of neighborhoods in the wake of the foreclosure crisis. From 1997 to 2008, Craig was Vice President of Expanding Markets for Freddie Mac. In this capacity, he was responsible for supporting the affordable housing needs of mortgage lenders, building housing industry partnerships to strengthen underserved communities and increasing homeownership opportunity. He was also responsible for nationwide implementation of all single-family affordable housing lending initiatives at Freddie Mac. Prior to joining Freddie Mac, Craig worked for Secretary of HUD Henry Cisneros as Coordinator of the “National Partners in Homeownership.”
BETH O’BRIEN | Executive Vice President AUCTION.COM Beth O’Brien is an Executive Vice President of Auction.com and President of AuctionFinance.com. She has over 18 years’ experience in the real estate capital markets both as a principal and an advisor. Beth joined Auction.com in the summer of 2011 and runs residential capital markets which includes the loan sale platform and coverage of the institutional buyer and seller base. Auction.com is the leading online marketplace for both residential and commercial real estate. Prior to joining Auction.com, Beth spent just over five years at Citi in RMBS trading and securitization first on the scratch and dent desk and later covering opportunity funds, financial institutions and government entities for Mortgage Finance. Beth holds a BA from the University of Pennsylvania and a JD from Georgetown University Law Center.
BRANDON OSMON | Co-Portfolio Manager HAYMAN MORTGAGE CREDIT MASTER FUND, LP Brandon is a Managing Director at Hayman Capital Management, L.P. Prior to joining Hayman Capital Management in September 2007, Brandon was employed by Countrywide Financial Corporation. As a Senior Vice President in Treasury, he managed the company’s asset-backed commercial paper programs and secured warehouse lines of credit. His responsibilities included structuring the facilities, legal documentation and rating agency negotiations. Brandon was also responsible for collateral modeling and liquidity forecasting. He graduated with a Bachelor’s of Business Administration in Finance from the University of Texas in May 1999.
ARNOLD B. PHILLIPS | Senior Portfolio Manager, Global Fixed Income CALPERS Arnie is a Senior Portfolio Manager, Global Fixed Income, with the California Public Employees’ Retirement System (CalPERS), where he is is responsible for the management of approximately $25 billion of CalPERS’ fixed income assets focused primarily in the structured security sector. Arnie was hired in 1993 following six years in the treasury department of Sutter Health, one of the nation’s leading not-for-profit health care providers. Since 2001, he has been a portfolio manager in the CalPERS Global Fixed Income group and has over 25 years of institutional investment experience. He holds the Chartered Financial Analyst designation. CalPERS is the nation’s largest public pension fund and second largest in the world with over $260 billion in assets.
LARRY PLATT | Partner K&L GATES LLP Larry is a partner at K&L Gates LLP and concentrates his legal practice in representing purchasers and sellers of mortgage companies and mortgage-related assets, counseling clients on federal and state consumer credit laws, defending clients in government enforcement actions, and representing clients in governmental public policy matters. From 2007 to 2013, Chambers USA, an independent and researchbased guide to the legal profession, ranked K&L Gates as having one of the leading financial services practices in the country. Larry is consistently ranked by Chambers USA and in 2013, Larry was listed under Financial Services Regulation: Consumer Finance (Compliance) (Star Individuals) and Financial Services Regulation: Consumer Finance (Litigation) (Band 1).
AMY PORTER | VP, Operations READY4REMODEL Amy Porter is a licensed real estate agent and oversees operations for Ready4Remodel. Amy brings a background of corporate marketing, education, counseling and program development to the R4R team. Amy spent the first portion of her career as an educator teaching troubled teenage girls at a residential treatment center and later went on to obtain a master’s degree in Social Work where she provided counseling for homeless families in San Diego. The social value of the Ready4Remodel strategy struck deep with Amy and matched well with her skills, experiences and future ambitions. Amy also participates in various nonprofit and leadership organizations dedicated to enhancing the lives of at-risk youth in the San Diego. Amy is married to her partner Elizabeth of four years and resides in San Diego.
JADE J. RAHMANI | Vice President, Commercial Mortgage REITs, Homebuilders, & Single-Family REIT KEEFE, BRUYETTE & WOODS
Jade is a research analyst at Keefe, Bruyette & Woods, an investment bank specializing in the financial services sector. He is the lead analyst covering the Commercial Mortgage REITs, U.S. Homebuilders, and Single-Family REITs on KBW’s Mortgage Finance team. Prior to joining KBW in 2007, Rahmani was an equity analyst at Prudential Financial covering aerospace, defense and other industrial companies. He previously spent several years at UBS in marketing and product management roles within the private client group. Rahmani holds a Master of Business Administration from New York University’s Leonard N. Stern School of Business and a Bachelor of Arts from the University of Michigan, Ann Arbor.
JANNEKE RATCLIFFE | Executive Director | Senior Fellow UNC CENTER FOR COMMUNITY CAPITAL | CENTER FOR AMERICAN PROGRESS Janneke is Executive Director for the UNC Center for Community Capital, which she joined in 2005, bringing extensive experience in financial services and community development finance. Previously, she has directed a small-business loan fund, spent ten years in GE Capital’s mortgage subsidiary, and worked at one of the country’s leading community development financial institutions. Janneke provides guidance in all areas of Center research, ensuring it is rigorous and relevant. As a Fellow for the Center for American Progress and a member of Mortgage Finance Working Group, her work applies research and experience to issues concerning the future of the mortgage finance system.
SUDHA REDDY | Co-Founder and Chief Executive Officer HAVEN REALTY CAPITAL Sudha has over a decade of real estate and general finance experience, spanning the gamut from investment banking to principal-level real estate ownership and management. In his role as Chief Executive Officer of Haven Realty Capital, Sudha oversees all aspects of the Finance and Acquisitions platforms. Sudha began his career as an Equity Research Associate at CIBC World Markets where he covered the Internet and Defense sectors for the firm. After CIBC, Sudha became a Senior Analyst in the Private Wealth Management division of Goldman Sachs, working on a team that actively managed over $9 billion for high net worth families, foundations, and institutions. Sudha holds an MBA from the Marshall School of Business at USC, an MRED from USC and a BA in Psychology from Yale University.
JOSH ROSNER | Managing Director GRAHAM FISHER & CO. Josh, co-author of the New York Times Bestseller “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” is a Partner at research consultancy Graham Fisher & Co., where he advises regulators, policymakers and institutional investors on housing and mortgage finance issues. Previously he was Managing Director of financial services research for Medley Global Advisors, EVP at CIBC World Markets and a Managing Director at Oppenheimer & Co. Josh was among the first to identify operational and accounting problems at the government-sponsored enterprises and one of the earliest in identifying the peak in the housing market, the likelihood of contagion in credit markets and the weaknesses in the rating agencies CDO assumptions.
TAMI RUND | President ASSET VALUATION & MARKETING | AVM Tami is President of Asset Valuation & Marketing, a national valuation firm founded in 1995. She joined the company in 1996 and was instrumental in growing and expanding their business as well as developing their proprietary valuation platform. Tami attended University of Hawaii at Manoa as a marine biology major. After college she worked abroad in Switzerland and traveled extensively through Europe, Southern Africa, Southeast Asia and Australia before returning to the US and joining AVM.
TERRY SADOWSKI | Chief Marketing Officer FIELD ASSET SERVICES (FAS) Terry has 26 years of marketing and general management experience, most recently as Managing Partner for LGE Execs. Prior to LGE, Terry served as an executive and officer for NetSolve and played a major role leading Cisco’s acquisition in 2004. Prior to NetSolve, Terry was a CEO of a wireless data VAR and earlier, was a General Manager and Vice President at Dell, running the $4B Small Business division. Prior to Dell, Terry served as VP of Marketing for the Small and Medium Business division at BellSouth. After graduating from Princeton, Terry spent over 10 years in brand management, first for Quaker Oats and then for The Dial Corporation.
JOHN SAYRE | SVP, Business Development CALIBER HOME LOAN As Caliber Home Loan’s Senior Vice President of Business Development, John identifies new opportunities for Caliber Home Loan’s to work with industry partners. John has built relationships with many of the financial service industry’s top organizations over the past 25 years, making him a leader in business development. John previously worked at Nationstar Mortgage LLC, Fannie Mae (Dallas and Pasadena), Home Savings of America, First Interstate Mortgage Company and The Hammond Company.
DJ SCARCELLO | SVP, Default Services HSBC CONSUMER & MORTGAGE LENDING DJ is responsible for all aspects of servicing for both the owned and serviced portfolios including default and customer care. Prior to his current role, DJ was named EVP and Regional General Manager for HSBC North America’s Consumer & Mortgage Lending business. In this role he was responsible for overseeing the profitability and performance of more than 2000 employees across 325 branches in 22 states. In addition to formulating strategic direction, growth and daily operations for the region, he served as Executive Sponsor on numerous corporate initiatives. DJ joined HSBC in 1997 as an Account Executive for Consumer Lending and has held several key roles throughout the organization. DJ is a graduate of the University of Central Florida in Business Management and Legal Studies.
SKIP SCHENKER | Founder READY4REMODEL Skip has over 20 years of renovation lending experience and is widely recognized as an industry expert. He has dedicated his lending career to developing processes, procedures and unique marketing strategies for renovation financing. Skip was recently recognized by HousingWire as a “Giant of Innovation” for re-ordering the workflow of a renovation loan which simplifies the loan process to get homes “Ready4Remodel” which attracts owner-occupant buyers on distressed properties, minimizes fall-out and speeds up the contract-to-close timeline on renovation loans. Skip is passionate about creating a WinWin solution where asset owners yield higher returns by selling distressed properties to owner-occupant buyers, while revitalizing communities and assuring young families move into clean, functioning homes.
HOWARD SCHICKLER | Partner KATTEN MUCHIN ROSENMAN LLP Howard represents a multitude of participants in the structured finance market, including issuers, underwriters, credit enhancers, lenders and borrowers. With more than 20 years of experience, Howard handles structured finance transactions across a variety of asset classes, including mortgages, home equity loans, auto loans, equipment leases, credit card receivables, franchise loans, health care receivables, trade receivables and royalties. Much of Howard’s work occurs at the intersection of private equity funds and structured finance and involves assisting private equity funds in securitizing residential mortgage loans, auto loans, equipment leases and other consumer loans. Howard graduated magna cum laude from The George Washington University and received his JD from the NYU School of Law.
TIMOTHY SCHLUETER | SVP, Servicing Strategy and Development HSBC CONSUMER AND MORTGAGE LENDING Tim is currently SVP of Servicing Strategy and Development at HSBC, supporting the bank’s $50 billion owned mortgage portfolio. He is responsible for operational and portfolio strategy for the bank’s consumer lending portfolio; addressing the challenges of managing a liquidating portfolio while focusing on reducing costs, driving efficiency, and maximizing cash flow. Tim has also led an overhaul of all formulaic employee incentive compensation programs, and he manages the servicing organization’s technology and process enhancement initiatives. In prior roles, Tim has led teams in sales and marketing strategy to support HSBC’s retail mortgage origination channel. He joined HSBC in 2004.
NATE SHULTZ | Senior Policy Advisor U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT | HUD Nate is Senior Policy Advisor to the Assistant Secretary for Housing – Federal Housing Commissioner at the U.S. Department of Housing and Urban Development. In this capacity, he provides leadership on behalf of the Commissioner and other senior HUD officials in the development and implementation of a wide array of policies and initiatives associated with Federal Housing Administration (FHA) programs, including providing leadership for HUD’s Distressed Asset Stabilization Program. Nate began his tenure at HUD in FHA’s Office of Single Family Housing, where he worked in both the Office of Lender Activities and Program Compliance and the immediate Office of the Deputy Assistant Secretary for Single Family Housing. Nate holds a Master of Public Administration degree from the University of Colorado.
RICK SHARGA | Executive Vice President AUCTION.COM Rick joined Auction.com, the online real estate auction platform, in July 2013 as Chief Spokesman and EVP after spending two years in a similar role at Carrington Mortgage Holdings. One of the country’s most frequently-quoted sources on foreclosure, mortgage and real estate trends, Rick joined Carrington from RealtyTrac, where he was a SVP, responsible for marketing and business development. Rick has briefed government organizations such as the Federal Reserve and Senate Banking Committee and corporations like JPMorgan Chase, Citibank and Deutsche Bank on foreclosure trends, and performed foreclosure training for leading real estate organizations. A black belt in Tae Kwon Do, Rick spends his spare time continuing his lifelong quest to find the perfect wine to compliment his BBQ’d baby back ribs.
THOMAS SHOWALTER | Chief Analytics Officer DIGITAL RISK Thomas, as Chief Analytics Officer, is responsible for the data, analytics and decisioning systems in use and under development at Digital Risk. He has over 35 years of related experience at a number of major firms and nationally known organizations. Thomas and his development team leverage the extensive Digital Risk database to create unique and powerful analytics with an extensive focus being placed upon applications that determined the most appropriate, loss mitigating treatment for distressed mortgage loans. Thomas’ experience is complemented with a B.A. in psychology from Rutgers University, a M.A. in statistics and experimental psychology from the University of Virginia, and a M.B.A. from Stanford University.
SCOTT SIMON |former Managing Director, head of MBS/ABS Teams PIMCO Until recently, Scott was a managing director in the Newport Beach office, a senior member of PIMCO’s portfolio management and strategy groups and head of the mortgage- and asset-backed securities teams. Prior to joining PIMCO in 2000, he was a Senior Managing Director and co-head of MBS pass-through trading at Bear Stearns. He also authored The Daily MBS Commentary there. Scott was named to positions on the Institutional Investor All-America Fixed-Income Research Team, seven times, including first place in MBS pass-throughs and overall MBS strategies. He has 30 years of investment experience and holds both master’s and undergraduate degrees in industrial engineering from Stanford University.
TIM SKEET | Managing Director, FIG-DCM ROYAL BANK OF SCOTLAND Tim joined Royal Bank of Scotland as Managing Director in the Financial Institutions Group within Debt Capital Markets in 2011. He is responsible for enhancing the RBS financial institutions footprint, particularly in the strategically important Nordic region. Since leaving Bank of America Merrill Lynch in 2010, where he worked for four years as Head of Covered Bond origination, Tim was a senior advisor to the International Capital Markets Association (ICMA), where he now acts as a board member. He also worked as a consultant to Amias Berman LLP. He is a founding member of the European Covered Bond Council’s steering committee, working on several sub-committees. He is also a member of the FSA/UK Treasury Covered Bond Standing Group and the ASF covered bond lobby group in the U.S.
LANDON SMITH | Group Executive, Mortgage and Title Services STEWART LENDER SERVICES | SLS Landon is responsible for the national title and closing strategy for Origination Title, Default Title and REO Title/Closing services at SLS. Landon is also responsible for the development of new products, marketing and sales strategy. Additionally, he is responsible for Stewart’s title and closing relationships with national lenders, servicers, GSEs and Stewart’s network of offices and agents. He has 22 years experience in the title and settlement services and lender relations industry with a strong emphasis in the default services segment. Most recently he was with Land America Lawyers Title where he was responsible for business development and strategic partnerships. He had also served as Assistant Vice President for LandAmerica’s Southeast Lender Services.
SHANNA SMITH | President NATIONAL FAIR HOUSING ALLIANCE | NFHA Shanna was selected by NFHA’s board of directors to open alliance’s first office in 1990 and has led the agency since that time. As President, she is responsible for all NFHA’s program activities and directly supervises the enforcement and resource development programs. Shanna has been an expert witness in several fair housing cases and consults with private fair housing agencies in the development of testing for rental, sales, lending, and insurance complaints. She has negotiated with lenders in Fair Housing Act lawsuits and Community Reinvestment Act challenges. Over the past 12 years, Shanna has testified before Senate and House Banking committees about policies and practices that violate the Fair Housing Act involving lending, private mortgage insurance, and homeowners insurance.
TERRY L. SMITH | CEO RUSHMORE LOAN MANAGEMENT SERVICES LLC Terry is currently the Co-CEO of Rushmore Loan Management Services LLC. Rushmore is the captive, “High Touch” residential special servicer and national wholesale loan originator for Roosevelt Management Company. Terry is also a Senior Managing Director and founding partner of Roosevelt Management Company, a New York based real estate investment management firm. He has over 20 years of mortgage industry experience and is responsible for capital markets operations including due diligence and servicing oversight. Prior to founding Roosevelt, Terry spent a year with Ellington Management Group where he was hired to function as the President of the servicing business. He received a degree in Finance from Monmouth College in West Long Branch, NJ.
YVES SMITH | Editor/Publisher NAKED CAPITALISM Yves is the creator of the “Naked Capitalism” blog and author of “ECONNED: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.” She has spent more than 25 years in the financial services industry and currently heads Aurora Advisors, a New York-based management consulting firm specializing in corporate finance advisory and financial services. Prior experience includes Goldman Sachs (in corporate finance), McKinsey & Co., and Sumitomo Bank (as head of mergers and acquisitions). Yves has written for publications in the U.S. and Australia, including The New York Times, The Christian Science Monitor, Slate, The Conference Board Review, Institutional Investor, and the Australian Financial Review. She is a graduate of Harvard College and Harvard Business School.
HAENDEL ST. JUSTE | Vice President and Senior Analyst, REITs MORGAN STANLEY Haendel is a Vice President and Senior Analyst on the REITS team, covering the Residential and Storage subsectors. In the decade prior to joining Morgan Stanley, he worked as a REIT equity analyst at Keefe, Bruyette & Woods, Green Street Advisors, and Bear Stearns, where he concentrated on residential REITs. Before that, Haendel worked in the Real Estate investment banking department at UBS Warburg. Haendel has an MBA from NYU’s Stern School of Business.
RYAN STARK | Director, Structured Credit Group | Head of Residential Mortgages DEUTSCHE BANK SECURITIES Ryan has been in the Structured Credit Group at Deutsche Bank for 14 years with management duties including overseeing all aspects of the residential and small balance commercial mortgage business including term securitizations, warehouse lending, M&A and advisory assignments, distressed whole loan purchases and derivative sales for the United States and Canada. He has particular expertise in the non-agency and sub/non-performing/REO sectors and has clients ranging from the US government to specialty finance companies, REIT’s, hedge funds, private equity firms and large banks. Prior to joining Deutsche Bank, Ryan worked for 2 years at PaineWebber in the Municipal Securities Group focusing on project finance backed debt transactions.
STEVE STELMACH | Senior Analyst | SVP, Financial Services Group FBR CAPITAL MARKETS & CO. With more than a decade of sell-side equity research experience, Steve has covered a broad array of companies and sectors throughout the financial services and housing industries. Currently, he concentrates his research efforts on homebuilders, mortgage & title insurance, and broker/dealers. Most recently, he has led FBR’s research efforts in the single-family rental sector. In previous roles at FBR, Steve has supported research coverage of the government-sponsored entities, mortgage banking companies, small- and large-cap thrifts, and community banks. In 2013, Steve was recognized in The Wall Street Journal’s Best on the Street awards as the No. 2−ranked equity analyst overall in the U.S. and No. 1 analyst in the homebuilding and home furnishings sector.
DAVID H. STEVENS | President and CEO MORTGAGE BANKERS ASSOCIATION Dave has more than 30 years as an executive in mortgage finance, sales, acquisition, investment, risk management and regulatory oversight. He started his professional career at the World Savings Bank and was later a Senior Vice President at Freddie Mac and an Executive Vice President at Wells Fargo, before being President and Chief Operating Officer of Long and Foster Companies, the nation’s largest, privately-held real estate firm. Prior to joining MBA, Dave was the Assistant Secretary for Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development (HUD). In this role, he had direct responsibility for oversight and administration of the Federal Housing Administration (FHA) insurance portfolio.
HOLLY STUTZ SMITH | Director, Marketing and Communications RIK ENTERPRISES Holly joined RIK by way of the City of Chicago where she served as the Chief of Policy and Communications for the Department of Finance under Mayor Rahm Emanuel. In this role, she oversaw all media, legislative and policy initiatives for City financial and budgetary matters. During her tenure Holly was instrumental in obtaining the unanimous approval of a $3.2 billion dollar budget by the Chicago City Council. An Ohio native, Holly started her career in the Ohio General Assembly focusing primarily on policy and communications in the minority leader’s office of the Ohio Senate. This role lead her to become the Deputy political director for the Senate Caucus before she later moved on to join the 2008 presidential primary and general campaigns. Holly resides with her husband in Cleveland, Ohio.
ERIC TAYLOR | President RENTRANGE LLC Eric is the President of RentRange, LLC, the nation’s leading provider of Rental Market Intelligence™ to the financial services and real estate industries. Prior to RentRange, Eric held senior management positions with ISGN, Advanced Field Services, and Integrated Loan Services. With nearly 30 years of experience in the residential mortgage and insurance information industries, Eric has focused on transforming traditional products and services into next-generation market differentiators. His domain expertise centers on property and market centric data, geospatial information and imagery, advanced analytics, and specialty valuation solutions. Eric’s leadership role at RentRange is focused on sales and operational management oversight, new product innovations, and strategic partnership initiatives.
JEFFREY C. TAYLOR | Co-Founder, Managing Partner DIGITAL RISK An entrepreneur, speaker, and financial markets expert, Jeff is recognized as an individual that brings service-centric solutions to markets in turmoil. As co-Founder and Managing Partner, Jeff controls all of Digital Risk’s sales, marketing, and governmental initiatives. He also manages all of the company’s high-level client relationships. In addition to his working title, Jeff continues to play an integral role in the development of unique data and process solutions to help better overall industry practices, including exclusive data sources for lenders to make better loans, and forensic review and loss mitigation solutions to help investors manage their portfolios. A proud member of the Fraud and Ethics Subcommittee of the Mortgage Bankers Association, he holds a B.A. in Political Science from the University of Miami.
JIM TAYLOR | SVP, Property Preservation for Default Servicing WELLS FARGO HOME LENDING Jim leads asset management and preservation of the residential servicing portfolio while caring for the interests of communities served by Wells Fargo. As head of the Property Preservation team, Jim manages property preservation and supports REO sales and marketing activities through Premiere Asset Services, including donation or discounted REO sales programs to nonprofit organizations. Prior to joining WFHL in 2008, Jim served in executive management and leadership roles for mortgage banks and mortgagerelated enterprises, including most recently, ReconTrust Co., a subsidiary of Bank of America Corp. Jim earned his Master of Science in Management from the Krannert Graduate School of Management at Purdue University, and an M.B.A. from Ecole Superieure de Commerce de Rouen in Rouen, France.
MARY ELLEN TAYLOR | ASSOCIATE DIRECTOR OF THE OFFICE OF STRATEGIC INITIATIVES FEDERAL HOUSING FINANCE AGENCY Mary Ellen is the Associate Director of the Office of Strategic Initiatives (OSI), at the Federal Housing Finance Agency (FHFA). At FHFA and the Office of Federal Housing Enterprise Oversight, one of the predecessor agencies of FHFA, Mary Ellen also served in a number of other capacities: as Associate Director for Agency Communications, as Senior Policy Advisor in the Office of Policy Analysis and Research, and as Director of Congressional Affairs. She has also worked in local government in the UK, as a Senior Policy Advisor to the Westminster City Council. Mary Ellen’s academic work was in Urban Studies, with a BS from the University of Pennsylvania.
JEFFREY G. TENNYSON | CEO B2R FINANCE Jeff is the CEO of B2R Finance, which is a specialty finance company dedicated to providing innovative mortgage financing for owner/operators of single family residential rental properties. Prior to B2R, he was Chairman and CEO of Strategic Lending Group and Managing Director of Strategic Growth Bank (“SGB”). Jeff was responsible for the leadership and direction of the residential mortgage enterprise at SGB. Prior to joining SGB, Jeff was the Chairman and CEO of Charlotte, NC based EquiFirst Corporation (a Barclays subsidiary) in addition to being a Managing Director of Barclays Capital. EquiFirst was a national non-agency mortgage lender and under Jeff’s leadership, EquiFirst grew from start-up to being a top 15 lender originating over $12 billion annually in residential mortgage production.
VISHWANATH TIRUPATTUR | Managing Director MORGAN STANLEY Vishwanath is a Managing Director at Morgan Stanley responsible for credit securitized products research and strategy. He was voted to the Institutional Investor’s 2009 All-American Fixed Income Research Team for Structured Securities. Prior to joining Morgan Stanley in September 2004, he had portfolio management/risk management responsibilities at The Chubb Corporation, American International Group (AIG) and The Lincoln National Corporation, managing interest rate, equity and credit derivatives. He has also been a post-doctoral associate at the University of Illinois and holds a master’s degree from Virginia Tech and doctoral degree from the University of Illinois at Urbana-Champaign.
TED TOZER | President GINNIE MAE Ted became President of Ginnie Mae in 2010, bringing with him more than 30 years of experience in the mortgage, banking, and securities industries. As President of Ginnie Mae, Ted operates a multi-billion dollar corporation, administers the mortgage-backed securities program, and oversees enterprise-wide risk management initiatives including capital market activity. Prior to his appointment as President, Ted served as Senior Vice President of Capital Markets at the National City Mortgage Co. for more than 20 years. There, his responsibilities included pipeline hedging, pricing, loan sales, loan delivery, and credit guideline exceptions. While at NCM, the company’s annual loan sales grew from $1 billion in 1989 to $106 billion in 2003. During his tenure, NCM never experienced a loss.
MATT VERNON | Home Loans Sales Executive BANK OF AMERICA HOME LOANS Matt is the Home Loans Sales Executive for Bank of America Home Loans, a mortgage company with a $1 trillion servicing portfolio of more than seven million home loans. He leads the sales operations for all consumer mortgage lending channels, including Retail, Centralized, and Banking Center Sales, as well as Neighborhood Lending. He oversees a team of more than 4,000 mortgage loan professionals offering products through more than 600 retail home loan locations, more than 5,600 banking centers and five call centers. Matt is responsible for developing, managing and coordinating multiple initiatives and programs that support overall business growth strategies. Among his responsibilities are strategic planning and reporting, business continuity planning.
DAVE VIDA | President, Servicing and Correspondent Lending LENDERLIVE NETWORK Dave is President of loan servicing for LenderLive Network® and acts as the company’s Chief Strategy Officer. He has more than 20 years of experience in mortgage banking, working for both large publicly traded companies and start-ups. During his career, Dave has built and run numerous loan servicing and origination companies. Prior to joining LenderLive, Dave founded and was the CEO of Acqura Loan Services and Strategic Recovery Group, where he pioneered a non-linear unique risk-based and preemptive loan management approach and proprietary technology. He was also CEO of Master Financial Inc. as well as held various senior positions at H&R Block Mortgage and Option One Mortgage Corp. Dave was President and Co-Founder of City Mortgage Services.
BART VINCENT | SVP, Short Sales WELLS FARGO HOME MORTGAGE Bart is the Senior Vice President of Short Sales at Wells Fargo Home Mortgage, located in San Antonio, Texas. In his role, he is directly responsible for managing all Short Sale and Deed-in-Lieu activities for the servicing channel. Bart, a 24-year veteran of the mortgage industry, joined Wells Fargo in 2010. Prior to joining Wells Fargo, he was the Chief Financial Officer at OneWest Bank Mortgage Servicing and previously held senior management positions with Washington Mutual, Home Side Lending and Banc Plus Mortgage. Bart has managed Finance, Accounting, Audit, Tax, Mergers & Acquisitions, Investor Relations, Management Reporting, Default Management, Investor Accounting, and Servicing Operations. Bart is a licensed CPA and past president of the National Investor Relations Institute.
CHRISTOPHER J. VOLGENAU, Vice President PAY NEAR ME Christopher is an experienced entrepreneur, consultant and senior executive specializing in real estate and related technology services with proven success in developing strategic and tactical plans to bring business concepts from genesis to financial viability. He is currently leading business development efforts in real estate verticals for PayNearMe. PayNearMe is a revolutionary financial services company that digitizes cash through its retail network for merchants while enabling consumers to pay rent, transfer money, repay loans, make online purchases and much more with cash. Christopher was a twotime Collegiate All-American and a national and world ranked Professional Track and Field Shot-Putter. He earned an MBA from the University of Colorado, Leeds Graduate School of Business.
ROBERT L. WALKER | Managing Director, LPS Real Estate Products and Analytics LPS DATA & ANALYTICS Rob is a Managing Director for the Lender Processing Services (LPS) Applied Analytics division. Rob is in charge of all real estate product development; including, but not limited to, automated valuation model development and all products emanating from LPS’ SiteX platform. A 20+ year veteran of the real estate information industry, Rob recently joined LPS from First American CoreLogic. During his tenure with First American, Rob was instrumental in helping First American become the leading AVM purveyor in the nation. Along that path, Rob also led successful AVM development efforts in Australia, New Zealand and the United Kingdom. Rob holds a bachelor’s degree in Economics from Vanderbilt University in Nashville and a master’s degree in Business Administration from Columbia University in New York.
CHRISTOPHER WHALEN | EVP, Managing Director CARRINGTON HOLDING COMPANY, LLC Christopher is EVP and Managing Director for Carrington Holding Company, LLC, which operates in virtually every aspect of single-family residential real estate transactions – investments in U.S. real estate and mortgage markets, loan origination and servicing, asset management and property preservation, real estate sales and rental, and title and escrow services. Christopher is Co-Founder and Vice Chairman of the board of Lord, Whalen LLC, the Los Angeles based provider of customized risk management tools and consulting services focused on the financial services industry. He is also the author of the December 2010 book, “Inflated: How Money and Debt Built the American Dream,” now in a second printing from John Wiley & Sons.
COLIN WIEL | Chief Investment Officer & Founder WAYPOINT HOMES Colin oversees Waypoint’s acquisitions and technology strategies. Prior to founding Waypoint, Colin founded and sold an e-commerce software engineering firm. He has been a successful investor in a variety of asset classes including real estate, public markets, venture capital and angel investments. In 2005, Colin founded the San Francisco chapter of Keiretsu Forum, the world’s largest angel investor group, which he grew to over 100 members before stepping down as Chapter President in 2009. Notable technical achievements include designing an antilock braking system for commercial aircraft for Boeing (two US patents issued) and co-architecting the Java software infrastructure for Charles Schwab’s online trading website. Colin holds a B.S. in Mechanical Engineering from the University of California, Berkeley.
MARK WILLIS | Resident Research Fellow FURMAN CENTER FOR REAL ESTATE AND URBAN POLICY, NYU Mark is a Resident Research Fellow at the Furman Center. Before joining the Center, Mark was a Visiting Scholar at the Ford Foundation, working on research related to community development and the financial services sector. Prior to his time at Ford, Mark spent 19 years at JPMorgan Chase, overseeing its community development programs and products to help strengthen low- and moderateincome communities. Among his many accomplishments there, Mark founded the Chase Community Development Corporation. Before joining Chase, Mark held various positions in economic development and tax policy with the City of New York, including Deputy Commissioner for Development at the Department of Housing Preservation and Development.
IVY ZELMAN | Chief Executive Officer ZELMAN & ASSOCIATES As CEO of Zelman & Associates, Ivy holds more than 20 years of experience covering housing and housing-related industries. Founded in October 2007, Zelman & Associates provides analyses across all aspects of the housing spectrum. Ivy’s concept for the firm remains strongly rooted in the ability to perform thematic research overlaid with proprietary surveys to produce unparalleled differentiated value added research. For the past 18 years, Institutional Investor has recognized Ivy as one of the most preeminent figures within the housing industry. Ivy reinforced her dominant reputation in the industry by calling the bottom of the housing market in January 2012 and is the most constructive today than she has ever been in her 22 year career on Wall Street.
OUR EVENTS EUROCATALYST 2002: MADRID 23-24 SEPTEMBER MORTGAGE LENDING IN EUROPE: WILL NATIONAL MARKET STRUCTURES SURVIVE GLOBALIZATION? EUROCATALYST 2003: LISBON 22-24 OCTOBER COMPETITION AND CONVERGENCE IN EUROPEAN HOUSING FINANCE AND FIXED-INCOME INVESTMENT EUROCATALYST INFOCUS 2004: FRANKFURT 4 JUNE NORDIC COVERED BONDS EUROCATALYST 2004: BERLIN 11-13 OCTOBER GROWTH, INTEGRATION AND DIFFERENTIATION IN EUROPEAN MORTGAGE MARKETS AND FIXED-INCOME PRODUCTS EUROPESERVICING 2005: AMSTERDAM 3 JUNE MAXIMIZING GROWTH, MINIMIZING OPERATIONAL RISK AND RECOVERING ASSET VALUE IN EUROPEAN MORTGAGE MARKETS EUROCATALYST 2005: ROME 26-28 SEPTEMBER RISK, RELATIONSHIPS AND REWARD IN EUROPEAN MORTGAGE MARKETS EUROPESERVICING 2006: LONDON 31 MAY-1 JUNE BRIDGING PRIMARY AND SECONDARY MARKETS, ENABLING CROSS-BORDER LENDING AND PROTECTING INVESTMENT VALUE IN EUROPEAN MORTGAGE AND REAL ESTATE MARKETS EUROCATALYST 2007: MADRID 5 OCTOBER BURNING DOWN THE HOUSE / QUEMANDO LA CASA EUROPESERVICING 2008: LONDON 29 APRIL VERTIGO: MORTGAGE SERVICING, PROCESSING AND ADMINISTRATION IN A WORLD OFF-BALANCE EUROCATALYST 2009: AUSTIN 16-18 NOVEMBER LIVE FROM AUSTIN – DISTRESSED SERVICING 2009 AMERICATALYST 2010: AUSTIN SEPTEMBER 12-14 INSIDE OUT | REBUILDING THE US HOUSING FINANCE SYSTEM AMERICATALYST 2011: AUSTIN NOVEMBER 6-8 CONVERGENCE | THE GLOBALIZATION OF HOUSING FINANCE, 10 YEARS ON AMERICATALYST 2012: AUSTIN SEPTEMBER 30 - OCTOBER 2 THE ENTANGLEMENT
RENTING, THE FUTURE? THE FOLLOWING IS A SHAMELESS REPRINT FROM CONTINuuM 2012: THE CLASS OF 2012 YEARBOOK. THE TIME LINE IS STILL BEING MAINTAINED, BuT SO MuCH IS HAPPENING. THE BEST PRESENTATION OF IT WILL BE ONLINE. AFTER AMERICATALYST 2013. Those of you who attended AmeriCatalyst 2011 may remember the servicer time line, which we began keeping after AmeriCatalyst 2010 and continued to chronicle even after printing it in the yearbook for AmeriCatalyst 2011. While we continued to keep up with the goings-on of servicers and the servicing sector post-AG settlement, in early spring, we felt it was time to pick on another part of the industry. We’d already “done” globalization, to a certain degree. At EuroCatalyst 2007, we published a time line that took a look at mergers, acquisitions, the creation of warehouse lines and other market activities across the globe going back to 1993. From the acquisition of Banca Popolare di Lecco by Deutsche Bank in November 1993, the creation of Kensington Mortgages by Marty Finegold in the UK in January 1994, and the purchase of Aurora Loan Services by Lehman in 1997, through to at least 300 globalization/subprime/credit/liquidity-crisis-related activities by banks, governments and investors around the world in the period spanning January to October 2007. Sovereign default fears aside, spring 2012 saw a wave of Buy-to-Let (Buy-to-Rent)/REO-to-Rental “news” items make the headlines. And then, of course, “Renting The Future” (or “Renting, the Future?”) is the theme of the bulk of the sessions on Day 2 of this year’s event. So what better subject to scrutinize. Read On. Rather good material for those late-night trivia games.
Fannie Mae announces the establishment of the National Real Estate Owned Rental Policy (Tenant in Place), a program designed to allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes.
Freddie Mac launches its REO Rental Initiative, a plan that gives qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.
Andrew Jakabovics and the Center for American Progress, in a paper titled “An Untapped Source of Green Rental Homes,” urge policymakers to set up a program “to convert already foreclosed homes owned directly by the federal government into thoroughly energy efficient, affordable rental homes that can be resold as portfolios of rental properties to private investors.”
The Federal Housing Administration (FHA) announces the First Look Sales Method, which allows groups participating in the Neighborhood Stabilization Program (NSP) exclusive access to review and purchase for eligible use - including rental - newly conveyed FHA REO properties located in NSP-designated areas before they are listed for sale to the general public.
The U.S. Department of Housing and Urban Development (HUD) unveils the National First Look program, in which REO properties held by Fannie Mae and Freddie Mac and others are made available for sale to NSP grantees prior to being made available to the general public (such as private investors). HUD says that the nation’s leading financial institutions have signed up to participate in the National First Look Program, representing approximately 75 percent of the REO marketplace. These include Bank of America, Chase, Citi, Deutsche Bank, GMAC, Nationstar Mortgage, Ocwen Financial Corporation, Saxon Mortgage Services, U.S. Bank, Wells Fargo, Fannie Mae, Freddie Mac, and the FHA.
Morgan Stanley’s research team issues a Housing Market Insights on “A Rentership Society,” which, the team believes, is the direction the U.S. is moving toward as a result of “the combination of falling home prices, limited mortgage credit, continued liquidations, and better rental options.” The team says that “each distressed single-family liquidation creates a potential renter household, as well as a potential single-family rental unit. The better match of single-family properties for these involuntary owner-turned-renters should drive demand for single-family rentals.”
Amherst Securities’ MBS Strategy Group issues a Mortgage Insight in which it calls investors key to increasing housing demand and notes that “single family homes for rent could potentially become an attractive new asset class for investors.” The paper argues that housing prices “can best be cushioned by increasing financing for investors, which will allow a higher rate of return on invested equity.” The Insight concludes that this, in turn, “should encourage more purchases at current prices and promote market stability.”
The Federal Housing Finance Agency (FHFA), in consultation with Treasury and HUD, announce an RFI seeking input on new options for selling single-family REO properties held by Fannie Mae, Freddie Mac and the FHA. FHFA’s objective is to help address current and future REO inventory, support rental and affordable housing needs. The FHFA ultimately receives more than 4,000 responses to the RFI by the September 15 deadline. The FHFA later reveals that about 10% of the 4,000 responded fully to questions posed in the RFI. “Most respondents,” the FHFA said later (Nov. 30), “suggested disposition strategies that involved renting properties for a period of time.”
John Burns Real Estate Consulting, in its response to the FHFA RFI, declares that “selling REO homes to investors makes the most economic sense for the banks, Fannie Mae, Freddie Mac, HUD, and the American taxpayers,” and urges that “current regulatory and political pressures that prohibit or discourage these institutions from adopting this sound economic decision” be relaxed.
Laurie Goodman, in testimony before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development, calls long-term investors “the only potential buyers of many distressed homes that are likely to hit the market over the next 5-6 years,” and says, they “need to be part of the solution.” She stresses that any successful program to address the glut of foreclosed properties must have four objectives: • be scalable enough to have an impact • hold homes off the “for sale” market for several years • place the risk and responsibilities of owning the real estate with financially strong and operationally sound managers • maximize the economics for the GSEs and the taxpayers. One important way of achieving these objectives, Laurie says, is to allow for opportunities for bulk purchases of REO properties and non-performing loans, with each auction focused on a narrow geographic area to maximize the economics for the GSEs.
In written testimony before the US House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity, Carol Galante, Acting Assistant Secretary for Housing–Federal Housing Administration Commissioner, outlines the Mortgage Acquisition and Disposition Initiative (“601-Note Sales Program), a pilot program that gives the FHA the opportunity to acquire mortgages before homes become REO properties and sell them though open auctions. The entity that acquires the notes through the auction is prevented from selling the home from foreclosing on borrower for an additional 6 months.
In a report titled, “Equal Footing: Financing Single Family Rentals,” Western Asset Management Company notes that demand for rental housing is strong, translating into rent increases across America, and that the “combination of declining home prices and strong rents is creating a situation in which an investment in single-family rental housing can earn a reasonable return.” The report believes that a program should be developed to place the single-family market on equal footing as the multifamily market by providing limited leverage to investment buyers. “A well-structured financing program for single-family rental housing would help to create a floor in home values across distressed markets while at the same time providing attractive returns to the lender,” the report says.
Thirty-three U.S. Senators write a letter to the U.S. Treasury Department, HUD and FHFA, urging the Obama Administration to quickly develop an efficient and effective REO management strategy to make better use of vacant foreclosed homes. “We urge you to analyze, quickly and diligently, the input you have received so that all REO properties under your control may be best managed to produce the most value for Fannie Mae, Freddie Mac, and FHA. As part of this analysis, we ask that you also keep in mind the importance of looking for the most effective ways to stabilize neighborhoods and housing values.”
Morgan Stanley Research Team releases report on Housing 2.0: The New Rental Paradigm. “As institutional ownership of single-family rental properties grows, hopefully with the help of government intervention, but even without it, we believe that the housing market is already beginning to undergo that fundamental change to support a more renter-heavy society,” the report says, adding, “we believe that we are in the early stages of the development of a new institutional- owned asset class: single-family real estate.” The report says that opportunities to participate in single-family rentals exist for both equity and debt investors, and that “single-family and multifamily rentals can co-exist without taking market share from each other.”
Fed Chairman Ben Bernanke and his staff release a white paper “The U.S. Housing Market: Current Conditions and Policy Considerations,” as a “framework for thinking about certain issues and tradeoffs that policymakers might consider.” In the white paper, the Fed notes that the market for rental housing is strengthening and that there is a long-term need for an expanded stock of rental housing.
Carrington Holding Company LLC announces an agreement with Oaktree Capital Management to fund an initial purchase of up to $450 million in distressed single-family homes across the country.
The FHFA announces the framework of the REO initiative, a program designed to partner with the investor community to facilitate the conversion of government REOs to investor-owned rental properties. The FHFA encourages investors interested in buying government-owned REOs in bulk for use as rental properties to register with Fannie Mae in order to pre-qualify as an eligible bidder.
Morgan Stanley’s Housing Market Insights reports that “the Year of the Landlord is off to a fast start, with both private investors and government programs targeting the opportunity to turn distressed single-family properties into rentals.” The Insights team belies that “one of the greatest potential effects of Buy-to-Rent is job creation, with the possibility of creating over 1 million jobs in the hard-hit construction and real estate industries. Best of all, these jobs could be created by private capital without the use of taxpayer dollars, and generally cannot be outsourced.” The team believes that operating efficiency “will be the leading driver for investor returns.”
IFR (International Financing Review) reports that Freddie Mac has begun talks with institutional mortgage-bond investors interested in buying hundreds of distressed single-family residential properties across the U.S. in order to convert them to rental units. Freddie Mac is making efforts to fast-track its own version of a proposed US foreclosure-rental program, even though the Obama administration and the US Federal Housing Finance Agency have so far only officially sanctioned the REO initiative, according to IFR, which says that “Freddie Mac’s own plan has apparently gained traction over the past two weeks, and its proposed strategy of disposing of its enormous overhang of REO properties is likely to differ from Fannie’s in important ways, particularly in how qualified investors may be able to procure financing to buy the pools of foreclosed single-family homes.”
FHFA Acting Director Edward J. DeMarco sends to Congress a strategic plan for the next phase of the conservatorships of Fannie Mae and Freddie Mac. The plan builds on the Acting Director’s February 2010 letter to Congress on the conservatorships and sets forth objectives and steps the FHFA is taking or will take to meet its obligations as conservator. The FHFA identifies three strategic goals for the next phase of the conservatorships: • Build: Build a new infrastructure for the secondary mortgage market; • Contract: Gradually contract the Enterprises’ dominant presence in the marketplace while simplifying and shrinking their operations; and • Maintain: Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages.
Lewis Ranieri and RCG (consulting group) publish white paper promoting government efforts to convert foreclosure homes into rental properties as a positive example of public-private collaboration to fix the U.S. housing market.
The FHFA announces the first pilot transaction (2,490 properties in a portfolio of Fannie Mae owned tenantoccupied and vacant REO single family residential properties) under the REO initiative, targeted to hardest-hit metropolitan areas — Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida.
Warren Buffett tells CNBC’s Squawk Box that he’d buy up “a couple hundres thousand” singl-family homes if it were practical to do so.
The National Association of Realtors (NAR) voices concerns over the FHFA plan, and instead continues its call for improved lending to creditworthy home buyers and urges lenders to make more loan modifications, mortgage refinancings, and short sales, to help stabilize struggling housing markets. NAR urges that a national advisory board be created to ensure that current and future REO-to-rental pilot programs “truly benefit the local community, minimize taxpayer losses and stabilize home values, and suggests substantial participation of local market experts, especially licensed real estate professionals, who have unparalleled knowledge of local market conditions.”
The strategy/research team at Bank of America Merrill Lynch, in the latest US Macro Viewpoint, expresses support for the REO-to-rental plan, noting “three primary ways the REO-to-rental program can support the housing market and the economy: removing foreclosures from the for-sale market, reduces competition for voluntary sellers, underpinning prices of non-distressed homes. In addition, clearing foreclosure inventory will help to equilibrate the market, creating opportunities for new single family housing construction. And finally, converting single family homes into rentals limits the upward pressure on rents.”
Fannie Mae data note tips single-family rental housing as the fastest growing component of the rental market, taking data from the Census Bureau’s American Community Survey to examine the shift in patterns and characteristics of single-family renters and single-family rental housing at the national level.
Federal Reserve releases policy statement on REO-to-Rental, taking steps to encourage banks to turn more of their foreclosed homes into rental properties, in hopes of lessening the flood of distressed property sales that is depressing prices.
CoreLogic report (MarketPulse Vol. 1 Issue 4) finds the best opportunities for REO single-family rental investors to be in Florida and the Midwest, “which boast high cap rates and a large stock of potential REO properties.”
Rebuilding Together, NeighborWorks America and the National Community Stabilization Trust (NCST) join together in a collaborative effort to support homeownership and sustainable communities across the country through the rehabilitation of vacant REO properties. Although the nonprofit organizations have previously worked together, this announcement marks a new three-year partnership that will allow the groups to collaborate on new and innovative approaches to transforming vacant and dilapidated properties into safe and decent affordable homes in the communities they serve.
TCW, in a report titled, “Buy, Hold, Lease: Investing In The Housing Turnaround,” says it believes that the time has come for investors to view housing stock not just as collateral backing RMBS holdings, but as a value proposition in and of itself. Additionally, “we believe the same long-term, buy-hold-lease strategy that can reward investors can also help local communities weather the housing crisis by ending the cycle of foreclosure, vacancy and neglect that threatens entire neighborhoods,” TCW says, noting that, “The investment opportunity in the single-family market today is unique in that rarely are private sector incentives so aligned with public sector interests. Our national housing market is anchored by an unprecedented overhang of distressed supply creating a negative feedback loop we are all too familiar with.”
Clear Capital releases data showing that national home prices are still falling but also that price resiliency against increasing REO saturation is supported by a heating up rental market and investor enthusiasm. “There has been quite a bit of buzz in the housing industry surrounding turning REOs into rentals. Our data suggests early activity from these programs could be starting to take effect, with national REO-only home price gains on a price per square foot basis vastly outpacing fair market prices on a national level,” according to Alex Villacorta, Director of Research and Analytics at Clear Capital. “Should investor interest continue to drive the expansion of REO-torental programs over the next several months, there could be a significant impact on the market overall in terms of providing a rising floor to home values.”
Beazer Homes USA, Inc. announces, in a press release, the contribution of its pre-owned rental homes business, consisting of nearly 200 single-family homes in Phoenix and Las Vegas, to a newly formed real estate investment trust. The REIT, which will be named Beazer Pre-Owned Rental Homes, Inc., was organized to acquire, refurbish and lease recently-constructed, previously-owned single-family homes on a large scale in select markets in the United States, according to the release. It claims to be one of the first REITs focused exclusively on the single-family home rental market.
Standard & Poor’s issues report on the securitization potential for REO-to-rentals. Potential credit considerations would likely include rental income, operating expenses and other costs, the geographic diversification or concentration of the portfolio, and the proceeds from eventual property sales, S&P says, adding that the property manager’s expertise in large-scale residential real estate management and ability to manage subservicing arrangements may also be a credit consideration.
CoreLogic unveils its new REO-to-Rental Data Offering, a property data and analytics service for investors participating in the FHFA REO-to-Rental program and other similar private programs.
Meg Burns of the FHFA, in testimony before the US House of Representatives Committee on Financial Services, makes it very clear that the initial FHFA offering is just a pilot and should not be construed as an indication that Fannie will abandon its reliance on existing retail sales strategies as the primary vehicle for liquidating its REO inventory. Burns tells committee members that the program is aimed at some of the 180,000 REO properties owned by Freddie Mac and Fannie Mae.
Sean Dobson of Amherst Securities, in testimony before the same committee, lists the benefits of bulk sales in the FHFA pilot program, and praises the program for bringing a new type of buyer to the market, “one with a long investment horizon, properly priced capital and a reduced friction operating platform with scale pricing.” Other benefits include saving current occupants, minimizing rental inflation, helping increase house prices, and halting “the concept of housing as a threat to the economy.”
FHFA Acting Director Edward J. DeMarco releases for public comment the FHFA’s draft Strategic Plan: Fiscal Years 2013- 2017. The FHFA is updating its plan in order to incorporate the strategic plan for the conservatorships of Fannie Mae and Freddie Mac (see 2012-02-21 above). The plan sets four strategic goals for FHFA: 1. Safe and sound housing government-sponsored enterprises (GSEs). 2. Stability, liquidity, and access in housing finance. 3. Preserve and conserve Enterprise assets. 4. Prepare for the future of housing finance in the U.S. Within these goals, the FHFA identifies specific performance goals that align with its view that “as conservator, FHFA focuses on improving the Enterprises’ operational efficiency and effectiveness, maintaining foreclosure prevention efforts and credit availability for new and refinanced mortgages, reducing the Enterprises’ footprints in current mortgage markets, and building infrastructure for future mortgage finance markets.” In its plan, the FHFA reports that it continues to work with HUD and the U.S. Department of the Treasury “to consider alternatives to dispose of real estate owned (REO) properties on the books of the Enterprises and the Federal Housing Administration (FHA) using approaches tailored to the needs and economic conditions of local communities.”
Calif Rep. Gary Miller introduces a bipartisan bill to stop the FHFA from bulk sales of REO properties for rental purposes in California. H.R. 5823. “Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012”, the bill’s goal is “to prohibit the Federal Housing Finance Agency from disposing of certain real estate-owned of such Agency, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation, under the initiative of such Agency for bulk sales of real estate-owned.”
DBRS releases an RFI on single family rental securitization in which it recognizes the “inherent economic sense of such a product” and outlines variables DBRS will take into consideration before beginning the rating process. Borrower credit and equity would be less of a factor compared to the maintenance of the home, terms of the rental agreements and how the properties are managed, DBRS says.
FitchRatings, in a release on real U.S. residential real estate prices, notes that REO-to-rental programs targeting “neighborhoods that have seen the largest declines could help eliminate the negative externalities of vacant homes, improve the quality of the housing stock, and, ideally, revive,” these neighborhoods. Fitch says it sees some interest in this trend beginning to take hold with professional investors. Since the beginning of the year, various small- to mid-sized private equity firms have bought homes in tight geographic areas with the intention of renting them, Fitch notes.
Zillow reports that 16 million homeowners were in negative equity in 2012 Q1, but adds that only 10 percent of those homeowners are more than 90 days delinquent. However, 15 percent of those in negative equity owe more than double what their home is worth, according to Zillow.
HUD announces the Distressed Asset Stabilization Program, “an expansion of an FHA pilot program (see 2011-10-06 above) that allows private investors to purchase pools of mortgages headed for foreclosure and charges them with helping to bring the loan out of default.” The DASP note sale, part of the government’s effort to address the shadow inventory, is expected to kick into action in September. The FHA note sales program began as a pilot in 2010 (see 2010-07-15 above) and has resulted in the purchase of more than 2,100 single family loans to date. Under the program, FHA-insured notes are sold competitively at a market-determined price generally below the outstanding principal balance. Once the note is purchased, foreclosure is delayed for a minimum of six additional months as the borrower gets direct help from their servicer to help to find an affordable solution to avoid foreclosure. The investor purchases the loan at a discount and then takes additional steps to help the borrower avoid default, whether through modifying their loan terms or helping them through a short sale, in order to maximize the return on the sale.
The national nonprofit Enterprise Community Partners, in collaboration with Waypoint Homes, a property management startup, announces a new $20 milion foreclosure-to-rental strategy in Oakland, Calif., that will involve purchasing, renovating and renting up to 100 homes in two of the least affluent, inner-city neighborhoods in Oakland. The geographically focused project, designed to bring private capital to low-income neighborhoods, was expected to begin in September with a first phase of 20 homes. Waypoint will select, renovate and manage the properties, and Enterprise will provide tenant financial education and workforce development to be associated with the remodel projects.
Following in the footsteps of S&P, Fitch and DBRS, Morningstar addresses the attention surrounding the prospects of REO rental securitization with a report that outlines concerns over the performance and structure of a potential REO-rental securitization deal.
The FHFA announces that it has chosen the winning bidders in its REO pilot initiative and says that transactions are expected to close early in the third quarter. Market response was robust with strong qualified bidder interest, it says. Investors were qualified to bid after a rigorous evaluation process and were evaluated on the basis of several factors, including financial strength, asset management experience, property management expertise and experience in the geographic area, it says. “FHFA undertook this initiative to help stabilize communities and home values in areas hard-hit by the foreclosure crisis,” said Edward J. DeMarco, Acting Director of FHFA. “As conservator of Fannie Mae and Freddie Mac, we believe this pilot program will assist us in achieving our objectives and help to maximize the benefit to taxpayers. We are pleased with the response from the market and look forward to closing transactions in the near future.”
Blackstone Group LP has spent more than $250 million this year buying foreclosed single-family houses with the intention of renting them out, according to Bloomberg, citing two people with knowledge of the effort. “The goal is to acquire enough assets to potentially take public as a real estate investment trust, or sell to another company or even to tenants, said the people, who asked not to be identified because the plans are private,” Bloomberg reported.
American Residential Properties, Inc. issues a press release announcing hat it has completed a private offering of its common stock for a total offering of approximately $224 million. ARP reports that the offering closed May 11.
The American Banker names Colony Capital LLC as one of the winning bidders on the FHFA REO initiatives, citing sources familiar with the matter.
Based on initial reporting by the American Banker, Bloomberg also names Colony Capital as among the winners of the FHFA REO auction, citing “four people with knowledge of the sale.” Bloomberg said “Colony won all or part of portfolios of homes in Phoenix, Las Vegas and Southern California,” attributing the comment to “three of the people, who asked not to be identified because bidders signed confidentiality agreements and the transactions haven’t been completed.”
HUD releases additional details of the Distressed Asset Stabilization Program and begins accepting applications from qualified entities interested in purchasing pools of severely distressed loans under the program. It says that roughly “3,500 loans will be sold in four metropolitan areas that are among those hardest hit by the foreclosure crisis – Chicago, IL; Newark, NJ; Phoenix, AZ; and Tampa, FL – aligning with other neighborhood stabilization efforts to help those communities recover as quickly as possible.”
Tricon Capital Group Inc, a leading residential real estate investment company based in Canada, announces the official closing of its fourth partnership focused on acquiring, renovating and renting distressed single-family homes in the United States. Tricon’s new partner, Lake Success Living (“Lake Success”), has been active in Southeast Florida (Miami-Dade, Broward and Palm Beach Counties) since 2009 .
Fannie Mae’s Economic & Strategic Research team publishes the results of its exhaustive study into factors driving American consumers’ intentions to own or rent. The team used 2011 data from the Fannie Mae’s National Housing Survey to study the impact of both consumer demographics and attitudes on own-or-rent intentions, finding that “demographics by a large margin over attitudes drive current homeownership status and the intention to own or rent for homeowners who own their homes outright,” but that “housing attitudes (such as the belief that owning or renting makes more sense financially) and financial attitudes (such as the perceived ease/difficulty of getting a mortgage) are the key drivers of the intention to own or rent for renters and mortgageowners,” in relation to one’s next-move housing preference. The study found that “exposure to mortgage default, perceived home value appreciation/depreciation, and self-reported underwater status are not significant factors in the models in predicting individuals’ intentions to own a home for their next move,” suggesting that “Americans’ aspirations to own a home are strong even facing the dramatic challenges in the housing market over the past few years.”
In an August Viewpoint, Pimco’s Joshua Anderson names REO-to-Rental as an attractive investment strategy in the current environment. He says that the FHFA pilot program, if rolled out beyond the pilot, “would be positive for the housing market, as it would allow distressed properties to transact smoothly from the shadow inventory to large-scale investors without increasing the visible supply of properties and affecting house price indexes. REO buy-to-rent offers positive carry in the form of high rental yields, and potential (albeit difficult to achieve) structural leverage through cash-flow-structuring arrangements. Any further recovery in house prices contributes directly to the upside, while holding a real asset potentially offers a hedge against inflation, and the ability to adjust rents annually can help offset additional risk.” Anderson cautions investors about the “operational complexity and illiquidity of a single-family rental portfolio. Managing a nationally diversified portfolio of rental properties presents unique challenges of surveillance and scaling, and procedures for maintenance and leasing must be designed to help protect earnings. “
FitchRatings, in a report on REO-to-rental securitizations, cites two identifiers that will play an important role in determining whether the single-family rental market securitization product will be successful: the local employment base and desirability of the neighborhood. Fitch notes that converting single-family real estate owned inventory into rental properties and securitizing the cash-flow streams has drawn strong interest among investors, lenders and government agencies, particularly because the private label residential mortgage-backed securities market is stalled and the inventory of foreclosed homes and distressed borrowers is elevated. “The SFR product may provide an alternative investment opportunity to non-agency buyers while offering families displaced by foreclosure a comparable alternative,” says Suzanne Mistretta, senior director at Fitch Ratings, cautioning that “the lack of historical data and ambitious growth strategies by regional operators will make high investment grade ratings on these transactions difficult to attain.”
Harvard University’s Joint Center for Housing Studies, in collaboration with Fannie Mae’s Economic & Strategic Research Group, publishes a research paper that analyzes whether recent housing market distress has resulted in any “measurable impact on Americans’ views of owning versus renting.” The paper “finds little evidence to suggest that individuals’ preferences for owning versus renting a home have been fundamentally altered by their exposure to house price declines and loan delinquency rates, or by knowing others in their neighborhood who have defaulted on their mortgages.” These conclusions are similar to those in Fannie Mae’s August 2012 Own-Rent Analysis (see 2012-08-02 above), published by the ESR Group.
Inclyne Inc., a national provider of distressed asset acquisition and disposition services for investors in single family residential real estate, announces its formation and the appointment of Paul Hayman to chief executive officer. Inclyne is a distressed asset conduit to hedge funds, private equity firms and institutional investors, which are intent on employing capital into the single family residential housing sector.
Lender Processing Services Inc. announces an agreement with RentRange to offer rental property income data to mortgage servicers, investors and others in need of rental market intelligence to make informed decisions related to distressed housing assets. LPS’ Applied Analytics division will provide the RentRange solution to mortgage servicers that are either looking to either make sell or hold-and-rent decisions on REO assets or seeking to calculate reliable rent estimates for their REO properties. RentRange can also be used by investors, asset managers, real estate investment trusts or hedge fund managers seeking to value properties or a portfolio of loans based on rental income potential.
California Association of Realtors issues press release criticizing the FHFA for what CAR claims is the “secretive manner” in which the REO bulk sales pilot program is being conducted. Upset with FHFA’s decision to not immediately release details on the winning bid, CAR says it is filing a request through the Freedom of Information Act. CAR also reports that Fannie Mae created an LLC in California, called SFR 2012-1 US West LLC, in July, allegedly to receive the foreclosed properties in the winning bid from Fannie Mae.
Moody’s Investors Service issues report outlining potential risks involved in planned new securitizations backed by cashflows on REO-to-rental properties. Moody’s says that the main risks involved in assigning a credit rating to such a deal are the operator/manager of the properties not being able to perform its duties, and the potential variability of cashflow from the rental and ultimate sale of the properties. Because the operator will be responsible for all the aspects of renting, maintaining and ultimately selling the underlying assets in the securitized pool, Moody’s said, the transaction will also likely benefit if the operator is the sponsor and retains a significant economic interest in the transaction, because this arrangement aligns its economic interests with those of investors. Moody’s said that before assigning a rating, it would need to know detailed information about the operator, and would need to conduct a review of the operator’s performance, its experience and its ability to perform its role in the transaction, which includes determining tenant default rates and re-leasing periods
The FHFA reports a 1.8 percent increase in its seasonally adjusted purchase-only U.S. house price index from Q1 to Q2 2012, the largest increase since Q4 2005.
HUD/FHA updates the timeline for the September DASP sale, allowing potential bidders more time to conduct due diligence on the pools being sold as part of the sale. A new sale date of Sept. 27 is set for Neighborhood Stabilization (NSO) Pools. Six National Pools, HUD says, will still be sold as scheduled on Sept. 12.
Reuters reports that at least seven investment-bank lenders are getting set to roll out the first round of balancesheet term financing to a handful of private equity and real estate firms looking to buy foreclosed US single-family homes and convert them to rentals. The banks, including Deutsche Bank, Barclays, Citigroup and Wells Fargo, will hold the loans on-balance sheet and by year-end are likely to refinance them with unrated securitizations backed by the rental cashflows, sources told Reuters. Once completed, the unrated transactions reportedly will be presented to the rating agencies early next year as concrete proposals. Agency analysts will be able to vet them to determine proper credit enhancement for eventual rated asset-backed securities (ABS) transactions, which industry experts predict will appear in about six to 12 months, Reuters says.
FHFA announces that Pacifica Companies, LLC has purchased 699 Fannie Mae properties in Florida as part of the REO pilot initiative. According to the details of the transaction, the properties were part of Fannie Mae’s SFR REO 2012-1 offering of eight sub-portfolios of REO properties. The structured sales transaction closed Sept. 6. The purchase price paid by Pacifica was $12.33 million for its interest, which resulted in an estimated transaction valuation to Fannie Mae of $78.1 million or 95.8% of a third-party valuation.
Two Harbors Investment Corp. announces plans to form a new entity that would be a publicly traded REIT for single-family rentals. The new entity, Silver Bay Realty Trust Corp., is seeking to raise $287.5 million in an initial public offering, the company says in a press release. Silver Bay’s CEO will be David Miller, a former Treasury official.
OCC issues “Supervisory Guidance on Risk Management and Reporting Requirements” for investor-owned one- to four-family residential properties. The guidance is meant to assist national banks and federal savings associations on appropriate credit risk management practices for investor-owned, one- to four-family residential real estate lending where the primary repayment source for the loan is rental income.
BIG DATA: DYNAMIC FACTS AND FIGURES, LIKE THE WORLD OF BIG DATA ITSELF. compiled from static findings reported by Chassis Plans, McKinsey & Company, IDC, SAP, Symantec, Experton Group, Wired, DataSift HIstorics, Wikibon, SmartData Collective, Emerson Network Power, ZDNet, InsightsSquared
What does “Big Data” mean? Big Data is all around us, buried in the bits and bytes that are being created, stored and saved daily by Facebook, Google+, Flickr, YouTube and other online social media disservices; in email, telephone calls and sensors that record earthquakes, gather climate information, note your blood pressure and monitor oil drilling platforms around the world (and whether your car has enough oil); by cameras that survey road traffic to the beach, activities at your neighbor’s swimming pool, who’s at the front door of your office, what’s happening in your fish tank, and what Toni’s dog is up to; and in transaction records of online purchases; and GPS signals to track your iPhone, iPad, iMac and child. It also refers to data sets. Sets that we’ve been aware of and compiling for years and years. But advancements in technology have made it much easier for us to save and store data, hence the rise of several different schools of thought spanning a variety of dimensions on how to perceive of and manage Big Data: The 3 Vs Volume Velocity Variety The 3 Ss Sources Size Speed Structure CRUD data = Create Read Update and Delete CRAP data = Create Replicate Append Process Ultimately, we’re talking about coming to terms with actually analyzing the data that we’ve ignored up to a few years ago because of technological limitations. Analysis of the data is the biggest puzzle; does the data we’ve collected include deep, rich sets of statistics that go beyond telling us how much Family X owes on their home, how many children they have, and how many cars they own. Or does it include data that incorporate the fact that Family X is happier in the Spring when their children are out of school and the only project they tend to focus on is buying a new home in a neighboring school district. The key is that volumes of data are being collected from a variety of different sources at such speed, that we’re not quite equipped with the appropriate number-crunching algorithms to help make logical sense of the data. So much for Big Data.
Now, for the facts and figures: •
247 billion e-mail messages are sent each day… up to 80% of them are spam.
There are 30 billion pieces of content shared on Facebook every day, contributing to the 10 terabytes (1 TB = 1,000 GB) of data that Facebook processes daily.
On Saturday, August 3, 2013, Twitter hit a record of 143,199 Tweets per second (due to a TV show in Japan), compared to its normal intake of more than 500 million Tweets a day, averaging out to 5,700 Tweets a second. As it happens, Twitter processes 7 terabytes of data every day.
Google estimates that the Internet today contains about 5 million terabytes of data , and claims it has only indexed a 0.04% of it. Too bad, 571 new websites are created every minute of the day.
48 hours of video are uploaded to YouTube every minute, resulting in 8 years’ worth of digital content each day.
More than 5 billion people are calling, texting, tweeting and browsing on mobile phones worldwide daily.
According to ComScore, Google processed 1.8 trillion searches in 2012, averaging out to 5.14 billion searches a day, bolstered by up to 3 million servers worldwide (Google is speculated to own more than 2% of all the world’s servers.)
While 75% of digital information is generated by individuals, enterprises will have liability for 80% of digital data at some point in its life.
As of 2011, the global storage capacity for digital information totaled some 296 exabytes (1 billion GB), the equivalent of stacking CD-ROMs atop each other from the first floor of the building you’re in to 80,000 km beyond the moon.
It took from the beginning of computer time as we know it to the 2003 for the world to generate 1.8 zettabytes (10 to the 12th GB) of data. In 2011 it took two days on average to generate the same amount of data.
A server purchased in 2011 has an average of 45 times more compute capacity than a similarly configured server installed in 2001
if all 509,147 data centers worldwide went out 2.5 times (based on an average) for 134 minutes, it would cause 2,842,737 hours of downtime, equating to a total loss of $426 billion a year.
We can expect a 40-60 percent projected annual growth in the volume of data generated, while media intensive sectors, including financial services, will see year on year data growth rates of over 120 percent.
The proportion of data in the digital universe that requires protection is growing faster than the digital universe itself, from less than a third in 2010 to more than 40% in 2020. Only about half the information that needs protection has protection.
By the start of this year, the cumulative number of RFID (radio frequency identification) tags, for such items as sheep in New Zealand, RFID passports and road tolling, to apparel tagging, sold over the last 65 years stood at 15.1 billion. Last year, 1 billion RFID tags were sold worldwide. That number is projected to be 209 billion by 2021, according to IDTechEx.
One-third of all data will be stored in or pass through the cloud by the year 2020 and will amount to 35 zettabytes of combined data
There are nearly as many bits of information in the digital universe as there are stars in the physical universe, according to Xerox.
Akamai analyzes 75 million events per day to better target advertisements.
94% of Hadoop users perform analytics on large volumes of data not possible before; 88% analyze data in greater detail; while 82% can now retain more of their data.
Walmart handles more than 1 million customer transactions every hour, which is imported into databases estimated to contain more than 2.5 petabytes of data.
The largest AT&T database boasts titles including the largest volume of data in one unique database (312 terabytes) and the second largest number of rows in a unique database (1.9 trillion), which comprises AT&T’s extensive calling records.
According to McKinsey, government administrators in the developed economies of Europe could save more than €100 billion ($149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues.
Poor data across businesses and the government costs the U.S. economy $3.1 trillion a year.
Poor data can cost businesses 20%–35% of their operating revenue.
Oil drilling platforms have 20,000 to 40,000 sensors.
Decoding the human genome took 10 years to process; now it can be accomplished in one week
U.S. drone aircraft sent back 24 years with of video footage in 2009