AmeriCatalyst 2012 Yearbook: Class of 2012 by Shirley Jackson

AMERICATALYST LLC AND EUROCATALYST BV PRESENT

THE ENTANGLEMENT AMERIC ATALYS T

IN FOCUS

RENTING THE FUTURE

30 SEPTEMBER - 2 OCTOBER 2012 AUSTIN, TEXAS

INSIDE OUR THANKS ------------------------------------2 THE AGENDA IN BRIEF -------------------------3 BACKGROUND -----------------------------------5 THE PROGRAM | AMERICATALYST 2012 ----9 THE PROGRAM | RENTING THE FUTURE-- 27 ‘THE HILLS ARE ALIVE (MUSIC AND US) - 37 SOUNDTRACK FOR 2012 --------------------- 39 RENTING, THE FUTURE? | A TIMELINE ---- 41 SPEAKERS AND PANELISTS 2002-2011 --- 50 CLASS OF 2012 ------------------------------- 55 DELEGATE LIST(AS OF SEPT. 23) ------------- 84

401 Congress Avenue, Suite 1540 Austin, Texas 78701 (512) 551-9332 FOUNDING PARTNERS Toni Moss Shirley Jackson EDITORIAL ASSISTANTS Daina Huntington Sarah Kobetis

OUR THANKS As always, we find it extremely difficult to find the words to fully express our gratitude for the assistance and contribution of industry colleagues, friends and family who offer endless words of support, encouragement and guidance as we struggle through the process of pulling together the pieces of the puzzle that is AmeriCatalyst 2012. In reverse alphabetical order, these include: ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬ ¬

Ted Tozer Tim Skeet Terry Sadowski Josh Rosner Pat McEnerney Laurie Maggiano Dan Magder JK Huey Paul Hayman Laurie Hawkes Laurie Goodman Sean Dobson Oliver Chang Amy Brandt Meg Burns Pascale Bos Kyle Bass

On the operational side, we would also like to express our thanks to a few individuals who made a world of difference: Craig Nesbitt, Teresa Medley, Marie Huie, Eshna Ghosh, Yael Gross, Dave Hurt, Brooke SchenkelKilburn, and Brenda Whiteaker and Yvette Jones of Barton Creek Resort and Spa.

Most importantly, we thank our partners and sponsors for their generous support of the 10th anniversary in the AmeriCatalyst series. HOST CATALYST PARTNERS ¬ Amherst ¬ CoreLogic ¬ Field Asset Services NATIONAL CATALYST PARTNERS ¬ Genpact ¬ RentRange ¬ Wingspan REGIONAL CATALYST PARTNERS ¬ Keystone Asset Management ¬ KML Law Group ¬ Lender Processing Services ¬ National Field Network SUPPORTING CATALYST ¬ Ginnie Mae RENTING THE FUTURE: HOST ¬ Sylvan Road SUSTAINING CATALYST ¬ FitchRatings ADDITIONAL SPONSORS ¬ Colony American Homes ¬ Digital Risk ¬ Equator ¬ FirstService Residential Realty ¬ Homeward Residential ¬ Inclyne ¬ Main Street Renewal ¬ Marketing TBD ¬ NCCI ¬ Stewart Lender Services

THE AGENDA IN BRIEF MONDAY, OCT. 1 | DAY 1

TUESDAY, OCT. 2 | DAY 2

7:45 AM

MORNING REFRESHMENTS AVAILABLE IN WILDFLOWER ATRIUM | REGISTRATION DESK OPEN

45 MIN

7:45 AM

MORNING REFRESHMENTS AVAILABLE IN WILDFLOWER ATRIUM | REGISTRATION DESK OPEN

30 MIN

8:30 AM

S1.1

WE WATCHED IN AWE, AND SUDDENLY IT HIT US: A ROAD MAP TO AMERICATALYST 2012

30 MIN

8:15 AM

OPENING COMMENTS

15 MIN

8:30 AM

S2.1

TRIALS AND REGULATIONS

75 MIN

THE ENTANGLEMENT | THE DRAMA AND DILEMMAS OF AN INTERDEPENDENT WORLD

75 MIN

9:45 AM

S2.2

FROM MODERN TIMES TO THE MATRIX | TRANSCENDING THE SERVICING PARADIGM

60 MIN

9:00 AM

S1.2

10:15 AM

COMFORT BREAK

15 MIN

10:45 AM

COMFORT BREAK

25 MIN

10:30 AM

S1.3

NOT IF BUT WHEN | KEYNOTE BY J. KYLE BASS

75 MIN

11:10 AM

S2.3

80 MIN

11:45 AM

LUNCH IN HILL COUNTRY DINING ROOM

75 MIN

12:30 PM

LUNCH IN HILL COUNTRY DINING ROOM

60 MIN

1:00 PM

S1.4

ARE WE THERE YET? | THE STATE OF THE U.S. HOUSING MARKET

75 MIN

1:30 PM

S2.4

THE SHADOW KNOWS | SIZING THE SINGLE-FAMILY RENTAL INVENTORY

60 MIN

2:15 PM

S1.5

THE FUTURE WE’RE FUNDING | MORTGAGE ORIGINATION AND PRODUCTS, PRIVATE LABEL SECURITIES AND EMINENT DOMAIN

90 MIN

2:30 PM

S2.5

ACROSS THE SPECTRUM | INVESTMENT STRATEGIES FOR SINGLE FAMILY RENTAL

60 MIN

3:30 PM

COMFORT BREAK | 3O MIN

85 MIN

4:00 PM

S2.6

REALITY CHECK | THE PROS AND CONS OF OPERATIONAL STRATEGIES FOR SINGLE FAMILY RENTAL

75 MIN

RENTING, THE FUTURE | TRANSITIONING INTO A RENTERSHIP SOCIETY

75 MIN

RENTING THE FUTURE? | THE EVOLUTION OF SINGLE FAMILY RENTAL

3:45 PM

COMFORT BREAK | 15 MIN

4:00 PM

S1.6

5:25 PM

SHORT BREAK TO SERVE CHAMPAGNE

5 MIN

5:30 PM

S1.7

60 MIN

5:15 PM

S2.7

6:30 PM (TO 8 PM)

RECEPTION FOR ALL DELEGATES IN WILDFLOWER ATRIUM SPONSORED BY AMERI WINGSPAN AND FIRSTSERVICE RESIDENTIAL REALTY

6:30 PM

CLOSING COMMENTS AND CONCLUSION OF AMERICATALYST 2012

GOVERNMENT AGENCIES AND THE FUTURE OF FUNDING | GINNIE MAE, THE FHFA STRATEGIC PLAN AND IMPLICATIONS FOR THE AGENCY AND NON-AGENCY MARKETS CHAMPAGNE DEBATE | SPONSORED BY LPS | THE BEST TRADE: WHAT IS THE BEST INVESTMENT IN HOUSING FINANCE TODAY?

NOTE: Shuttle bus service to Austin-Bergtrom International Airport will run from 4 to 9 pm courtesy of Digital Risk The same service is available on Wednesday morning from 7 am to 12 noon for those delegates spending the night in Austin.

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 crossborder 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

BACKGROUND

In September 2002, EuroCatalyst launched the most revolutionary conference ever held in the global housing finance industry, bringing together all of the leaders in all European mortgage markets in one place, at one time, for the first time, to discuss the evolution of housing finance in the wider context of globalization. Held for the first time in Madrid, Spain, the event coincided with the launch of the euro banknote that year, an unprecedented move in which 12 nations wed their sovereign destiny to the European Central Bank. Driven by the forces of globalization and expectations of challenging the domination of the U.S. dollar in the global economy, in 2002 the EU would embark upon one of the greatest social experiments in history.

“This is the perfect setting for grasping the big picture. Year upon year I am amazed by both the content and the collection of such fascinating speakers and participants. You never know who you’re going to meet; your biggest deal may be sitting right next to you. ... I am a huge fan” – Jean-Louis Bravard, former head of global financial services, EDS

Achieving the intended goal of the euro required, among other inordinate tasks, creating a “Single Market” for financial services across EU countries, which, in turn, required standardizing the inherently national mortgage markets of EU member countries.

and facilitate a peer-to-peer dialogue comparing players, products, processes and practices across European mortgage markets. The theme of the event in the first year, “Will European Mortgage Markets Survive Globalization?” directly questioned the sustainability of the EU and the crucial role of and systemic risk posed by commoditized mortgage markets and their potential to trigger a global crisis.

The purpose of the event was to bring together the most important parties in European housing finance in one place at one time

Today, 10 years later, governments and financial markets around the world are rocked by imminent

sovereign default and the threat of contagion in Europe. With Greece crippled, attention has now turned to Spain, the EU’s third largest market, and Italy, the fourth largest, in an increasingly deepening global crisis. While it is impossible to predict the eventual outcome, clearly we have reached a pivotal moment in history in which we are all conducting grand social experiments, with no precedents to follow.

uroCatalyst 2002 was a new kind of conference, designed to raise the caliber of research and debate on housing finance. We made it invitation-only, bringing together an interesting combination of influential individuals that span the highest levels of global industry oversight, from issuers and investors, to leaders from all sectors of primary and secondary mortgage markets. We made it interactive, giving the audience greater opportunities to connect with the stage. And we made it intellectually challenging, asking experts to debate topics in an entirely different context.

The context is globalization.

oday, the forces of globalization have created a world increasingly beyond our control and understanding. Across every sector of society, decision-makers struggle with intensifying complexities, magnifying risks and accelerating changes, often leading to actions that result in unintended consequences. We now live in a

world in which our destinies are inextricably wed. If one major part of the system fails, the entire system is at risk.

e have shifted from the freedom of independence to the constraints of interdependence.

Welcome to the Entanglement.

W HAT H A P P E N S W H E N YO U CH AL L E NG E TH E MO S T E XTR AORD IN 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 OM P E LLI N G S E R I E S O F DE BATE S O N TH E MO S T IM P O RTA N T I S S U E S OF O UR L I F E TI ME ?

INS IGHT. I DE A S. SOLUTI O NS. AMERI

ATA LYS T

AN EVENT WITH A MESSAGE THAT MATTERS Our theme this year, “The Entanglement”, describes what we believe is the latest stage of globalization, and the current state of the world in which our destinies are tied to the success or failure of others. Interdependence implies responsibility, and requires the willingness to compromise, cooperate and collaborate with others. What does this look like in the housing finance industry? We’re about to find out…

THE

PROGRAM

Leverage our Assets.

For your Assets. FAS-HW-grayareas.indd 5

TONI MOSS

1.1 OPENING ADDRESS

MONDAY, OCT. 1 | 8:30-9:00 AM

TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EUROCATALYST BV

TIM SKEET

TIM SKEET, Managing Director, Financial Institutions Group, Debt Capital Markets, ROYAL BANK OF SCOTLAND

A ROAD MAP TO AMERICATALYST 2012

We watched in awe, and suddenly it hit us In opening remarks, Toni Moss and Tim Skeet discuss the narrative for this year’s program.

SESSION HOST SESSION CO-HOST PANELISTS

TONI MOSS

TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EUROCATALYST BV TIM SKEET, Managing Director, Financial Institutions Group, Debt Capital Markets, ROYAL BANK OF SCOTLAND ALAN BOYCE, CEO, ABSALON PROJECT JACOB KIRKEGAARD, Research Fellow, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS

TIM SKEET

1.2

MONDAY, OCT. 1 | 9:00-10:15 AM

JOSH ROSNER, Managing Director, GRAHAM FISHER & COMPANY YVES SMITH, Editor/publisher, NAKED CAPITALISM

ALAN BOYCE

PAUL MILLER, Managing Director and Group Head of Financial Institutions, FBR CAPITAL MARKETS

Setting the context for this year’s event, this session explores “The Entanglement,” our description of the latest stage of globalization that describes a world so interconnected that our personal, professional, local and global destinies are inextricably wed to the success and failure of others. This session addresses the profound issues facing us today: the changing role of government; the challenges of global regulation; the implications of increasing systemic risk; the consequences of inequality; the future of capitalism, democracy and “free markets”; the importance of the European sovereign crisis, and how all of these combined factors are changing the world as we know it faster than we can comprehend.

REFRESHMENT BREAK |10:15-10:30 AM

PAUL MILLER JOSH ROSNER

In 2002, EuroCatalyst established this conference to discuss the impact of globalization on the housing finance industry, and explore how its unrelenting and accelerating forces would affect each stage of the mortgage lifecycle. Held for the first time in Madrid, Spain, the event coincided with the launch of the euro banknote, an unprecedented move in which 12 nations wed their sovereign destiny to the European Central Bank and embarked upon one of the greatest social experiments in history. The theme of that first conference was, “Will European Mortgage Markets Survive Globalization?”, which directly questioned the sustainability of the euro. The event program warned about the systemic risk posed by commoditized mortgage markets and their potential to trigger a global economic crisis if the trajectory of the global markets continued unabated.

YVES SMITH

The drama and dilemmas of an interdependent world

JACOB KIRKEGAARD

THE ENTANGLEMENT

Turning Data into Information We deliver actionable intelligence across all aspects of the U.S. real estate market â&#x20AC;&#x201C; 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.

1.3 KEYNOTE ADDRESS

MONDAY, OCT. 1 | 10:30-11:45 AM

J. KYLE BASS, founder and principal, HAYMAN CAPITAL MANAGEMENT

Not if but when For the past three years, Kyle Bass has struck fear in the hearts and opened the minds of participants at this event by way of his thorough analysis of the future of the U.S. economy, the state of crippled sovereigns and what happens to societies and the global economy â&#x20AC;&#x153;not if, but whenâ&#x20AC;? sovereign nations fail. In his fourth appearance at AmeriCatalyst, Bass, founder, portfolio manager and principal at Hayman Capital Management, takes the stage with a compelling and unforgettable keynote address offering candid views on what he sees next for the U.S. and global economy, the bottom of the U.S. housing market, and his favored investment opportunities today.

LUNCH | 11:45 AM -1:00 PM

SESSION HOST

TONI MOSS

TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EUROCATALYST BV

SESSION CO-HOST

ED DELGADO, Chief Operating Officer, WINGSPAN PORTFOLIO ADVISORS

PANELISTS

JOHN BURNS, Founder and CEO, JOHN BURNS REAL ESTATE CONSULTING, LLC

ED DELGADO

1.4

MONDAY, OCT. 1 | 1:00-2:15 PM

CHRISTOPHER FLANAGAN, Managing Director, Head of Mortgage & Structured Finance Research, BANK OF AMERICA MERRILL LYNCH MARK FLEMING, Chief Economist, CORELOGIC KYLE LUNDSTEDT, Managing Director, Applied Analytics, LPS

JOHN BUNS

DOUG DUNCAN, Chief Economist, FANNIE MAE

RICK SHARGA

This session transitions to the current state of the U.S. economy and housing market, and features leading industry analysts and economists addressing current mortgage and real estate performance, economic trends, the impact of QE3 and the question everyone is asking: Have we reached the bottom yet? Finally, in light of the previous two sessions about the systemic vulnerabilities of the U.S. economy to global economic instability, we also discuss the impact that the European crisis might have on U.S. housing market recovery.

CHRIS FLANAGAN

In this market, any positive news goes a long way, as evidenced by recent analyst statements, and economic trends and housing data reports heralding signs of a stabilizing market. Indeed, the data does indicate that the worst of the housing crisis may be behind us: Home prices appear to be stabilizing, loan modifications are improving borrower performance, mortgage delinquencies are declining and new construction is gradually recovering. However, to what extent is the interpretation of the data affected by confirmation bias?

MARK FLEMING

The state of the U.S. housing market

KYLE LUNDSTEDT

ARE WE THERE YET?

DOUG DUNCAN

RICK SHARGA, Executive Vice President, Corporate Communications, CARRINGTON MORTGAGE HOLDINGS, LLC

LAURIE GOODMAN

1.5 SESSION HOST

BILL EMERSON

TONI MOSS

SESSION CO-HOST PANELISTS

MONDAY, OCT. 1 | 2:15-3:45 PM

LAURIE GOODMAN, Senior Managing Director, AMHERST SECURITIES GROUP, LP TONI MOSS, CEO, AMERICATALYST LLC AND EUROCATALYST BV BILL EMERSON, CEO, QUICKEN MORTGAGE VINCENT FIORILLO, Chairman, ASSOCIATION OF MORTGAGE INVESTORS, and Portfolio Manager, DOUBLINE CHRISTOPHER FLANAGAN, Managing Director, Head of Mortgage & Structured Finance Research, BANK OF AMERICA MERRILL LYNCH DAVE LYKKEN, Managing Partner, MORTGAGE BANKING SOLUTIONS PATRICK MCENERNEY, Managing Director, DEUTSCHE BANK

SCOTT SIMON

PAT MCENERNEY

DAVE LYKKEN

CHRIS FLANAGAN

VINCE FIORILLO

SCOTT SIMON, Managing Director and Head of Mortgage and ABS, PIMCO

THE FUTURE WE’RE FUNDING

Mortgage origination and products, private label securities and eminent domain Continuing our discussion on the state of the U.S. housing market, this session takes a hard look at the future we’re funding from the perspective of the primary market and Non-Agency RMBS. In particular, we discuss current mortgage origination, distribution, products, and impediments to the growth of a robust primary market including the implications of the Qualified Mortgage (QM) Rule, Qualified Residential Mortgage (QRM) Rule, High Cost Mortgage rules (HOEPA), and “disparate impact”; the concentration of mortgage origination; the fate of correspondent lending, and new players coming in to fill the void. In secondary markets, Amherst recently issued a report stating that despite the outperformance of private-label MBS over agency-backed securities, defaults and pay downs have reduced the total amount of outstanding mortgages financed by private securities to below $1 trillion for the first time since 2003. In the context of the current state and future of private-label securitization, we also discuss the continuing diminishment of investor rights, the latest salvo being the highly controversial issue of eminent domain.

REFRESHMENT BREAK | 3:45-4:00 PM

S E RV I C I N G S U P P O RT FO R P R I M A RY S E RV I C E R S SPECI A L SERV IC IN G

| FOREC LOS U RE ALTE R NATI V E S | LOAN M OD I F I CATI ONS

ENHA N CE D BORROWE R OU TRE ACH | COM PL AI NT E S CAL ATI ON AUD I TS & REGU L ATORY COM P L IAN CE | PORTFOL I O VALUATI ONS SERV I CER E VALUATION S & OVE RS IGH T | ACCE L E R ATE D S H ORT S AL E S PRO PRIE TARY ATTORN E Y N E TWOR K | R E AL E STATE NE TWOR K I NSU RAN C E S E RVICE S | AS S E T/ PROPE RTY M ANAG E M E NT

www.WingspanPortfolioAdvisors.com 888.634.0808

DAVSTEVENS

1.6 SESSION HOST

TONI MOSS

SESSION CO-HOST PANELISTS

MONDAY, OCT. 1 | 4:00-5:25 PM

DAVID STEVENS, President and CEO, MORTGAGE BANKERS ASSOCIATION TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EUROCATALYST BV ANDREW DAVIDSON, President, ANDREW DAVIDSON & CO., INC

ANDY DAVIDSON

WANDA DELEO, Deputy Director, Office of Strategic Initiatives, FEDERAL HOUSING FINANCE AGENCY | FHFA TOM DEUTSCH, Executive Director, AMERICAN SECURITIZATION FORUM VINCENT FIORILLO, Chairman, ASSOCIATION OF MORTGAGE INVESTORS LAURIE GOODMAN, Senior Managing Director, AMHERST SECURITIES GROUP, LP

TED TOZER

LAURIE GOODMAN

VINCE FIORIILLO

TOM DEUTSCH

WANDA DELEO

TED TOZER, President, GINNIE MAE

GOVERNMENT AGENCIES AND THE FUTURE OF FUNDING

Ginnie Mae, the FHFA strategic plan and implications for the agency and non-agency markets Since the onset of the housing crisis in 2007, U.S. government entities have increased their funding of mortgage loans by $1.1 trillion, and currently provide more than 90% of mortgage funding in the market. In February of this year the FHFA set out a strategic, multi-year plan outlining three goals for the next phase of conservatorships of Fannie Mae and Freddie Mac. They include the gradual reduction of the GSE’s presence in the marketplace, building a new securitization infrastructure for the secondary mortgage market; and maintaining foreclosure prevention activity and credit availability for new and refinanced mortgages. This session provides further details on the creation of a common securitization platform to replace the current GSE systems, and the FHFA’s proposed model pooling and servicing agreement, with commentary and discussion among the leading industry constituents on the implications of FHFA’s strategy for the agency and non-agency markets. In 2011, Ginnie Mae surpassed Freddie Mac in mortgage bond issuance to become the second largest funder of U.S. mortgages. Commensurate with its increasing and systemic role, we also discuss important changes to Ginnie Mae’s strategy. Finally, we examine the latest initiatives to incent private capital back into the market in the context of two paradigms: is private capital best incented by regulation that protects investors from market abuses, or can interests be aligned to render regulation obsolete?

TONI MOSS

1.7

MONDAY, OCT. 1 | 5:30-6:30 PM

AMY BRANDT

SESSION HOST SESSION CO-HOST PANELISTS

TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EUROCATALYST BV AMY BRANDT, Board of Directors, AMERICATALYST IDEA LAB JOHN BRITTI, EVP and COO, OCWEN FINANCIAL SEAN DOBSON, Chairman and CEO, AMHERST MATT HANKINS, Vice President, STERLING PARTNERS PAUL MILLER, Managing Director and Group Head of Financial Institutions, FBR CAPITAL MARKETS

JOHN BRITTI

BRANDON OSMON, Co-Portfolio Manager, HAYMAN MORTGAGE CREDIT MASTER FUND, LP DAVID STEVENS, President and CEO, MORTGAGE BANKERS ASSOCIATION

DAVID STEVENS

BRANDON OSMON

PAUL MILLER

MATT HANKINS

SEAN DOBSON

THE BEST TRADE

What is the best investment in housing finance today? The negative sentiment and overall uncertainty of potential outcomes in the market have led to unusually high risk premiums over the past five years. While the market remains fragile and vulnerable to sudden shocks, recent indications of market stabilization and the ability to better quantify risk have positioned housing-related assets to outperform current pricing assumptions and generate higher risk-weighted returns. In this session, we debate the most compelling sectors and business models poised to benefit from market recovery, and which sector will generate the highest returns featuring the leading innovators and entrepreneurs driving those sectors. Our choices include NonAgency RMBS; de novo origination; mortgage insurance, MSRs and REO-toRental. Not only will the panel contend with each other, the audience plays an active role in challenging the vulnerabilities or supporting the assumptions of each opportunity. At the end of the debate, the audience will vote on their opinion of which investment looks the most favorable. Next year, we will report on the progress of each chosen opportunity and their returns over the year.

COCKTAIL RECEPTION | 6:30~8:00 PM | WILDFLOWER ATRIUM SPONSORED BY AMERICATALYST WINGSPAN PORTFOLIO ADVISORS FIRSTSERVICE RESIDENTIAL REALTY 21

SESSION HOST

SESSION CO-HOST PANELISTS

LAURIE MAGGIANO, Director of Policy, Office of Homeownership Preservation, U.S. DEPARTMENT OF TREASURY

LAURIE MAGGIANO

2.1

TUESDAY, OCT. 2 | 8:15-9:45 AM

TONI MOSS, Founder and CEO, AMERICATALYST LLC AND EUROCATALYST BV MEG BURNS, Senior Associate Director, FEDERAL HOUSING FINANCE AGENCY | FHFA

MIKE NIXON, Senior Housing Policy Advisor, U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT | HUD LAWRENCE RUFRANO, Senior Financial Analyst, FEDERAL RESERVE BOARD

TONI MOSS

CHRIS HASPEL, Senior Advisor, Servicing and Securitization, CONSUMER FINANCIAL PROTECTION BUREAU | CFPB

MEG BURNS

DAVID SCHNEIDER, CEO, VERICREST FINANCIAL

DAVID SCHNEIDER

This session provides an inside view on current regulation and plans for new regulation and its implementation; the potential disconnect between conflicting regulation and how those conflicts will be resolved over time; who the interagency parties are to the process; how collaborative the process has been, and how regulation will be formed in the future.

MIKE NIXON

Normally, it is the regulators who cannot keep up with the pace of change in the financial market. As sweeping regulation comes into effect in the mortgage market, it is the lenders and servicers struggling to keep up with the pace of compliance and regulatory change. Basel III, the Dodd-Frank Act, the AG Settlement, and compliance with the CFPBâ&#x20AC;&#x2122;s proposed servicing rules are among the greatest challenges to market players thus far. However, it is the unknown regulation that renders market players hemophiliacs in a world of very sharp objects.

CHRIS HASPEL

TRIALS AND REGULATIONS

TONI MOSS

SESSION HOST

TONI MOSS, CEO, AMERICATALYST LLC AND EUROCATALYST BV

SESSION CO-HOST

GREG WHITWORTH, EVP of Servicing Solutions, SERVICELINK

PANELISTS

STEVEN HORNE, CEO, WINGSPAN PORTFOLIO ADVISORS WILLIAM KEENAN, Chairman and CEO, DENOVO CORP.

GREG WHITWORTH

2.2

TUESDAY, OCT. 2 | 9:45-10:45 AM

MARK LANDSCHULZ, Executive Vice President, Servicing Analytics, QUICKEN LOANS

FAITH SCHWARTZ, Executive Director, HOPE NOW TOM SHOWALTER, Chief Analytics Officer, DIGITAL RISK

STEVEN HORNE

DIANE PENDLEY, Managing Director, Operational Risk Group, Structured Finance, FITCHRATINGS

MARK LANDSCHULZ TOM SHOWALTER

REFRESHMENT BREAK | 10:45-11:10 AM

DIANE PENDLEY

Information has long been considered the new currency of the digital world but has thus far not been leveraged to its fullest extent, particularly in the mortgage industry. The combination of borrower information accumulated from the mortgage application and loan performance data is the most rich data set in commerce today. As such, it is the servicers who ultimately control the currency that drives the entire mortgage industry. For the past ten years, we have proposed that the ultimate role of a servicer is to acquire, manage, distribute and protect information. Rather than act as “the originator’s back office,” servicers are actually the homeowner and investor’s front office, and need to better manage and leverage information to fulfill that role – and potential. This session is a major departure from traditional servicing discussions, providing a new vision for servicing in the future by transcending the legacy factory approach to servicing as characterized in the film, “Modern Times”, to an interconnected network of information of “The Matrix”. Okay, perhaps not that far, but certainly the direction to move in. If servicers begin to treat information as currency, mortgage data will likely emerge as a new asset class. This session attempts to gauge how close some servicers are to reaching that goal.

FAITH SCHWARTZ

Transcending the servicing paradigm

BILL KEENAN

FROM ‘MODERN TIMES’ TO ‘THE MATRIX’

AM ERI C ATA LYS T

IN FOCUS

RENTING THE FUTURE

ow in the sixth year of the crisis, the U.S. housing market is trapped in a vicious cycle due to an unprecedented supply of distressed housing inventory and legacy REO properties. The “shadow inventory,” aptly named due to the opaque nature of its size and geographic distribution, is estimated to be anywhere between 2 million and 9.5 million single family homes, figures which vary greatly depending on the analyst and variables used in their calculations. Recently, regulators have launched pilot programs signaling the move toward the bulk disposition of government-owned distressed inventory to non-profits and private investors contingent upon their use as rental properties. Rather than view housing stock as collateral backing RMBS holdings, investors now have the opportunity to view the housing stock as an opportunity itself, deploying a variety of buy, hold and lease strategies with as many properties as they can acquire. In a rare alignment of private sector incentives and public sector interests, over $4 billion in capital has been raised over the past 5 months to pursue this emerging sector.

H T

owever, it’s a very long road to get there, as the nascent single family rental sector has only begun to develop. As many analysts have already warned, investor returns will be driven by operating efficiencies, as well as accurate valuations and acquisition costs.

he growth of the single family rental sector also signals a major shift in the mindset of consumers and policymakers with regard to homeownership and U.S. housing policy. As the housing market stabilizes, it will reflect a new reality in which many consumers have delayed or minimized their dreams of homeownership. Where renting was once a necessity, increasingly, renting is now a choice as residents seek to retain financial liquidity, gain greater mobility and keep options open for a very uncertain economic future.

SEAN DOBSON

2.3 SESSION HOST

CAROL GALANTE

OLIVER CHANG

SESSION CO-HOST INTRODUCTION

PANELISTS

TUESDAY, OCT. 2 | 11:10 AM - 12:30 PM

SEAN DOBSON, Chief Executive Officer and Chairman of the Board, AMHERST OLIVER CHANG, Co-Founder, SYLVAN ROAD CAPITAL, LLC CAROL GALANTE, Acting Assistant Secretary for Housing - Federal Housing Commissioner, FEDERAL HOUSING ADMINISTRATION | FHA MEG BURNS, Senior Associate Director, FEDERAL HOUSING FINANCE AGENCY | FHFA FRANK EDER. Senior Vice President and Head of Residential Loan and Real Estate Activities, NEUBERGER BERMAN FIXED INCOME LLC RYAN STARK, Director, Structured Credit Group, Head of Residential Mortgages, DEUTSCHE BANK SECURITIES VISHWANATH TIRUPATTUR, Managing Director, Credit Securitized Products Research and Strategy, MORGAN STANLEY

ROB VAHRADIAN

VISHY TIRUPATTUR

RYAN STARK

FRANK EDER

MEG BURNS

ROB VAHRADIAN, Senior Managing Director, GTIS PARTNERS

RENTING THE FUTURE?

The evolution of single-family rental In an industry short on win/win solutions, REO-to-Rental has emerged as one of the greatest opportunities to bring private capital back into the market and stabilize communities by addressing the unprecedented supply of distressed loans, distressed housing inventory and legacy REO properties. In a rare alignment of private and public sector interests, more than $6 billion in capital has been raised over the past 9 months from the private and non-profit sector to deploy a variety of strategies in single family rental. Recently, regulators have launched pilot programs signaling the move toward the bulk disposition of government-owned distressed Notes and distressed housing inventory to non-profits and private investors contingent upon their use as rental properties. As an emerging sector, the issues, which have important socio-economic and political implications, are complex and delicate. Prior to the crisis, almost 13 million homes were rental properties owned by local, “Mom and Pop” landlords. The emergence of REO-to-Rental will inevitably “corporatize” singlefamily rental in the U.S., introducing professional standards, regional and national franchises and a natural institutionalization of a new asset class. In this opening session, we explore the bigger picture of the opportunities, challenges and complexities of how the sector will develop.

12:30-1:30 PM LUNCH BREAK 27

OLIVER CHANG

2.4

JOHN BURNS

TONI MOSS

SESSION HOST

TUESDAY, OCT. 2 | 1:30-2:30 PM

OLIVER CHANG, Co-Founder, SYLVAN ROAD CAPITAL, LLC

SESSION CO-HOST

TONI MOSS, CEO, AMERICATALYST LLC AND EUROCATALYST BV

PANELISTS

JOHN BURNS, Founder and CEO, JOHN BURNS REAL ESTATE CONSULTING, LLC GENGER CHARLES, Senior Policy Advisor to the Assistant Secretary for Housing/Federal Housing Commissioner, U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT | HUD LAURIE GOODMAN, Senior Managing Director, AMHERST SECURITIES GROUP, LP BEN GRABOSKE, Senior Vice President, Real Estate & Financial Services/Data & Analytics, CORELOGIC

JK HUEY

BEN GRABOSKE

LAURIE GOODMAN

GENGER CHARLES

JK HUEY, Senior Vice President, REO and Short Sales, WELLS FARGO HOME MORTGAGE

RENTING THE FUTURE | THE SHADOW KNOWS

Sizing the single-family rental inventory Since 2008 the supply of homes for sale has declined significantly due to several years of unusually slow construction, the gradual processing of foreclosures and stalled turnover from homeowners trapped by negative equity. These combined factors indicate that we may have reached the bottom of the market. This assumption has fueled a sense of urgency among investors to acquire a critical mass of properties large enough to achieve economies of scale to run their businesses while acquisition prices are at their lowest. However, the current size of supply, the primary disposition strategies for those holding the notes, and what volume may be coming down the pipeline remains unknown. The “shadow inventory” is estimated to be anywhere between 2 million to 9.5 million single family homes - figures which vary greatly depending on the analyst and variables used in their calculations. At the same time, servicers are maximizing returns on distressed collateral prior to foreclosure through short sales while others, as discussed in the previous session, are selling distressed loans. This session attempts to size the opportunity for single family rental by discussing the size of the shadow inventory, analyzing where the supply of additional properties will come from in the near future, and prospects for the increase in the sale of non-performing loans to execute deeds-in-lieu of foreclosure

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P E N N S Y LVA N I A

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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&#x20AC;&#x2122;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: mmckeever@kmllawgroup.com.

DAN MAGDER

2.5 SESSION HOST

TONI MOSS

SESSION CO-HOST PANELISTS

TUESDAY, OCT. 2 | 2:30-3:30 PM

DAN MAGDER, Managing Director, ROCK CREEK CAPITAL TONI MOSS, CEO, AMERICATALYST LLC AND EUROCATALYST BV OLIVER CHANG, Co-Founder, SYLVAN ROAD CAPITAL, LLC WALLY CHARNOFF, Founder and CEO, RENTRANGE PAT DOYLE, Managing Director, Real Estate Special Situations Group, TRUST COMPANY OF THE WEST | TCW

KETAN PAREKH

BILL KING

RICH FORD

PAT DOYLE

WALLY CHARNOFF

OLIVER CHANG

RICH FORD, Managing Director, Real Estate and Investment Banking, JEFFRIES GROUP, INC. BILL KING, Chief Investment Officer and Head of Asset and Risk Management, CARRINGTON HOLDING COMPANY KETAN PAREKH, Executive Director, Mortgage Finance, BANK OF AMERICA MERRILL LYNCH

RENTING THE FUTURE | ACROSS THE SPECTRUM

Investment strategies for Single-Family Rental As mentioned in the opening session, REO-to-rental has attracted more than $6.5 billion in capital from a variety of funding sources from REITs to private wealth. As the best vehicle for remediating the distressed housing inventory, investors recognize that most borrowers who default on their mortgage will become renters, thereby balancing distressed housing supply with rental demand. Overall, these investors tend to be divided into two camps: Rather than view housing stock as collateral backing RMBS holdings, some investors now view housing stock, which is down around 34% of its peak value, as an opportunity itself in a directional play on house prices. Others believe that the greater returns lie in adding economic value back into the property and generating rental revenue. Across the spectrum, investors are deploying a variety of buy, hold and lease strategies. However, they currently struggle to access a critical mass of properties in order to build a viable business, as evidenced by the fact that less than $2 billion in raised capital has actually been deployed to date. This session compares and contrasts the current spectrum of investor strategies and the challenges they face as pioneers in this emerging sector, particularly in acquiring rental properties, managing scattered site rental and optimizing liquidation options.

REFRESHMENT BREAK | 3:30-4:00 PM

Innovative marketing strategies h Increased turn rates KEYSTONE ASSSET MANAGEMENT h Higher asset return h Customized REO training h Attaining homeowner buyers and neighborhood stabilization h

TONI MOSS

2.6

LAURIE HAWKES

SESSION HOST SESSION CO-HOST PANELISTS

TUESDAY, OCT. 2 | 4:00-5:15 PM

TONI MOSS, CEO, AMERICATALYST LLC AND EUROCATALYST BV LAURIE HAWKES, President, AMERICAN RESIDENTIAL PROPERTIES, INC. GARY BEASLEY, Managing Director, WAYPOINT HOMES ROB LEE, Managing Director, SYLVAN ROAD CAPITAL

GARY BEASLEY

RICHARD MAGEL, Chief Operating Officer, MAIN STREET RENEWAL RYAN MCBRIDE, Executive Vice President, COLONY AMERICAN HOMES DALE MCPHERSON, CEO, FIELD ASSET SERVICES

The pros and cons of operational strategies for single-family rental Investor returns in single family rental will be driven by operating efficiencies, accurate valuations and significantly sub-par acquisition costs. 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, and discussing the pros, cons and costs of each approach.

DALE MCPHERSON

RYAN MCBRIDE

RICHARD MAGEL

ROB LEE

RENTING THE FUTURE | REALITY CHECK

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TONI MOSS

2.7 SESSION HOST

COLIN WIEL

SESSION CO-HOST PANELISTS

TUESDAY, OCT. 2 | 5:15-6:30 PM

TONI MOSS, CEO, AMERICATALYST LLC AND EUROCATALYST BV COLIN WIEL, Co-Founder and Managing Director, WAYPOINT HOMES DANIEL GROSS, Columnist and Global Business Editor, NEWSWEEK DAILY BEAST PAUL HAYMAN, CEO, INCLYNE CAPITAL

ELLEN SEIDMAN, Advisor, THE URBAN INSTITUTE MARK WILLIS, Resident Research Fellow, NYU FURMAN CENTER FOR REAL ESTATE AND URBAN POLICY

RENTING, THE FUTURE

Transitioning into a Rentership Society Does REO-to-Rental signal a major shift in the mindset of consumers and policy makers with regard to homeownership and U.S. housing policy? This session is based on the presumption that if and when the market stabilizes, it will reflect a new reality in which many consumers have delayed or minimized their dreams of homeownership, or have made a deliberate choice to retain their financial liquidity, gain greater mobility and keep options open for a very uncertain economic future. We’ll discuss how globalization is changing cultural attitudes toward ownership, and how the recognition of the costs and burdens of ownership, the drive toward sustainability, and the Echo-boomer generation show preference for access over ownership, and debate whether or not the U.S. is heading toward a “Rentership Society” in the future.

MARK WILLIS

ELLEN SEIDMAN

LOUISE KEELY

PAUL HAYMAN

DANIEL GROSS

LOUISE KEELY, Chief Research Officer, THE DEMAND INSTITUTE

CONFERENCE CONCLUDES 6:30 PM

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12/23/11

11:28:58

‘The Hills are Alive’ This event is intended to be much more than education and networking, it’s intended to be an experience. We want to move you, to evoke and inspire feelings, and to give you something to think about at the start and conclusion of each session. Music is one of the greatest forms of communication in the world. One of our favorite quotes about music was said by Duke Ellington. “Playing bop is like playing Scrabble with all of the vowels missing.” This can, to a certain extent, describe the mortgage industry experience. Particularly for those in servicing. Music of all genres has always been a signature of our events as we transition between sessions. We are frequently asked what led us to do this in the first place, and more often, what we really meant in using a particular song. When we launched the EuroCatalyst series in 2002, we used music to provide a sense of familiarity to delegates who were from different countries and spoke different languages, and to fill the awkward silence during stage changeovers. More importantly, in the early days (at least until 2005), Toni was too shy (!) to host the sessions herself. While she would write the program each year, a process that included “story boarding” each session and preparing the presentations, she always chose others to host. Thus, the music became her editorial “stamp” on each session; interpretation of our selections were left to the hosts and panels. The hallmark song of the event is the opening theme we’ve used since 2002, “Burning Down the House” by the Talking Heads. It is, after all, a conference. With a lot of talking heads. The song is on the album, Speaking in Tongues, and the European event featured a plethora of languages. And then there are the David Byrne lyrics. They were reportedly meant to be nonsensical, but somehow made perfect sense for an event intended to create a global dialogue about the trajectory of such an economically crucial industry at a time when the party, so to speak, was just getting started. Take a look at the lyrics and perhaps you will understand how and why we use it. Over the years, here are some of our favorite selections: EuroCatalyst 2002: Madrid “What a Wonderful World” A close friend, Esther Dyson, opened our first event. Esther is perhaps the most famous futurist in the world, and is universally credited as the catalyst for bringing the global personal computing and internet community together. Fluent in Russian, in 2002, Esther became a cosmonaut. Today, along with Richard Branson, she is one of the pioneers of commercial space travel. When asked what song she wanted for her entrance, Esther chose “What a Wonderful World,” by Louis Armstrong. We found it ironic that one of the most brilliant and complex minds in the world today chose this particular song “for its simplicity.” “The Star Wars Theme.” For Judith Hardt, then head of the European Mortgage Federation, we played the “Star Wars Theme.” It took a year of extensive travel and in-person

convincing for Toni to get all members of each individual mortgage trade organization across Europe to support a single event driven by primarily a single individual, with a man’s name, who happened to be an American. It was the first time for all of them to collaborate to such an extent. Before the event, Judith’s prime concern was how “her members” (of the Federation) would react if the event’s subject matter was perceived as “too different, too controversial, too fun or too new”. Guilty on all counts, we introduced Judith with the music and scrolling text that provided an update of the battle that “the (European Mortgage) Federation” was fighting, which at that time, was primarily against each other. Look to session 1.7 this year for similar fun. “Staying Alive”. In 2002, large German banks were rife with troubled loans on their balance sheets – a fact that the entire market aspired to conceal. When our distinguished German panel took the stage for their national session, we played “Staying Alive” by the Bee Gees. Most people tend to alter their normal walk and strut to its great bass line, which is perfect for a stage entrance. But once the group reached the stage, a certain realization came over the panel that slowed their steps and caused concerned glances directed at Toni, who sat with an innocent “what?” look on her face. The panel kicked off with a very optimistic presentation by Louis Hagen, then head of what became the Verband deutscher Pfandbriefbanken, and now speaker of the board of Managing Directors at Münchener Hypothekenbank eG. The lyrics were certainly not missed by the next speaker, Klaus Friedrich Otto, editor of Immobilien and Zeitung. The first words out of his mouth were, “Don’t believe anything that you hear from a German trade organization, the song that just played says it all about ‘staying alive’ in Germany.” To the chagrin and obvious discomfort of the entire panel, he went on to discuss the truth about the serious problems plaguing the German market that no German institution would admit to or discuss publicly at that time. It was not until 2004 that the problems plaguing the German banking sector became the focus of German headlines. “This is Not America” (by Pat Metheny and David Bowie). Our traditional “Champagne Debate,” held at the end of the first day of the event each year, began in Madrid, and featured the debate “The U.S. vs. Europe” over the best products, processes and practices of the markets. The day ended up being much longer than anyone had ever anticipated. The positive response to each session up to that point made it difficult for us to actually end each session. When we opened the Champagne Debate with this song - at 6 pm (the scheduled “end” of the day), the audience erupted in cheers. We thought it was because the audience were cheering because the day was finally over. Once the session began it became clear that the cheering reflected the disdain that European mortgage leaders felt over the onslaught of American business models entering Europe and the unfairness of Fannie Mae and Freddie Mac’s implicit government guarantee which competed with European covered bonds for the global investor base. It was in this session that German economist Achim Duebel coined the famous (and prophetic) observation, “The American GSEs

privatize the profit and nationalize the debt”. The “hour-long” session ended at around 8 pm. At 8:30 pm, we finally turned the lights off to get everyone out of the room EuroCatalyst 2003: Lisbon “Abracadabra” (by the Steve Miller Band), for the session, “How Much is Europe at Risk? Globalization, Housing Prices and European Mortgage Markets.” The song starts with a synchronized bass/guitar/keyboard rhythm that goes up and down the scale with opening lyrics that perfectly characterized predictions and reports about housing prices. “I heat up, I can’t cool down, you’ve got me spinning around and round. Round and round, and round we go, and where it stops nobody knows, abra abra cadabra, I wanna reach out and grab ya.” They sure did. “Born in the USA” (by Bruce Springsteen) and “I Get Along Without You Very Well” (by Frank Sinatra) for the Champagne Debate, “U.S. vs. Europe, Round Two.” Given the heated debate that ensued the previous year, that year we decided that each team approach the stage separately, to their own song. The Americans went first, bounding up to the stage to “Born in the USA.” The Europeans entered very slowly to the song, “I Get Along Without You Very Well.” It was a classic moment, and even the Americans had to laugh. In making the first toast of the session Tony Porter of PMI quipped, “Here’s to another great debate, and if I hear one more thing about how great the Danish mortgage model is I’m going to throw up . . .” EuroCatalyst 2004: Berlin “You Don’t Have to Say You Love Me” (by Dusty Springfield) for “The Servicing Sessions.” In 2002 and 2003, servicing was such an unpopular topic that pillows were thrown on stage at the session hosts. Yet, we persevered, warning participants that if they did not pay attention to servicing issues, they would one day be sorry . . . “The Lion Sleeps Tonight” (by The Tokens) for the session, “Consolidation Sweeps European Markets.” By 2004, the globalization of housing finance was in full force, with European banks in a cross-border acquisition mode and American firms entering Europe at an unprecedented pace. That year, European Finance Ministers began to contemplate the potential for systemic risk and the creation of banks that would be considered “Too Big To Fail,” creating a temporary lull in M&A activities, hence, “The Lion Sleeps Tonight.”

EuroCatalyst 2005: Rome “The Theme to Casino Royale” (by Herb Alpert and the Tijuana Brass from the original 1967 film) for the session, “Diversifying Funding and Pricing Risk: The Third Annual Whole Loan Sales and Trade Exchange”. By 2005, size mattered for cross-border entrants, and the best way to increase size was the emergence of whole loan portfolio sales which were sweeping European countries. The loan sales were primarily driven by Wall Street investment banks, many of whom had created global vertical channels to satiate demand for U.S. subprime and non-conforming European RMBS. The original 1967 James Bond film is notorious for being a disorganized disaster. Film critic Roger Ebert had called it “possibly the most indulgent film ever made.” In 2005, we believed that the structured finance industry was seriously headed in the wrong direction and truly was “Casino Royale.” “You Don’t Own Me” (by Lesley Gore) for the session, “High Anxiety: Holding Our Breath Over Housing Prices.” In mid2005 The Economist was pointing out that the total value of residential property in developed economies had risen by more than $30 trillion in the previous five years to over $70 trillion - an increase equivalent to 100% of the combined

GDPs of those countries. “Not only does the current situation dwarf any previous house price booms”, they wrote, “it is the most massive capital markets bubble in history.” We played “You Don’t Own Me” as a reminder that while borrowers were building up equity due to inflated prices, they did not actually own those homes free and clear and were borrowing against a volatile asset inevitably poised to fall. Yet another tune that makes a reappearance this year. EuroCatalyst 2007: Madrid “Everybody Knows” (written by Leonard Cohen, performed by Rufus Wainwright) for the session, “The Shadow Banking System and financial dislocation of the new non-bank world.” The opening lyrics to this song said it all in September 2007, less than one month after the liquidity crisis began: Everybody knows the dice are loaded Everybody rolls with their fingers crossed Everybody knows the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor and the rich get rich That how it goes And everybody knows We replayed the song in the early sessions at AmeriCatalyst 2011. EuroCatalyst 2009: Austin (AKA Distressed Servicing) In 2009, we fiercely debated using “Viva La Vida” by Coldplay as the theme of the entire event that year. The title literally means “Long Live Life.” As Toni said in her opening speech that year, “One of the original sponsors of this event dropped out because they feared that this event would be a flop and asked us to change the title from ‘Viva la Vida’ because they thought we were sending an inappropriate message. To us, our message was clear – yes, much of what is happening is unthinkable, but you have two choices in life; you can live dying, or you can die living, and we choose the latter. Therefore, ‘long live life!’ ” Instead, Toni provided the alternative theme, “Distressed Servicing” to point out the fact that “we are all distressed servicers now.” AmeriCatalyst 2010: Austin “The theme to Mission Impossible” for the session, “From Local to National: The Evolutionary Process of Stabilizing the Housing Market and Assisting Homeowners on a Mass Scale.” This session was about current government programs including HARP, HAMP, HAFA, HHF et al. The working title for this session was, “Trial and Error: Stabilizing the Housing Market,” but we were busted at the last minute and had to change the title. So we settled for playing “Mission Impossible” instead. We were one-upped by Faith Schwartz of HopeNow and Laurie Maggiano from the U.S. Treasury, who walked onstage with dark sunglasses on. AmeriCatalyst 2011: Convergence Amy Brandt and a few others who were forced to listen to track after track during the selection process (which usually takes several months over the summer) complained endlessly about how we “needed to play at least ONE song from this century!” Well, we finally did! “Raise your glass” by Pink, at the conclusion of the Champagne Debate, which, let’s face it, opened with a shameless display of ‘80s disco with “YMCA” (who will ever forget Ivy Zelman, Amy and the rest of the panelists dancing to the Village People hit?) For the soundtrack to our 10th anniversary, take a look at the next page. And sit back and enjoy!

2012 soundtrack 1.00 | Opening | Burning Down the House

Talking Heads

1.01 | Tim Skeet | James Bond Theme (from Dr. No)

Monty Norman Orchestra

1.02 | The Entanglement | The Mass

Era

1.03 | Into Break | Time Of The Season

Zombies, The

1.04 | End of Break | South American Getaway

Burt Bacharach

1.05 | Kyle Bass | Does Anybody Really Know What Time It Is?

Chicago

1.06 | Into Lunch | Don’t You Worry ‘Bout A Thing

Stevie Wonder

1.07 | Return from Lunch | A Taste Of Honey

Herb Alpert & The Tijuana Brass

1.08 | Are We There Yet | It Ain’t Over ‘til it’s Over

Lenny Kravitz

I End of session | Wives And Lovers

Jones, Jack

| Return from 5-minutes Break | The Lonely Bull

Herb Alpert & The Tijuana Brass

1.09 | Future We’re Funding | Start Me Up

Rolling Stones, The

1.10 | Into Break | Crazy Dream

Los Lonely Boys

1.11 | Return from break | Fandango

Herb Alpert

1.12 | Funding the Future | Meet Me Halfway

Black Eyed Peas

1.13 | Smile

Larry

1.14 | Green Peppers

Herb Alpert & The Tijuana Brass

1.15 | Champagne Debate Part 1

LMFAO

1.16 | Champagne Debate Part 2

John Williams

1.17 | End of Day | Good Feeling

Flo Rida

2.00 | Opening - Toni | Burning Down the House 2.01 | Regulators | Rock the Casbah

The Clash

2.02 | Modern Times to the Matrix | Gonna Fly Now

Bill Conti

Herb Alpert & The Tijuana Brass

2.05 | Renting the Future | You Don’t Own Me

Lesley Gore

2.06 | Into Lunch | You’re The First, The Last, My Everything

Barry White

2.07 | Back from Lunch | Music To Watch Girls By/Slick

Billy May

2.08 | Sizing the Single-Family Rental Inventory | Anticipation

Carly Simon

2.09 | Across The Spectrum | Takin’ It To The Streets

The Doobie Brothers

2.10 | Into Break | Stay

Jackson Browne

2.11 | Lollipops And Roses

Herb Alpert & The Tijuana Brass

2.12 | Operational | ABC/123

Jackson 5

2.13 | Renting the Future | Call Me Maybe

Carly Rae Jepsen

2.14 | Closing | See You In September

Happenings, The

2.15 | You Get What You Give

New Radicals

RENTING, THE FUTURE? 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 scruntinize. Read On. Rather good material for those late-night trivia games.

2009-01-13

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.

2009-03-05

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.

2010-02

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.”

2010-07-15

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.

2010-09-01

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.

2011-07-20

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-turnedrenters should drive demand for single-family rentals.”

2011-07-27

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.”

2011-08-10

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.”

2011-09-15

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.

2011-09-20

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.

2011-10-06

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.

2011-10-21

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.

2011-10-27

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.”

2011-10-27

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.”

2012-01-04

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.

2012-01-18

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.

2012-02-01

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.

2012-02-16

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 singlefamily 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.”

2012-02-17

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.”

2012-02-21

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.

2012-02-23

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.

2012-02-27

The FHFA announces the first pilot transaction (2,490 properties in a portfolio of Fannie Mae owned tenant-occupied 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.

2012-02-27

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.

2012-03-02

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.”

2012-03-05

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.”

2012-03-16

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.

2012-04-05

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.

2012-04-11

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.”

2012-04-23

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.

2012-04-25

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.”

2012-05-01

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-to-rental 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.”

2012-05-03

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.

2012-05-04

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.

2012-05-07

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.

2012-05-07

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.

2012-05-07

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.”

2012-05-14

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.”

2012-05-17

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.”

2012-05-21

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.

2012-05-22

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.

2012-05-24

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.

2012-06-08

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.

2012-06-12

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 lowincome 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.

2012-06-24

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.

2012-07-03

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.”

2012-07-03

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.

2012-07-12

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.

2012-07-12

The American Banker names Colony Capital LLC as one of the winning bidders on the FHFA REO initiatives, citing sources familiar with the matter.

2012-07-12

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.”

2012-07-18

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.”

2012-07-24

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 .

2012-08-02

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 mortgage-owners,” 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.”

2012-08-02

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. “

2012-08-07

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.”

2012-08-13

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.

2012-08-15

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.

2012-08-22

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.

2012-08-22

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.

2012-08-23

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

2012-08-23

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.

2012-08-29

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.

2012-09-04

Reuters reports that at least seven investment-bank lenders are getting set to roll out the first round of balance-sheet 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.

2012-09-10

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.

2012-09-11

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.

2012-09-17

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 fourfamily residential real estate lending where the primary repayment source for the loan is rental income.

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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. z, Director, Citigroup 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

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Fernando Cuesta, Head of Funding, Caja Madrid 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

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Paul Miller, Research Analyst, FBR Capital Markets & Co. 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

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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

CLASS OF

2012

NOTE: AS IN PREVIOUS YEARS, NOT ALL ATTENDEES WERE ABLE TO SEND BIOS AND PHOTOS TO US BEFORE THE DEADLINE. SOME ARE MISSING PHOTOS (LIKE ME), WHILE OTHERS, WELL, THEY WERE MISSING BIOS. I HAD TO SCRAP THOSE. SORRY. IN THE PAST, I’VE USED VARIOUS SYMBOLS (FLOWERS OR SNAPS OF GREGORY PECK/AUDREY HEPBURN) FOR THE FACELESS BIOS, BUT THIS YEAR, I’VE CHOSEN NOT TO. AND GREG BOESTER IS PROBABLY GOING TO KILL ME FOR USING A PHOTO HE HATES. A FEW OBSERVATIONS: WE HAVE AN ABUNDANCE OF “TAYLORS” THIS YEAR, A SURPLUS OF S.M.U. AND WHARTON GRADUATES, NOT AS MANY LAW DEGREE HOLDERS AS IN PAST YEARS (THOUGH MORE M.B.A. HOLDERS), AND A SURGE IN THE NUMBER OF FEMALE DELEGATES. WE ALSO HAVE SEVERAL FORMER PROFESSIONAL AND OLYMPIC ATHLETES. AND MUSICIANS. AND THREE CANADIANS. AND SOMEONE FORMERLY EMPLOYED BY THE CIA . FINALLY, IT’S GREAT TO SEE THE FACES OF SO MANY ALUMNI AS WELL AS THE SMILES OF SO MANY NEW PEOPLE. WE WELCOME YOU ALL. AND I AM NOT A STALKER.

CLINTON ALCORN | Chief Business Officer CITYSIDE MANAGEMENT CORP. Clinton serves as Chief Business Officer for Cityside Management Corp., a national, full-service real estate management company focused on property management, property preservation and REO asset management. Clinton has nearly two decades of experience in multiple areas of mortgage banking ranging from originations to default servicing. He previously managed Bank of America Field Services Corp., the largest property preservation company in the country and Bank of America’s REO Sales and Marketing group, where he was responsible for the management and disposition of the 2nd largest REO portfolio in the country. Prior to his time at Bank of America, Clinton managed retail mortgage originations on a national level for some of the nation’s leading mortgage bankers.

GEORGE ALEXANDER | Assistant Director, Capital Markets, Division of Resolutions and Receiverships FEDERAL DEPOSIT INSURANCE CORP. | FDIC George is the Assistant Director for Capital Markets in the FDIC’s Division of Resolutions and Receiverships. He started his work with the government in 1991 at the RTC where he was initially responsible for a number of large bulk asset sales. He was also responsible for overseeing servicing/ asset management of the RTC’s single-family and CRE securitization program. George has extensive experience with structured transactions and securitization. He also serves on the FHFA REO Initiative Steering Committee.

LOETTA ARRINGTON | SVP FIELD ASSET SERVICES Loetta has been with FAS since 2002. Her diversified knowledge and experience is a result of 24 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. where she authored the first Affordable Housing Manual and successfully trained agents and homebuyers throughout the Southwest Region on the Affordable Housing Program. Just before 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.

STEVE BAILEY | Chief Servicing Officer PENNYMAC LOAN SERVICES, LLC Steve is responsible for directing PennyMac’s loan servicing operation, including implementation of the methods and programs directed at improving the value of acquired loans, as well as setting and managing performance goals for all aspects of the servicing and loan administration functions. Prior to joining PennyMac in April 2010, Steve served as the Mortgage Servicing Executive at Bank of America, where he was responsible for overseeing a loan portfolio of more than 14 million loans valued at over $2 trillion in outstanding debt, with operations that included more than 15,000 employees in 10 locations across the U.S. Steve holds a BA in Classical Guitar Performance from the University of Southern California.

J. KYLE BASS | Principal and Portfolio Manager HAYMAN CAPITAL MANAGEMENT LP Kyle is the principal of Hayman Capital Management L.P., which serves as the investment manager to the Hayman Capital Master Fund, L.P. and Japan Macro Opportunities Master Fund, L.P. Previously, Kyle co-managed the Subprime Credit Strategies Fund, L.P. and Subprime Credit Strategies Fund II, L.P. He is a member of the Board of Directors of the University of Texas Investment Management Co. (UTIMCO), which has aggregate assets of over $26 billion. Kyle is a founding member of the Serengeti Asset Management Advisory Board and serves as a Board Member for the Troops First Foundation and Texas Rangers Foundation. In addition, Kyle is a member of the Advisory Council of the Comeback America Initiative, which is dedicated to promoting fiscal responsibility and sustainability.

GARY BEASLEY | Managing Director WAYPOINT HOMES Gary is responsible for the overall leadership of the firm, strategy, and finance. 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 cleantech. Between 2001 and 2007 Gary was an operating executive with ZipRealty, where, as its CFO, he led the innovative Internet-based residential brokerage through its successful IPO before eventually being named its President. Earlier in his career, Gary worked for leading real estate industry firms LaSalle Partners and Security Capital Group. Gary holds a B.A. in Economics from Northwestern University and an M.B.A. from Stanford.

INGRID BECKLES | Founder and CEO THE BECKLES COLLECTIVE, LLC Ingrid is Founder and CEO of The Beckles Collective, LLC, a Washington DC-based executive consulting firm specializing in Mortgage Banking, Housing Policy, Real Estate Management, Neighborhood Stabilization and Process Optimization. Ingrid is the former Senior Vice President and Head of Default Asset Management for Freddie Mac. Prior to Freddie Mac, she spent 10 years with PNC Mortgage Corp. of America with her final position being that of Vice President and Head of Credit Policy & Customer Focused Initiatives having oversight of Credit Policy, Underwriting Policies Quality Assurance, Appraisal Policies, Regulatory Compliance and Investor Resolutions departments.

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 8 years at First American CoreLogic, most recently as SVP 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 BA in Economics from the University of Texas and an M.B.A from the University of Southern California, where he graduated with honors.

KEN BLEVINS | President and CEO PMH FINANCIAL, A STEWART COMPANY Ken is a veteran in mortgage and default servicing with more than 20 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition. He set up PMH Financial in 2005 as a special servicer focused on purchasing, servicing, and maximizing recoveries on nonperforming loans and REO assets. The company was acquired by Stewart Lender Services in 2011. Ken has 15 years of operational experience in all facets of REO asset management, having managed large national REO disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. His specialties include REO asset management, real estate investment and bulk REO acquisitions.

GREG BOESTER | Managing Director, Head of RMBS Banking and Residential Mortgage Principal Finance BARCLAYS CAPITAL Greg joined Barclays Capital in 2011. He began his career at Lehman Brothers, where he spent 5 years in RMBS trading before moving over to JP Morgan in 2002. At JP Morgan he founded the Non-Agency and Principal Finance businesses, becoming head of Global Mortgage Capital in 2006 and overseeing the integration of various aspects of Bear Stern’s mortgage origination and principal finance platforms following their acquisition by JP Morgan. In 2008 he joined Citadel as a Managing Director and Senior Portfolio Manager. Greg is a Wharton graduate and a former member of the US Olympic Ski Team.

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. 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. Alan was the director of special situations at Soros Fund Management from 1999 to early 2007, where he managed a portfolio of assets of the Quantum Funds.

AMY BRANDT, Board of Directors AMERICATALYST IDEA LAB Until recently, Amy was the CEO of Vantium Capital, Inc., the parent company of ACQURA Loan Services and Strategic Recovery Group (SRG), both based in Dallas, Texas. Amy formed Vantium Capital Inc. together with Apollo L.P., a leading private equity firm, in 2007. Previously, she was CEO and president of WMC Mortgage, which she grew into an industry leader with originations exceeding $3 billion per month. Today, Amy is on the Board of Directors of the AmeriCatalyst Idea Lab.

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 & Co. in their financial services industry group. Prior to business school, he was an analyst for the CIA. He holds a B.A. in Economics from the University of Maryland and an M.B.A. from Dartmouth’s Amos Tuck School.

JOHN BURNS | CEO JOHN BURNS REAL ESTATE CONSULTING, LLC John is CEO of John Burns Real Estate Consulting, LLC, which helps real estate industry executives by analyzing and summarizing the information they need to make decisions with more confidence. John and his team are on retainer with a number of companies, both in the housing industry and Wall Street, to monitor housing market conditions, and to help them refine their strategies in an ever-changing environment. John started his career as a CPA and then spent eight years in KPMG Peat Marwick’s Real Estate Consulting practice and four years at a national consulting firm before starting the firm in 2001. John has a M.B.A. from the University of California, Los Angeles and a B.A. in economics from Stanford University. An avid baseball fan, John has attended home games for all 30 major league baseball teams.

MEG BURNS | Senior Associate Director, Office of Housing and Regulatory Policy FEDERAL HOUSING FINANCE AGENCY | FHFA As head of the Office of Housing and Regulatory Policy, 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 FHLBanks. Prior to joining FHFA, Meg was the director of the Office of Single Family Program Development for the Federal Housing Administration, where she was responsible for 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 an M.A. in philosophy and public policy from The George Washington University.

OLIVER CHANG | Co-founder and Managing Director SYLVAN ROAD CAPITAL Oliver is a 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. His housing research is often cited in the media. Prior to 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 B.S. in Operations Research and Industrial Engineering from Cornell University and an M.B.A. from Columbia Business School.

GENGER CHARLES | Senior Policy Advisor U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT As a Senior Policy Advisor to the Assistant Secretary for Housing/Federal Housing Commissioner at the U.S. Department of Housing and Urban Development, Genger advises the Commissioner on legislative and programmatic issues in the areas of Single Family, Multifamily and Healthcare. Genger also serves as a liaison between FHA and congressional, industry and community stakeholders. Genger is a graduate of Cornell University and has a J.D. from the George Washington University Law School.

WALTER CHARNOFF | Founder and CEO RENTRANGE, LLC Wally is the founder and CEO of RentRange, LLC, formed in 2007 with a vision of developing the most comprehensive residential property rental data repository in the United States. With over 15 combined years of knowledge and competency in the securities and real estate investment technology verticals, Wally is frequently called upon by mainstream media outlets to provide professional expertise in both televised and print-based formats. Wally’s accomplishments include the development, deployment, and sale of multiple patent-pending technologies for the financial services and real estate sectors. Wally also founded and currently serves as Chairman for a successful software development firm that caters to said sectors. Wally lives in Colorado with his wife of 16 years, a daughter and a son, and a menagerie of pets.

PHIL COMEAU | President and CEO PHILLIP E. COMEAU CO., INC. AND SYNERGISTIC ASSOCIATES, INC. Phil has been an innovative leader in mortgage delinquent loan management, data analytics and performance metrics. Prior to forming his consulting companies, Phil was with Freddie Mac where he was responsible for the development and implementation of a number of innovative technologies to enable servicers to reduce the frequency and severity of delinquent loans more effectively and more efficiently, including Electronic Default Reporting (EDR), Workout Prospector®, EarlyIndicatorSM (EI), and EarlyResolutionSM (ER). He was responsible for the development and implementation of Freddie Mac’s “Non Performing Loan Servicer Performance Profiles”. These servicer Profiles have become the standard by which conforming loan servicers assess their performance in managing delinquent loans.

DANIELLE COONEY | Chief Operating Officer FIRSTSERVICE RESIDENTIAL REALTY As Chief Operating Officer at FirstService Residential Realty, Danielle leads the company’s client services group as well as its property operations groups. Danielle’s expertise is instrumental in providing strategic leadership and operational oversight. Danielle also oversees the national property management team. She is responsible for upholding the company’s principals and mission and ensuring that FirstService Residential Realty remains at the forefront of practices designed to meet client goals and maximize asset performance. Danielle joined the FirstService companies in 1995 after a career in senior management positions in multifamily property management. Danielle has been active in the property management industry for over two decades. She has a B.S. degree in Business Management.

BILL COPPEDGE | Senior Manging Director, Business Development FAY FINANCIAL Bill 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. Before joining Fay, 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. While at Suntrust, Bill maintained contact with over 150 commercial banks, regional dealers, private equity and hedge funds, servicers, and money managers in the performing and nonperforming space. An avid networker, Bill has a mortgage blog with 2000 email members, over 1900 Linkedin contacts, and over 4300 Outlook contacts.

DENNIS CORKERY | VICE PRESIDENT AND GENERAL MANAGER EQUIFAX CAPITAL MARKETS As head of Equifax Capital Markets, Dennis manages the team’s analytics, product development and sales efforts. Specifically, his team focuses on leveraging Equifax’s consumer credit data in the MBS (both agency and non-agency) and residential whole loan markets. In addition, he oversees key strategic partnerships as well as all interactions with investment banks, hedge funds, institutional money managers and other members of the investment community. Prior to joining Equifax in 2009, Dennis was a Vice President with Jefferies Group in institutional sales. He previously held a similar position at Barclays Capital, specializing in securitized products. Dennis is a cum laude graduate of Harvard University and he holds an M.B.A. from MIT Sloan School of Management.

MITCH CREEKMORE | SVP, Multinational Business Development / Multinational Title Services Group STEWART TITLE GUARANTY COMPANY Mitch joined Stewart’s Multinational Title Services Group business development team in 2008 from Stewart’s International Group. He is a licensed Texas real estate broker with over 24 years of commercial and residential real estate experience. He began his career with Stewart in 1994 and has been responsible for the development of the company’s marketing strategy and implementation of the business plan for Stewart Mexico. Mitch’s focus has been working with the legal and real estate communities on both sides of the border regarding the availability and benefit of title insurance in Mexico, how the land conveyance system in Mexico functions and other legal and business aspects.

ANDREW DAVIDSON | President ANDREW DAVIDSON & CO., INC. Andrew is a financial innovator and leader in the development of financial research and analytics. He has worked extensively on MBA product development, valuation and hedging. He is president of Andrew Davidson & Co., Inc., a firm specializing in the application of analytical tools to investment management, which he founded in 1992. Andrew is co-author of the book “Securitization: Structuring and Investment Analysis and Mortgage-Backed Securities, Investment Analysis & Valuation Techniques.” He has written numerous articles that have appeared in finance and economic research journals. He has an M.B.A. in Finance from the University of Chicago and a B.A. in Mathematics and Physics from Harvard.

MARCIA DAVIES | Chief of Staff & Senior Vice President MORTGAGE BANKERS ASSOCIATION Marcia provides leadership, strategic direction and overall management to the MBA’s meetings department. She is also responsible for facilitating the implementation of strategic initiatives that require cross-functional integration within MBA, its staff and members. She has key oversight for projects that are organizational priorities to ensure that all are advancing according to plan, objectives, established milestones and measurement criteria. Previously, Marcia worked at the U.S. Department of Housing and Urban Development as Senior Adviser to David H. Stevens, then Assistant Secretary for Housing and Federal Housing Commissioner. She directed HUD’s industry relations program to strengthen relationships, garner support, streamline communications and resolve policy and regulatory issues.

JIM DAVIS | Executive Vice President, Government Affairs HOMEWARD RESIDENTIAL Jim acts as the primary interface with industry trade groups ensuring that Homeward Residential’s voice is heard on major legislation and industry affairs. Jim is also the onÐsite leader of the Jacksonville Servicing operation and is responsible for dayÐtoÐday management of the site, people and technology. Previously, Jim served as the head of Homeward Residential’s Default Administration Area. Jim joined Homeward Residential in May 2008 in connection with the purchase of the servicing platform of Option One Mortgage. Prior to Homeward Residential, Jim served as Senior Vice President of Option One Mortgage from April 2002 through April 2008. He was in charge of Customer Service, Collections, Loss Mitigation, Foreclosure and Bankruptcy. Jim is a member of several industry pilot groups.

WANDA DELEO | Deputy Director, Office of Strategic Initiatives FEDERAL HOUSING FINANCE AGENCY | FHFA Wanda became Deputy Director of the Office of Strategic Initiatives for the Federal Housing Finance Agency in May 2012, leading and overseeing all activities associated with the agency’s conservatorship strategic plan. 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. Before becoming Chief Accountant at FHFA in 2008, she was Examination Manager for Accounting and later Chief Accountant for the former Office of Federal Housing Enterprise Oversight, one of FHFA’s predecessor agencies. Before joining OFHEO in 2002, Wanda enjoyed a 20-year academic career teaching and conducting research on financial accounting at a number of colleges.

ED DELGADO | COO WINGSPAN PORTFOLIO ADVISORS Ed is the COO of Wingspan Portfolio Advisors. He was formerly CEO of the Five Star Institute, SVP with Wells Fargo and an executive with Freddie Mac, and has more than 20 years of experience in mortgage banking. While at Five Star Delgado led various industry initiatives and hosted discussions with former President George W. Bush, New York Mayor Rudolph Giuliani, First Lady Laura Bush and U.S. Secretary of State Condoleezza Rice. Ed also served as a member of the Housing Policy Council of the Financial Services Roundtable, a trade association representing nearly two-thirds of the mortgage industry. He has chaired several subcommittees for the HOPE NOW Alliance, a public and private sector partnership focused on assisting at-risk mortgage consumers.

TOM DEUTSCH | Executive Director AMERICAN SECURITIZATION FORUM, INC. | ASF Tom is the Executive Director of the American Securitization Forum, Inc., serving to implement the organization’s securitization market advocacy initiatives. Tom previously served as an Associate in the Capital Markets Department of Cadwalader, Wickersham & Taft LLP, where he represented issuers and underwriters in various structured finance offerings, including residential mortgage-backed securitizations and asset-backed securitizations. Prior to that, Tom served as an Associate at McKee Nelson LLP, where he focused on residential mortgage-backed securitizations. Tom earned his J.D. from the University of Pennsylvania. In addition, he earned an M.Sc. from tthe LSE and a B.S.B.A. with Honors and a B.A. magna cum laude from Washington University in St. Louis.

SEAN DOBSON | CEO and Chairman AMHERST 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. Sean has over 20 years of experience in the mortgage industry, including senior management positions with Spires Financial and the MMAR Group, Inc. He is on the board of the American Securitization Forum and his advice on mortgage policy matters is regularly sought by congressional leaders, housing policy leaders at the Treasury and other government agencies and senior White House officials.

PAT DOYLE | Managing Director, Real Estate Special Situations Group TRUST COMPANY OF THE WEST | TCW Pat leads the Real Estate Special Situations Group with responsibility for the Home Place Partners strategy. He joined TCW during the acquisition of Metropolitan Asset Management LLC (MetWest). Prior to joining MetWest, Pat was a Managing Partner of The Winter Group (TWG) where he was President of the firm’s asset management business which managed approximately $6.5 billion in CDO product and served on the Board of Directors of Specialized Loan Servicing LLC, formerly a TWG subsidiary company currently focused on special servicing approximately $15 billion of distressed mortgage assets. Prior to founding TWG, he was a Managing Director at Credit Suisse First Boston. Pat earned a bachelor’s degree in Economics with a minor in Japanese Studies from the University of California, Berkeley.

MICHAEL DRAYNE | SVP, Office of Issuer & Portfolio Management GINNIE MAE Michael was named SVP 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 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 B.S. Degree in Business Administration and a Master’s Degree in Public Management from the University of Maryland. He resides in Washington, D.C.

THOMAS W. DRIVER | Senior Vice President, Operations KEYSTONE ASSET MANAGEMENT Tom joined Keystone Asset Management in February 2007. He is responsible for the daily operations and activities, which include overseeing the daily flow of Keystone’s portfolios, daily interaction with Clients regarding industry standards and compliance, monitoring managerial performance, and syncing industry and staffing projections with operational capacity rates and budgets. Tom brings Keystone 15 years of knowledge in servicing as the Default Operations Manager at GMAC Mortgage, Loss Mitigation Manager at CitiFinancial (a division of Citigroup), and Loss Mitigation Analyst at Conti Mortgage. Tom is a frequent speaker and attendee at numerous industry events, such as MBA, AmeriCatalyst and Five Star conferences. Additionally, he serves on the Board of Advisors for AREAA (GLA Chapter).

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.

FRANK EDER | Senior Vice President and Head of Residential Loan Activities NEUBERGER BERMAN FIXED INCOME LLC Frank joined Neuberger Berman in 2011 and is the Head of Residential Loan Activities. For 12 years prior to joining the firm, he was Chief Executive Officer of Newport Coast Capital Management, a private equity real estate investment firm. At Newport, Frank focused on residential, condominium, apartment to condominium conversion, multi-family, and commercial investments. Before Newport from 19881997, Frank held various regional and district management roles at GE Medical Systems, Sopha Medical Systems, and ADAC Labs. Frank earned his B.S. in Mechanical Engineering from the University of Illinois and an M.B.A. from the Harvard Graduate School of Business with a concentration in investment management and real estate.

RICHARD ELLSON ANDREW DAVIDSON & CO. Richard Ellson has been involved in the MBS/ABS markets for over 24 years. In his current position at AD&Co, he is responsible for managing the consulting services business, writing strategy reports on the non-agency RMBS market, the development of new analytical products related to this market, and serving as an expert witness in litigation related to the financial crisis. His prior positions and responsibilities have included head of MBS/ABS research at CS First Boston and UBS, structured finance domestically and internationally, head of fixed income trading at the Hartford Investment Management Company, and head of whole loan portfolio management at Washington Mutual Bank. Prior to Wall Street he was a tenured professor at the University of South Carolina.

BILL EMERSON | CEO QUICKEN LOANS, INC. Bill is chief executive officer of Quicken Loans, Inc., the nation’s largest online home loan lender and fourth largest retail mortgage lender. Bill is responsible for the day-to-day leadership and growth of Quicken Loans. Bill joined the company in 1993 as a mortgage banker. He pioneered the centralized business model that Quicken Loans utilizes today. In February of 2002, Emerson was promoted to CEO. Bill is an active spokesperson on the housing industry and has testified before the United States Senate Committee on Banking, Housing, and Urban Affairs. He serves on the MBA Residential Board of Governors and the Housing Policy Executive Council. Bill earned a bachelor’s degree in business from Penn State.

SEAN FAHEY | Co-Chief Investment Officer, Founding Member CLAREN ROAD ASSET MANAGEMENT, LLC Sean is a founding member of Claren Road and currently serves as Co-CIO. In this role he is responsible for oversight of all risk takers at the firm. Claren Road Asset Management, LLC was founded in 2005 and currently manages $7.2B in credit-related hedge funds. As of December 2010, the firm is 55% owned by The Carlyle Group, a $156B alternative asset manager. Prior to founding Claren Road, Sean was Managing Director and Head of Global Emerging Markets External Debt Trading at Citigroup. In that role, he managed a $2 billion global trading position across external sovereign and corporate debt. Sean attended Duke University on a full mathematics scholarship and graduated with a B.A. in Economics, magna cum laude, in 1993.

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 M.B.A. from Clarkson University.

VINCENT A. FIORILLO | Portfolio Manager, MBS Senior Trader DOUBLELINE CAPITAL Vince, a founding member of DoubleLine and a 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 attended the City University of New York and Marist College. He is also President of the Association of Mortgage Investors.

CHRIS FLANAGAN | Head of US Mortgages and Structured Finance BOFA MERRILL LYNCH GLOBAL RESEARCH Chris is a highly regarded analyst, having ranked first in four categories (ABS/prepayments, ABS/real estate, ABS/consumer and collateralized debt obligations) in recent Institutional Investor All-America Fixed Income Research team surveys. He joined Bank of America Merrill Lynch from JPMorgan Chase, where he was head of ABS, CDO and CMBS research from 2000-2009. Previously, Chris spent over 10 years at Merrill Lynch. He received his bachelor’s degree in applied and engineering physics and his master’s in engineering from Cornell University. He also received his MBA from the State University of New York, Albany.

MARK FLEMING | Chief Economist CORELOGIC Mark is chief economist for CoreLogic, where he leads the economics team responsible for analysis, commentary, and forecasting trends in the real estate and mortgage markets. His research interests include urban economics, applied econometrics, and mortgage risk. He has published research in the American Journal of Agricultural Economics and Geographic Information Sciences, is published in the book, “Advances in Spatial Econometrics”, and is a patent author. Mark has over 15 years’ experience in the mortgage and property information business. Previously, he worked at Fannie Mae developing valuation models for use in mortgage origination, quality control and loss mitigation. Mark graduated from the University of Maryland with a Master 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

CAROL GALANTE | Acting Assistant Secretary for Housing-FHA Commissioner US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT | HUD Carol is the Acting Assistant Secretary for Housing-FHA Commissioner, U.S. Department of Housing and Urban Development. President Obama appointed her in March 2009 as the Deputy Assistant Secretary for Multifamily Housing programs, where she oversaw the largest ever expansion of the Multifamily portfolio. As Acting FHA Commissioner, she has direct responsibility for oversight and administration of the FHA insurance portfolio, which includes multifamily housing, insured health care facilities and over 20 percent of mortgages in the domestic single-family market. She is also responsible for several of HUD’s rental assistance programs. Carol holds a Master of City Planning from U.C. Berkeley, and a Bachelor of Arts from Ohio Wesleyan.

DANNY GARDNER | Chief Operating Office NATIONAL COMMUNITY STABILIZATION TRUST Danny serves as the Chief Operating Officer of the National Community Stabilization Trust. In this capacity, he is responsible for the management of all resources dedicated to the efficient transfer of REO properties from Financial Institutions to public entity and non-profit purchasers as well as oversight for the Trust’s administrative functions. Danny has almost 17 years experience in mortgage banking with direct management experience in residential servicing, originations production and lending operations. Most recently, Danny served as National Director of Strategic Markets for CitiMortgage with responsibility for all of its Community and Multi-Cultural Lending strategies, products, assets and relationships. Danny resides in Dallas, TX.

JOHN F. GETCHIS | SVP, Office of Capital Markets GINNIE MAE John joined Ginnie Mae in July 2012, bringing with him 35 years of experience at financial institutions with a focus on mortgage-backed securities and the capital markets. 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. Multiclass securities programs include Single-Family, Multifamily, and Reverse Mortgage REMICs, Stripped MBS, Callable Securities, and Platinum Certificates. Prior to joining Ginnie Mae, John was the Chief Operating Officer at Ally Securities. John earned his B.S. degree from the University of Maryland, and his M.B.A. in Finance from George Washington University, School of Business.

MICHELLE GILL | Managing Director, Co-Head Structured Finance GOLDMAN SACHS Michelle co-heads the Structured Finance business in Americas Financing Group. She joined Goldman Sachs in 2003, and was named managing director in 2005 and partner in 2010. Prior to joining the firm, Michelle was a vice president at Lehman Brothers, focusing on the residential mortgage finance effort. She also worked as an attorney at Cadwalader, Wickersham and Taft in the mortgage securitization business. Michelle is a member of the Board at the JCC of Manhattan. Michelle earned a BA in English from UCLA in 1994 and a JD from Cornell Law School in 1998.

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. Scott 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. He also received the Certified Mortgage Banker designation from the Mortgage Bankers Association of America.

KAREN GLASGOW | SVP, Client Operations FIELD ASSET SERVICES Karen joined the FAS team in 2010 and brings a broad range of expertise in mortgage servicing, project management, vendor management, investor services, and REO preservation and disposition. Starting her career with Lomas & Nettleton, Karen spent 15 years with the company in several positions with increasing responsibility obtaining specialized knowledge of Commercial Loan Servicing, Master Servicing, Portfolio Acquisitions, Vendor and Investor Management, Default Services, REO Asset Management and Property Disposition. After Lomas & Nettleton, she joined the BancBoston Mortgage Company where she managed the Commercial Loan Servicing Portfolio on a national basis.

WILLIAM GLASGOW | SVP ONE WEST BANK William joined OneWest Bank, FSB in April 2009 and is currently responsible for overseeing the Mortgage Servicing Operations where his responsibilities include 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 Mortgagee Servicing Corp in Virginia Beach, VA, which was later acquired by Lomas & Nettleton. He has also held several executive management positions with Citi Corp Mortgage, BancBoston, Washington Mutual, and EMC.

THOMAS GOODBODY | Senior Director, Economics & Policy FREDDIE MAC Tom’s work is primarily concerned with the future of housing finance and the secondary mortgage market. Prior to his current job, he helped manage regulatory matters involving affordable housing, fair lending, mortgage market structure, and GSE charter issues as a lawyer in the Office of General Counsel. He originally joined Freddie Mac in 1988 as part of the company’s litigation team. Earlier in his career, he was an enforcement attorney at the SEC and CFTC. He is a graduate of Williams College, Williamstown, MA, and Georgetown University Law Center in Washington, DC.

LAURIE GOODMAN | Senior Managing Director, RMBS Strategy AMHERST SECURITIES GROUP, LP Laurie heads up Amherst’s strategic, business development and research initiatives. Prior to joining Amherst in 2008, she was Managing Director and Head of Global Fixed Income Research at UBS, where she also ran the Secured Products Research Group and wrote The Mortgage Strategist, a top mortgage strategy report on Wall Street, for more than 15 years. Institutional Investor has, for 11 years (19982008), ranked Laurie as the #1 Mortgage Strategy and Agency Structured Products analyst. In 2009 Laurie was inducted into the prestigious Fixed Income Analysts Society’s Hall of Fame. She has published more than 180 articles in popular and professional publications and has co-authored five books on the mortgage industry. Laurie received a BA from Wharton and a PhD in Economics from Stanford University.

BEN GRABOSKE | Senior Vice President, Real Estate & Financial Services CORELOGIC Ben is responsible for leading the Capital Markets, Mortgage Analytics, and Realtor solutions businesses. All three businesses are market leaders in their respective industries. Ben also leads the economics team, which analyzes real estate and housing finance topics and presents written research to the press and academic communities. Recently, he was named one of Inman’s 100 Most Influential Real Estate Leaders. He has been with the company since joining First American Real Estate Solutions in 2003. Previously, Ben created the New York Times’ first online article delivery and advertising website, www.nytimes.com, and developed IBM’s first-ever website, www.ibm.com. Ben holds degrees in Physics and French from the University of California, Berkeley.

DANIEL GROSS | Columnist and Global Business Editor NEWSWEEK DAILY BEAST Daniel is one of the most widely read financial and economic writers working today. He is global business editor and columnist at Newsweek and the Daily Beast, where he oversees economic coverage for the magazine and the website. His column appears online, in the magazine’s domestic and international editions, and in the several foreign language editions. He is the host of “The Number,” a daily video feature that appears on TheDailyBeast.com. A native of East Lansing, Michigan, Daniel graduated from Cornell University in 1989, with degrees in government and history, and holds an A.M. in American history from Harvard University (1991).

MIMI GROTTO | Managing Director MISSION CAPITAL ADVISORS Mimi has worked at Mission Capital since 2003 and has played a key role in residential loan sales through providing advisory services to clients on Fannie Mae and Freddie Mac transaction management services and securitization services. In that capacity she has closed in excess of $ 18 billion of loan sales. She has managed the relationships with the agencies and loan sales for clients such as HSBC, Deutsche Bank, Nomura, and a multiyear contract with UBS. Mimi has over 20 years of experience in mortgage sales and trading. She joined MC from Credit Suisse First Boston where she was a Director of mortgage trading. She held the same position at Donaldson, Lufkin, Jenrette prior to its acquisition by CSFB.

MATT HANKINS | Vice President STERLING PARTNERS Matt joined Sterling Partners in 2009 and is a Vice President. Prior to Sterling, Matt was a founder and Vice President of Business Development at Metropolitan Capital Bank. He also worked in Corporate Strategy and Business Development for JPMorgan and as a Management Consultant for Accenture. Matt received a BSE magna cum laude in Mechanical Engineering from the University of Michigan and an MBA with honors from The University of Chicago Booth School of Business.

CHRISTOPHER C. HASPEL | Senior Advisor, Servicing and Securitization CONSUMER FINANCIAL PROTECTION BUREAU Chris serves as CFPB’s senior expert in residential mortgage servicing and securitization, overseeing policy and research initiatives designed to evaluate how housing finance mechanisms work and how to improve secondary market operations and servicing for residential mortgages from the viewpoint of consumer protection. Prior to joining CFPB, he was the Director of Asset Management and Servicer Monitoring at Ginnie Mae, where he was responsible for monitoring and surveillance of Ginnie Mae’s servicers and management of defaulted issuer portfolios. Chris has over 20 years of experience in the mortgage industry and holds a B.S. from Georgetown University and a M.B.A. from the University of Michigan.

LAURIE A. HAWKES | President and co-founder AMERICAN RESIDENTIAL PROPERTIES, INC Laurie leads American Residential Properties, Inc., a fully integrated and internally managed real estate investment company capitalized with $224 million of institutional equity in May 2012 to acquire, renovate, lease and manage single-family properties in select communities throughout the country. Laurie is also co-founder of American Residential Properties, LLC, a private investment firm created in 2008 to capitalize on the extraordinary price deterioration and asset re-pricing in the single-family housing sector in greater Phoenix. Utilizing their own capital, Laurie and her partner built a disciplined acquisition model with extensive research capabilities and a fully integrated real estate platform with infrastructure for growth, launching ARP Phoenix Fund I, LP, an $80 million private equity fund in 2010.

PAUL HAYMAN | Chief Executive Officer INCLYNE, INC. Paul is a recognized leader and innovator in the distressed residential housing market and national property management services. He brings a wealth of knowledge and experience to this dynamic housing environment from service provider to personal investor. Prior to joining Inclyne Inc., Paul was the founder and CEO of TenantAccess Inc., which, under his leadership, became the largest provider of property management services to the single family residential rental market. Last year, Paul was the driving force in creating the Single Family Rental Think Tank, which draws together some of the most dynamic and influential leaders and institutions in the country to address the opportunities and challenges of this evolving institutional asset class.

JANE HENNESSY | President and 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 default industry trailblazer and leader in REO management and disposition. Jane has been in the mortgage banking industry since the mid-1980’s. Jane received her Bachelor of Science Degree from Kutztown University and holds a Paralegal Certificate from Mainline Paralegal Institute in Villanova, PA.

RYAN HENNESSY | Vice President, Marketing & Business Development KEYSTONE ASSET MANAGEMENT Ryan joined Keystone Asset Management in 2009, with prior years serving his internship in the vendor management, pre-marketing, and property valuations departments. Currently, as Vice President of Marketing & Business Development, Ryan is responsible for facilitating new business development and implementing new procedures in the ongoing development of existing client portfolios by working closely with the Operations, Sales, Information Technology, and Accounting teams. Additionally, Ryan oversees Keystone’s Vendor Management department, ensuring industry compliance with partners, as well as the Marketing department to properly align Keystone in the Default industry. Ryan holds a Bachelor of Science Degree from Shippensburg University in Marketing and Business Management.

STEVEN HORNE | Founder and President WINGSPAN PORTFOLIO ADVISORS, LLC Steven, founder and president of special servicer Wingspan Portfolio Advisors, LLC, is an 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, 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 where he restructured the National Servicing Organization and redesigned servicer performance reporting and legal services management. He holds a JD from George Washington University.

JK HUEY | SVP, REO and Short Sales WELLS FARGO HOME MORTGAGE JK is SVP, Wells Fargo Home Mortgage REO and Short Sales, based in San Antonio, Texas. She 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. Previously, she was the servicing manager at IndyMac Bank and held senior management positions with Washington Mutual and HomeSide Lending. JK has managed Customer Service, Default Management, Escrow Administration, Cash Management, Investor Reporting, Acquisitions and Retail Production. JK was the President of the Texas Mortgage Bankers Association from 1998-1999 and has an M.B.A. from Our Lady of the Lake University.

DAVE HURT | SVP Business Development CORELOGIC Dave has more than 25 years of experience in capital markets, mortgage banking production and management experience. He was instrumental in the development of borrower-level prepayment scoring system, PreTell, which represented a major step for the mortgage industry in addressing the financial impact of prepayment risk at the borrower level and has become the industry standard for loan-level prepayment scoring. Prior to LoanPerformance/CoreLogic, Dave was a senior executive at OptiFI, a Fair Isaac venture, and before that, he was the SVP of corporate business development for Pedestal, an Internet mortgage and securities trading platform. He has also held senior positions at some of the nation’s largest mortgage banking firms, including GE Capital Mortgage and North American Mortgage.

MICHAEL HYMAN | VP Business Development GENPACT Mike is based in the New York metropolitan area. He is responsible for developing new BPO and IT services business with Genpact’s banking, credit, and capital markets customers in the US. Mike has nearly 30 years experience in the global credit industry, including four years in the UK. He previously was a Client Sales Executive for HP (successor to EDS), which he joined following EDS’ acquisition of Wendover Financial Services in Greensboro, N.C., where he led the company’s outsourcing sales and managed its wholesale & retail reverse mortgage conduit and servicing. An active MBA member, Mike has served as an instructor at the School of Mortgage Banking, receiving its Faculty Fellow Award in 1999.

SHIRLEY JACKSON | Partner AMERICATALYST LLC AND EUROCATALYST BV Shirley is a founding partner in EuroCatalyst BV and AmeriCatalyst LLC, and is the director of all events, media, information services and research. She is the creative force behind all events and is responsible for design and production of all staging. Previously she was deputy managing editor of The Japan Times, the largest and oldest English-language newspaper for the political and financial community in Japan. During 20+-year tenure at The Japan Times, which coincided with the rise and fall of the “bubble economy” of the late 1980s, Shirley held a number of key positions, including head of the finance, business and politics news desks, and editor of the international weekly. Shirley has a degree in IR from the UBC and a Master’s degree in Political Science from Carleton University in Ottawa.

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.

SHELLEY KAYE | Founding partner and Executive Director WOMEN IN DEFAULT SERVICES 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.

LOUISE KEELY | Chief Research Officer THE DEMAND INSTITUTE Louise is an SVP at Nielsen and concurrently serves as Chief Research Officer for The Demand Institute. She was most recently Intellectual Capital Director at The Cambridge Group, a division of Nielsen that specializes in helping Fortune 500 companies drive growth strategies that are grounded in a deep understanding of consumer demand. Before joining The Cambridge Group in 2005, Louise spent seven years as a member of the Department of Economics faculty at the University of Wisconsin-Madison and as a research fellow in economics at Oxford. Louise earned a PhD in economics and an MSc in econometrics from the London School of Economics, where she began graduate studies as a Marshall Scholar. Louise holds a BSc in international economics from Georgetown University’s School of Foreign Service.

BILL KEENAN | Chairman and CEO DE NOVO CORP. Bill is founder, Chairman and CEO of De Novo Corp., an integrated management and advertising consultancy with offices in the United States, Canada and the United Kingdom. De Novo Corp. is the parent to Creative Solutions, Convergence Group, Stratcom, Owen Holleway, iLabyrinth and De Novo UK. The firms provide a wide range of services to Fortune 500 companies with a strong practice in payments systems, financial services and pharmaceuticals. Engagements have included co-brand credit card startups, virtual bank conduits, interim management, portfolio acquisitions, turnaround of the world’s largest direct-to-consumer insurance company providing low end annuities, and strategic and operations planning. Bill has over 23 years of experience in banking, payment systems and interactive media.

SCOTT KELLER | Senior Vice President, Client Relations KEYSTONE ASSET MANAGEMENT Scott Keller joined Keystone Asset Management in January 2006. He has over 30 years of experience in financial services and the real estate industry. In his role as Senior Vice President-Client Relations, Scott is responsible for overseeing the Client Relations, Marketing and Vendor Management teams. He also works closely with Operations to ensure client and business partner expectations are exceeded. Scott is a member of the Mortgage Bankers Association, AREAA, USFN and the Open Door Institute. Additionally, he is closely involved with the Leukemia & Lymphoma Society; the Keller Charity Challenge matches 50% of Leukemia & Lymphoma donations through his son and daughter’s Triathlon Competitions. Scott received his Bachelor of Science degree in Business Administration from Drake University in Des Moines.

WILLIAM KING | Chief Investment Officer and Head of Asset and Risk Management CARRINGTON HOLDING COMPANY Bill joined Carrington Holding Company as its Chief Investment Officer and Head of Asset and Risk Management in May 2012. He is responsible for Carrington’s two investment-focused business units, Carrington Capital Management, LLC, and Carrington Investment Services, LLC. Bill has 20 years of experience in securitized products, and a broad range of trading knowledge including mortgages, asset-backed securities, collateralized-debt obligations and commercial mortgage backed securities. Immediately prior to joining Carrington, he was head of Securitized Products at Citadel LLC, and prior to that was co-head of Global Securitized Products at JP Morgan. Bill holds a bachelor degree in Finance from Syracuse University and an MBA from New York University.

JACOB KIRKEGAARD |Research Fellow PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS Jacob has been a research fellow at the Institute since 2002 and is also a senior associate at the Rhodium Group, a New York-based research firm. Before joining the Institute, he worked with the Danish Ministry of Defense, the United Nations in Iraq, and in the private financial sector. He is a graduate of the Danish Army’s Special School of Intelligence and Linguistics with the rank of first lieutenant; the University of Aarhus in Aarhus, Denmark; and Columbia University in New York. His current research focuses on European economies and reform, pension systems and accounting rules, demographics, offshoring, high-skilled immigration, and the impact of information technology.

EJ KITE | Chief Information Officer WINGSPAN PORTFOLIO ADVISORS E.J. leads the award-winning technology infrastructure, reporting and analytics capabilities of Wingspan Portfolio Advisors, based in Carrollton, Texas. He is a mortgage information technology expert with over 26 years of experience, predominantly with the industry’s largest investors, including Fannie Mae and Freddie Mac, where he provided key resources for the GSEs’ tremendous growth in portfolio size and technological sophistication. E.J. is highly experienced in creating infrastructure to manage large volumes of complex mortgage information and delivering it in highly useful form for finely directed applications such as those used in Wingspan’s challenging component and special servicing environment.

GAVIN P. KLEINKNECHT | Managing Director | SYLVAN ROAD CAPITAL, LLC CHIEF FINANCIAL OFFICER | HAVENBROOK PARTNERS, LLC Gavin is a co-founder and managing director of Sylvan Road Capital, an asset management firm focused on the buy-to-rent market. Gavin is an experienced real estate investor and business attorney licensed in the State of Georgia. He has managed portfolios for private equity funds holding over $500 million and has been the general partner in over $100 million in commercial real estate transactions. Gavin’s relevant experience includes managing attorney for Attorney Title Services, Inc., founder and president of Southern Certified Title Company, Inc., and founder of the law firm Hudson & Kleinknecht. Gavin received a BA from the University of Vermont, and a JD from Emory University School of Law.

SHAWN KRAUSE | Executive Vice President QUICKEN LOANS Shawn is an EVP at Quicken Loans. In this role, she leads the company’s government advocacy program and spends a considerable amount of time in Washington, D.C. educating policy makers on mortgage banking and housing issues. Shawn has 25 years of experience in the mortgage industry. She joined Quicken Loans in 1991 as a loan processor and soon became the leader of the loan processing team. A year later she became Director of Capital Markets and was charged with developing a new loan origination system which led to the robust client database that Quicken Loans uses today. During her tenure at Quicken Loans, she has also served in leadership positions within the operations and technology teams. A native of metro Detroit, Shawn studied business at Eastern Michigan University.

RUDY KRUPKA | CEO CODE VIOLATION SERVICES Rudy is the chief executive officer of Code Violation Services, the only national provider of unrecorded, municipal code violation disclosures. He has over 23 years of business development and senior management experience with default servicing, technology, and consumer product companies. Rudy is an expert in the marketing, management and disposition of defaulted property and REO assets, as well as municipal code enforcement and local vacant property ordinances. Prior to his current role, Rudy served as vice president of REO management for Specialized Asset Management LLC (“SAM”) of Highlands Ranch, Colorado, which managed REO assets from referral to liquidation. Rudy graduated from Colorado State University with a bachelor’s degree in Finance and minor in Economics.

AARON KUNEY | Director of Operations HAVENBROOK PARTNERS, LLC Aaron, Director of Operations for HavenBrook Partners, has provided independent commercial real estate consultation services for real property owners and management companies throughout the Southeast since relocating to Atlanta in 2007. His experience includes providing operations and asset managementbased counsel for Tribridge Residential and for the Atlanta Housing Authority. Aaron also served as Operations Manager for Toro Properties Group, a multifamily owner/operator in Metro Atlanta. In 2010 he founded Kuney Properties - a firm focused on the development/acquisition, management, and disposition of single-family and multi-family real estate. Aaron received a BA in Political Science from Trinity College in Hartford, CT and an MBA from Emory University’s Goizueta Business School.

ROB LANDAUER | Director of Business Development ANDREW DAVIDSON & CO., INC Rob is the Director of Business Development for Andrew Davidson & Co., Inc. where he has worked since 1999. Prior to joining Andrew Davidson & Co., Inc., Rob spent 8 year as an applications manager at Bloomberg Financial markets where he specialized in the MBS, ABS, CMBS and Syndicated Loan Markets. His responsibilities at Bloomberg included product development, product management and sales and marketing for these market sectors. Prior to joining Bloomberg, Rob spent two years as VP and Treasurer at Ensign Federal Savings Bank, a $2 billion savings and loan institution headquarter in New York. Rob received an M.B.A. from the Wharton School at the University of Pennsylvania in 1984. He graduated from the School of Industrial and labor Relations at Cornell University with a B.S. in 1980.

MARK LANDSCHULZ | Executive Vice President, Servicing Analytics QUICKEN LOANS Mark’s mortgage banking career spans over four decades. Most recently, Mark joined Quicken Loans in April 2009 and is currently Executive Vice President for the Capital Markets Servicing Analytics team. His team spearheads Quicken Loans’ acquisition, investment, and retention of mortgage servicing rights (MSRs), including originated as well as bulk acquisitions. The nine years prior to joining Quicken Loans, Mark was EVP of Portfolio Management at Origen Financial, a public REIT specializing in manufactured housing finance. His group’s responsibilities included credit policy, risk modeling, servicing analytics, pricing, loan warehousing, sales and securitizations. Mark graduated with distinction, receiving a BBA in accounting from the University of Wisconsin at Madison.

JIM LEATH | Managing Director, Applied Analytics LENDER PROCESSING SERVICES (LPS) As Managing Director, Applied Analytics for Lender Processing Services, Jim is 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. Prior to his current role, Jim served as Senior Vice President, Office of the Enterprise, Fidelity Information Services (FIS) and was responsible for strategic interactions with the top 50 FIS clients to provide executive level focus and strategic account management for these accounts. Jim holds a Bachelor of Science in Accounting from Auburn University and is a graduate of the Graduate School of Banking of the South, Louisiana State University.

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. Prior to this, Rob owned several successful companies that designed and built commercial and residential properties, most recently serving as vice president and owner of Chesapeake Development where he designed and built over 150 single family homes. Rob received a B.A. in Philosophy from Emory University and a M.A. from Georgia Institute of Technology.

SARAH M. LEE | Managing Director, SYKVAN ROAD CAPITAL COO, HAVENBROOK PARTNERS Sarah is a co-founder and managing director of Sylvan Road Capital and COO of HavenBrook Partners. Sarah is a real estate professional who has been instrumental in the development of a successful singlefamily real estate business in Atlanta. Leveraging her combined experience in the foreclosure business with McCalla-Raymer, her operations and accounting experience consulting Fortune 100 companies with Ernst & Young LLP, her systems experience with SAP and her experience managing several aspects of residential construction and property management, Sarah has played a vital role in the development of scalable solutions for single family rental portfolios. Sarah received a BA in English and a Masters in Public Health in Management from Emory University.

HENCH LEMAISTRE | EVP COLONY AMERICA HOMES, LLC Hench is responsible for directing the national operations related to the property management of singlefamily residential assets. Prior to joining Colony American Homes, Hench was a founding member and President of 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. While at Carrington, Hench oversaw the management of over 15,000 single-family rental properties and disposition of over 20,000 homes, while helping transform Carrington into a full-service, nationally-recognized property manager. Hench received his BA in Economics from Wheaton College in Massachusetts in 1998.

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.

JAY LOEB | VP, Strategic Business Development NCCI | NATIONAL CREDITORS CONNECTION, INC. Jay is a Vice President and one of the principal owners at National Creditors Connection, Inc. Prior to joining NCCI in 1996, Jay was Vice President of a private investigation and auto recovery firm in San Diego, Calif. Upon joining NCCI, his initial role was to build a nationwide network of field representatives, trained to assist lenders with a service that would help avoid costly foreclosures and repossessions. He successfully led at different intervals, the NCCI Sales and Operations Departments. Currently Jay heads the Strategic Business Development Department. He is working extensively in developing new strategic alliances with existing clients and developing and implementing new client initiatives. Jay is a graduate of San Diego State University.

KYLE LUNDSTEDT | Managing Director, Applied Analytics LENDER PROCESSING SERVICES, INC. Kyle joined LPS in 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. He coordinates the mortgage modeling and analytics effort for LPS Applied Analytics. Previous to LPS, Kyle worked for Andrew Davidson & Co. (ADCo) as the director of Credit Modeling, and led the development of the LoanDynamics™ Model. Prior to joining ADCo, Lundstedt was managing director and co-founder of VaRisk, a firm that builds customized valuation and risk management tools for financial institutions such as Wells Fargo and Silicon Valley Bank. 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 ROCK CREEK CAPITAL Dan has 20 years’ experience in finance, economic policy, and corporate strategy. He recently formed Rock Creek Capital Group 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 | Director of Policy, Office of Homeownership Preservation U.S. DEPARTMENT OF TREASURY Laurie joined the U.S. Department of Treasury as Director of Policy in the Office of Homeownership Preservation in May 2009. She has been one of the architects of the Administration’s Making Home Affordable Program, whose goal is to help millions of American families prevent avoidable foreclosures. Before joining Treasury, Laurie worked for the U.S. Department of Housing and Urban Development for 10 years where she ran the FHA loss mitigation program and oversaw the sale of foreclosed homes. Prior to government service, she spent 20 years in the mortgage industry as Senior Vice President of a major West Coast savings bank and as Director of Real Estate at Freddie Mac.

AASHISH MARFATIA VICE PRESIDENT | TILDEN PARK CAPITAL MANAGEMENT Aashish has worked for 6 years in the non-agency mortgage market. Prior to joining Tilden Park, he was Vice President in non-agency strategy at Credit Suisse. Before joining Credit Suisse in 2010, Aashish worked at Moody’s, where he was responsible for rating RMBS deals. Aashish holds an MBA in Finance from American University and an MBA from South Gujarat University.

C LANCE MARGOLIN | Attorney PITNICK & MARGOLIN, LLP Lance concentrates his practice in the area of lender representation. The vast bulk of his time is devoted to default matters such as foreclosures, REO’s, evictions and title litigation. Lance’s clients include HSBC REO, JPM CHASE, American Home Mortgage, Carrington Mortgage, GMAC Mortgage, ONE WEST BANK, Fidelity National Default Services, CORELOGIC, Old Republic Title and other nationally known lenders title insurers and loan servicing companies. Lance is also well known in downstate New York as counsel to many purchasers and sellers of residential and commercial real estate. His client roster also includes scores of local and national landlords. When not practicing law, Lance will likely be found either riding his Harley Davidson or training for another half-marathon run.

LISA MARQUIS JACKSON | Vice President JOHN BURNS REAL ESTATE CONSULTING Lisa leads the company’s qualitative analysis practice, providing retainer and custom clients with timely insight and analysis on news, trends and issues that impact their business decisions. Lisa has worked as a respected business journalist, providing in-depth news and interpretive coverage of the industry for 18 years, most recently with Big Builder magazine. Previously, she worked as an account director at a boutique marketing research firm, where she created custom research tools for business-to-business clients. Lisa earned her B.S. in Mass Communications from Illinois State University. She is based in the Irving, Texas office. Lisa’s personal time is filled with activities that include her husband, two daughters, friends, and an assortment of pets.

JEB MASON | Managing Director THE CYPRESS GROUP Jeb is Managing Director of the Cypress Group, a Washington, DC-based boutique financial services consulting firm focused on helping businesses and institutional investors identify opportunities and navigate political risks in today’s dynamic policy environment. From 2007 to 2009, Jeb served as Deputy Assistant Treasury Secretary for Business Affairs and Policy Advisor to Secretary Henry M Paulson, Jr. Prior to joining Treasury, Jeb worked in the White House as Associate Director for Strategic Initiatives. Earlier in his career, Jeb spent three years as a Department of Defense Fellow where he held posts at the Pentagon, the White House, the Department of Homeland Security, and with the Coalition Provisional Authority in Iraq. A native Texan, Jeb received degrees in Economics and Public Policy from SMU.

RYAN MCBRIDE | EVP, Acquisitions COLONY AMERICA HOMES, LLC Ryan is an EVP and member of the Executive Committee at Colony American Homes, the investment vehicle established by Colony Capital to pursue a large-scale investment strategy relating to single-family residential rental assets across the US. He helps lead the Company’s acquisition arm and is responsible for building and managing the Company’s affiliate network and overall operational activities. Previously, Ryan was a Senior Managing Director at Carrington where he was responsible for directing the firm’s single-family buy and hold strategy. Ryan also spent over 12 years in investment banking, most of this time with JPMorgan. Ryan received a BBA degree in Finance from The College of William and Mary and an M.B.A. degree in Finance from Duke University’s Fuqua School of Business.

PATRICIA MCCLUNG | VP Business Development REALTORS PROPERTY RESOURCE Tricia is an experienced leader in the mortgage finance business, with more than 24 years of expertise in sourcing, originations, secondary marketing, and servicing. As VP of Business Development at Realtors Property Resource, Tricia is accountable for the company’s collateral analysis products and partnerships, with a goal of improving and enhancing how REALTORS®, lenders, mortgage investors, and others assess property value. Prior to RPR, Tricia was a leader of strategic initiatives at Freddie Mac. She led their efforts to create and execute the Uniform Mortgage Data Program, Loan Prospector, Home Value Explorer and other data and technology based offerings. She also was responsible for development and market introduction of the Making Home Affordable program’s refinance (HARP) and servicing offerings (HAMP).

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.

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 U.S. Senate Judiciary Committee and has been interviewed by a number of media outlets on the efficacy of Mortgage Foreclosure Diversion and Conciliation Programs. He is actively 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 37 years ago and has led FAS for the past 12. Dale 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 of his colleagues across the industry. In addition to many awards and accolades over the years, Dale most recently was selected to join the FNMA Vendor Advisory Board.

ROBERT MEACHUM | SVP, Special Servicing & Subservicing HOMEWARD RESIDENTIAL Robert joined Homeward Residential in 2012 as SVP, Special Servicing & Subservicing. Prior to joining Homeward, Robert was EVP of Servicing at Saxon, where he was responsible for developing Saxon’s Special Servicing platform and Saxon’s Asset Performance Management, which includes Diligence/ Acquisitions, all areas of Default, Portfolio Analytics, Process Management and Consultancy Services. Robert has over 24 years of experience in the mortgage and real estate industries. He began his career in public accounting with Ernst & Young & held senior management level positions with Capstead Mortgage and GMAC. He holds a Bachelor of Business Administration degree in Accounting and a Bachelor of Arts degree in Political Science from Southern Methodist University.

MICHAEL MEYER | Chief Executive Officer BRIDGEBILT, LLC Mike has more than 25 years’ experience creating, developing and managing rapidly growing, successful companies in the mortgage, real estate, and advertising industries. He founded Meyer & Johnson Advertising, and for 15 years served a roster of blue-chip clients including American Airlines, Exxon, GTE, and the creation and launch of Travelocity. From 1986 until 1996, Mike managed Associates First Capital’s advertising account, until it was acquired by Ford Motor Company, at which time he joined Associates. Mike’s current company, BridgeBilt, is a real estate investment and asset management company with a focus on government and commercial bank real estate owned (REO) single family residences acquired through channels not generally available to other companies.

PAUL MILLER | Managing Director, Group Head of Financial Institutions Research FBR CAPITAL MARKETS 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. Paul is a former bank examiner for the Federal Reserve Bank of Philadelphia, where he worked for five years. Paul earned his B.S. in economics, his B.A. in international relations, and his M.S. in economics from the University of Delaware.

WILLIAM MITCHELL | AVP, Business Development | Quantum Mortgage Technology GENPACT MORTGAGE SERVICES Bill is AVP of Business Development for Quantum Mortgage Technology at Irvine, California-based Genpact Mortgage Services, a provider of mortgage lending software and business process outsourcing. Bill joined Genpact Mortgage Services from Mortgage Builder Software, where he served a dual role as both vice president and national sales manager. During his time at Mortgage Builder Software, Bill managed a national sales and sales support team and successfully led the opening of new regional sales offices in Texas, Georgia, Arizona, North Carolina and Massachusetts. Previously, Bill served as regional sales manager for Vista, Calif.-based Lenders E-Source; San Diego-based Fiserv-Del Mar Database; and corporate sales manager for West Palm Beach, Fla.-based Ocwen Technology Xchange.

TONI MOSS | Founder, CEO AMERICATALYST LLC / EUROCATALYST BV Toni is the chief architect of the program for AmeriCatalyst 2012 as well as the main host of the event. She’s also Managing Director of Lone Star Holdings, an intellectual-property holding firm comprised of original ideas and assets in global housing finance, real estate and community development, and property recycling. She is founder and CEO of EuroCatalyst BV and AmeriCatalyst LLC, “sister” global marketpositioning and strategic advisory firms specializing in global housing finance industry. Toni is a unique force in today’s global housing finance industry: With a strong entrepreneurial background in strategic marketing and corporate positioning, corporate intelligence, and global trend forecasting, she is often the first to identify significant industry trends and articulate their context.

JASON NADEAU | President STEWART LENDER SERVICES Jason is responsible for leading and developing the comprehensive Stewart national lender business strategy. Under Jason’s direction, SLS provides lenders a single point of contact, exceptional service and technology to accelerate the loan origination, closing and post-closing processes. Before to joining Stewart, Jason was SVP of First American’s Enterprise Technology, responsible for working with the firm’s largest lending customers to define and implement e-commerce solutions. Jason was also president and CIO of RealEC® Technologies, a company he helped found. He was responsible for the company’s strategic direction and overall technical strategy. Nadeau graduated from the University of St. Thomas with a bachelor’s degree in business finance with a minor in system analysis and design.

JODY NATOLI | Consultant MORTGAGE BANKING SOLUTIONS Jody is a seasoned mortgage veteran and entrepreneur, with 33 years of management experience. Her expertise includes analyzing mortgage processes, perfecting and implementing solutions to streamline new loan production and asset management. Jody has been involved in numerous industry initiatives collaborating with the MBA and government agencies including the initial development of MERS. Her track record includes 19 years as CEO and Founder of Data Star Services, Inc, with a client list including money center banks, regional banks, large originators and servicers. She has received the award for “President of the Year” from Stewart Title for the founding and development of what is now Stewart Lender Services.

TOM NEARY | Chief Executive Officer LIFELINE HOLDINGS, LLC Tom has over 25 years of senior level capital markets, mortgage banking and real estate industry experience, including responsibility for managing operations, sales, trading, structured finance, portfolio management, risk management, pricing and hedging. He was most recently a principal of Toll Canyon Advisors, LLC, a consulting firm advising hedge funds, mortgage technology companies, and mortgagerelated start-ups. Previously, he served as EVP, Senior Managing Director of RESCAP (GMAC Mortgage, now Ally Bank), responsible for correspondent and warehouse lending and capital markets, and as CEO of its International Business Group serving the UK, Spain, Netherlands and Australia markets. Tom received his Bachelor of Business Administration from Southern Methodist University.

MICHAEL P NIXON | Senior Housing Policy Adviser, Office of the Secretary U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Mike is a senior housing policy advisor for HUD. Prior to joining HUD, he was a consultant at the Mortgage Bankers Association while he completed his graduate studies. Prior to that, he was an Associate in the ABS group at Bear Stearns for six years working first with the banking team and then on the sales and trading desk. Mike holds an A.B. in History from Princeton University and an MBA from the George Washington School of Business. BRIAN NORTON | Partner RIDGE ROAD Brian is a seasoned real estate and real estate finance executive and entrepreneur. He has started and managed servicing, origination and technology businesses. Arch Bay Capital, Brian’s most recent venture, was a significant investor in the residential whole loans. Today Brian is a partner at Ridge Road, a private equity firm focused on real estate.

ELLIE OKHOVAT | Co-founder & Managing Partner MARKETING TBD Ellie provides clients the strategic direction and tactical implementation necessary to accelerate traction to strengthen competitiveness and develop a unique brand platform, in her role as Co-founder and Managing Partner of Marketing TBD, Inc., a strategic marketing and business development consulting firm specializing in the financial services industry. Prior to Marketing TBD, Ellie served as EVP of WMC Mortgage, heading all marketing, public relations, client retention, web development and sales support. Prior to that she worked for Fidelity National Information Services as SVP of Marketing, leading product development and marketing efforts for all third party lender services. In 2000, Ellie worked at Ellie Mae, where she led marketing efforts for the company’s loan origination software.

BRANDON OSMON | Co-Portfolio Manager HAYMAN MORTGAGE CREDIT MASTER FUND, LP Brandon is a Managing Director at Hayman Capital Management, L.P., which he joined in 2007, Previously, he was employed by Countrywide Financial. As an SVP 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. Previously, Brandon was employed by AmeriCredit Corp. where he managed the conduit finance, securitization modeling and derivatives groups. Brandon has a Bachelor of Business Administration in Finance from the University of Texas.

KETAN PAREKH | Director, Mortgage Finance Group BANK OF AMERICA MERRILL LYNCH Ketan is a Director in the Mortgage Finance Group based in New York. He joined Bank of America Merrill Lynch (through Merrill Lynch) in 2006. Ketan is currently involved in the banks disposition of NPLs and REOs, as well as providing securitization and mortgage lending solutions for originators and owners of the mortgage loans and REOs. These clients include private equity, hedge fund, money managers, mortgage companies and servicers. Previously, he has worked as head of the banking and analytics group which covers the bank and third party clients with respect to mortgage related structured transactions. Ketan holds a Bachelors of Business and Administration in Accounting and Finance.

DIANE PENDLEY | Managing Director, Operational Risk FITCHRATINGS Diane manages FitchRatings’ Operational Risk Group. Her responsibilities include program development and oversight of global residential, and commercial servicer reviews and ratings and international ABS servicer ratings. Her group is also responsible for global CDO asset manager ratings, domestic residential originator reviews and trustee evaluations. In addition, she manages other special projects related to servicing, origination, operational performance, and surveillance. Prior to joining Fitch in 1997, Diane was a mortgage-banking consultant, primarily working on the review and re-write of Ginnie Mae’s single-family and multi-family issuer and document custodian compliance procedures. From 1990-1996, she was chief of MBS administration, Office of Securitization, in the Resolution Trust Corp.’s D.C. headquarters.

ROBERT POMMIER | Vice President, Business Development GENPACT MORTGAGE SERVICES Rob serves as vice president of Business Development for Irvine, Calif.-based Genpact Mortgage Services, a provider of mortgage lending software and business process outsourcing. He is responsible for the development, sales and marketing of Genpact’s Quantum mortgage technology platform to mortgage lenders and financial institutions. Rob has more than 20 years of mortgage banking experience. Prior to joining Genpact, he served as senior vice president of Sales and Marketing for West Palm Beach, Fla.-based OpenClose. At OpenClose, Rob managed a nationwide team responsible for sales growth and coordinated the marketing and branding of Web-based mortgage software nationwide.

PATRICE A. POWER | SVP Marketing LENDERLIVE NETWORK Patrice has more than 28 years of extensive marketing experience including 9 years of leadership roles in the financial services industry. During her tenure in the industry she has led marketing strategy development and execution, media and public relations, advertising, brand management and partner relationships for CoreLogic and Citigroup. She joined LenderLive in 2011 and is responsible for all brand and marketing initiatives. Her mortgage expertise includes the areas of default servicing and title services; loss mitigation; valuations; document services; field services; origination; business process, first and subordinate lien outsourcing. During her career, Patrice has held marketing leadership roles with Fortune 1000 global companies in a variety of additional industries.

JEREMY PRIMER | Head of Research & Chief Risk Officer TILDEN PARK CAPITAL MANAGEMENT Jeremy worked for 16 years in mortgage research, modeling and strategy roles at major broker-dealers prior to co-founding Tilden Park. From 2006 through early 2008, Jeremy was a Vice President and senior mortgage trading strategist at Goldman Sachs. Previously, he was an Executive Director and head of prime and Alt-A mortgage modeling at Morgan Stanley from 2004 to 2006. From 1993 to 2004, he held a variety of roles at Goldman Sachs, including head of mortgage modeling, prepayment strategist and mortgage derivatives desk strategist. Jeremy holds a B.A. in Mathematics magna cum laude from Princeton University and an M.A. in Mathematics from Harvard University.

OMAR QUDDUS | Chief Operating Officer, Advisory Services DIGITAL RISK Omar brings more than 20 years of strategic operations management expertise to his position as Chief Operating Officer, Advisory Services. He has a long history of guiding organizations from the ground up to become large-scale enterprises through the design, implementation and management of complex integrated business solutions. His solutions have served the needs of Fortune 100 clients including, Microsoft, Dell, Apple, Sony and Hewlett Packard. Omar has followed multiple entrepreneurial pursuits as he co-founded and served as president of Advocate Auto Claims, created Gourmet Enterprises, a restaurant franchising roll-up with Raving Brands and created Millennia Properties, a residential properties investment company.

JERRY RAHON | Chief Operating Officer NCCI | NATIONAL CREDITORS CONNECTIONS, INC. As COO of National Creditors Connection, Inc., Jerry is responsible for driving NCCI’s growth and profitability. He strives to exceed industry standards with an emphasis on Operational Excellence. Prior to joining NCCI in 2006, Jerry gained the majority of his management and sales training experience while working in the wireless industry for AT&T, Cingular and Verizon Wireless. While working in the wireless industry, He performed a wide variety of roles, with his focus centered on creating and enhancing business ventures and relationships. Jerry is a graduate of California State University in Long Beach, Calif. and received his degree in Finance. He is actively involved in church, enjoys golf and works closely with the development of today’s young athletes.

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.

DAN REYNOLDS | President INCLYNE, INC. Dan, as president of INCLYNE, oversees the development and operational activities of the company. His strengths in business process, quality maturity methodologies and outsourcing have been recognized by his peers in this ever-changing housing climate. He possesses a keen entrepreneurial spirit mixed with a structured business approach mastered from his tenure with companies such as Hewlett-Packard and Merrill Lynch. For more than 12 years, Dan has been deeply engaged in the mortgage industry and brings 18 years of senior management experience to the table. Prior to INCLYNE, Reynolds was the EVP of Lenders Asset Management Corp. and has held numerous executive and senior management positions within market and leading companies like Capital West Mortgage, Costco and Hewlett-Packard Co.

MATT ROBERTSON | Portfolio Manager TEACHERS RETIREMENT SYSTEM OF TEXAS Matt has held multiple overlapping roles during his eight years at the Teachers Retirement System (TRS) of Texas, a $105 billion US Pension Plan located in Austin, Texas. Currently, as one of seven portfolio managers managing global equities for the Global Best Ideas (GBI) Fund, Matt is responsible for the Theme investing and the GBI’s macro market call. In addition, Matt developed and managed a $10 billion Global Inflation Protected fund from 2007 to early 2009. Prior to cash investing at TRS, he was responsible for allocating capital to the fixed income, event driven, and convertible arbitrage components of a $1.5 billion fund of hedge funds. Matt obtained a B.A. with Honors in Economics from Harvard University and Masters from the University of Chicago with specialization in Finance and Statistics.

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 independent 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, Executive Vice President at CIBC World Markets and a Managing Director at Oppenheimer & Co. Josh was among the first analysts to identify operational and accounting problems at the GSEs 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 credit rating agencies CDO assumptions.

GENE D. ROSS | President LOANCARE SERVICING CENTER, INC. Gene is President of LoanCare, a Division of FNF Servicing, Inc., which is a wholly-owned subsidiary of Fidelity National Financial, Inc. (FNF) and closely aligned with FNF’s ServiceLink subsidiary. LoanCare is a residential loan subservicer and in the Top 10 of the largest reported subservicers in the nation with in excess of 200,000 loans being serviced comprising approximately $33 billion in unpaid principal balances. Gene has been in banking and financial services for over 35 years. He is a CPA with 10 years of public accounting experience. Previously, he was president of four federally-chartered thrift savings banks. Gene participates in HOPE NOW and the Residential Servicing Coalition. He graduated from Florida State University, lives in Virginia Beach and is married with two children.

NICHOLAS M. RYAN | President and CEO MARQUETTE REAL ESTATE INVESTMENTS, LLC Nick is the President and CEO of Marquette Real Estate Investments, LLC, one of a family of related real estate companies called the Marquette Companies. He co-founded Marquette in 1983 and since its formation, it has designed, developed , acquired and operated more than $2 billion of apartments, master planned communities, student housing, mixed use developments , office and industrial properties. Nick is a civil engineer, graduating from Rose Hulman Institute of Technology in 1975. He is a board member of the National Multi-Housing Council, the National Institute for Community, Choose Dupage and is a member of the Pension Real Estate Association.

TERESA RYAN | Owner and CEO RYAN HILL REALTY Teresa is the Owner and CEO of Ryan Hill Realty, a “Woman Owned Business” and full service Residential & Commercial Brokerage. Since opening Ryan Hill Realty in 2002, Teresa has grown the company to over 40 licensed agents serving the 6-County Chicago Metro area. Teresa has over 20 years of experience in real estate starting her REO career in 1991 working with asset managers for multifamily properties that were placed in Receivership and taken back through foreclosure, during the RTC time frame. Her background also includes 30 years in public relations, advertising and marketing. She has also created one of the premier REO companies in the Midwest, with over 20 bank and institutional clients.

TERRY SADOWSKI | Chief Marketing Officer FIELD ASSET SERVICES 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.

SCOTT SAMBUCCI | Vice President-Advisory & Valuation Services CORELOGIC Scott Sambucci is a Vice President with CoreLogic’s Advisory Services Group. Scott’s daily client work focuses on developing analytical solutions for mortgage and housing portfolios in projects with the GSEs, mortgage servicers, banks, and investment funds related to regulatory compliance, portfolio valuation, and market forecasting. Scott has authored several white papers and articles and has been featured on CNBC, NPR, The Financial Times, and The Wall Street Journal. Scott has served as an adjunct professor at the University of San Francisco, California State University-East Bay, and Saint Leo University in the areas of Finance, Economics, Management, and Entrepreneurship. Previously, he was the Chief Operating Officer with Altos Research.

ALEX SANTOS | President, Managing Partner DIGITAL RISK Alex brings more than 15 years of executive experience to his role as managing director of Digital Risk. He has overall management responsibility, including strategy development, client services, analytics, and operations. Alex has developed experience across a wide range of residential mortgage products and asset-based financial markets, including whole loan mortgages, mortgage backed securities and other asset backed debt instruments.

DJ SCARCELLO | SVP Default Services HSBC CONSUMER & MORTGAGE LENDING DJ is responsible for all aspects of servicing for both 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 2,000 employees across 325 branches in 22 states. In addition to formulating strategic direction, grow th 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. DJ graduated from the University of Central Florida in Business Management and Legal Studies.

ANDY SCHELL | Managing Partner MORTGAGE BANKING SOLUTIONS Over the past 30 years Andy has been the financial architect for start-up and national companies in mortgage finance. He was the Founder and President of “CFO2Go,” an innovative outsourced financial services group, and the President of a statewide mortgage bank. He led the creation of a $2 billion national Correspondent Lending division for San Francisco based Bank of America and managed a $17 billion annual commodity settlement division supporting all hedging / capital markets activities. As COO & CFO for banks, mortgage banks, and a closely held public company he led the creation of 5 companies with sales production from coast to coast. Andy has an undergraduate degree in finance from the University of North Texas and a graduate degree in Banking from Southern Methodist University.

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.

DAVID C. SCHNEIDER | CEO VERICREST FINANCIAL, INC. David is the CEO at Vericrest Financial, Inc., a premier financial services company specializing in the servicing of residential mortgages and consumer finance loans in the United States. He has held several executive leadership positions in mortgage lending, consumer lending, retail banking and corporate finance business during his 25-year career. Prior to joining Vericrest, David was Head of Servicing and Default at JPMorgan Chase where he played a lead role in the National Mortgage Settlement. Before JPMorgan’s acquisition of Washington Mutual in 2008, he led WaMu’s Home Loans Group. David also served as President and Chief Operating Officer of CitiMortgage. David holds a BSBA in Accounting from Babson College and an MBA in Finance from Indiana University.

FAITH SCHWARTZ | Executive Director HOPE NOW

Faith is Executive Director of HOPE NOW and President of Housing Finance Strategies, LLC. Since 2007, Faith has led HOPE NOW, a non-profit coalition of nationwide servicers/lenders, investors, counselors and other mortgage market participants that has engaged in collaborative outreach to homeowners resulting in 4.8 million loan modifications and participation in 115 face-to-face borrower outreach events. Faith has more than two decades of experience that includes senior positions at Freddie Mac, Option One Mortgage, TMC Mortgage and Dominion Bankshares Mortgage Corp., as well as Board positions at HOPE LoanPort®, Mortgage Cadence, NCRC Mortgage Advisory Council, Mortgage Bankers Association, Asian Real Estate Association and the Federal Reserve Board’s Consumer Advisory Council.

ELLEN SEIDMAN | Advisor THE URBAN INSTITUTE Ellen is an Advisor to The Urban Institute. She is the former Director of the U.S. Treasury Department’s Office of Thrift Supervision. Other past positions include Senior Research Fellow in the Asset Building Program of the New America Foundation, senior positions at ShoreBank Advisory Services and ShoreBank Corporation, Senior Counsel to the Democratic staff of the Financial Services Committee of the U.S. House of Representatives, Director of the Federal Deposit Insurance Corporation and Chairman of the Board of the Neighborhood Reinvestment Corporation, and Assistant for Economic Policy to President Clinton. She holds a bachelor’s degree from Radcliffe College, a law degree from Georgetown University Law Center, and an MBA in finance and investments from George Washington University.

RICK SHARGA | Executive Vice President Communications CARRINGTON MORTGAGE HOLDINGS, LLC One of the country’s most frequently-quoted sources on foreclosure, mortgage and real estate trends, Rick has appeared on NBC Nightly News, CNN, CBS, ABC World News, CNBC, FOX and NPR. 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 done foreclosure training for leading real estate organizations such as Re/Max and Keller Williams. Prior to joining Carrington last fall, Rick spent eight years at RealtyTrac, where he was a Senior Vice President, responsible for marketing, business development and data operations. 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

Tom, 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. Tom 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. Tom’s 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 | Managing Director, head of MBS/ABS Teams PIMCO Scott is 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 has seven times been named to positions on the Institutional Investor All-America Fixed-Income Research Team, including first place in MBS pass-throughs and overall MBS strategies. He has 29 years of investment experience and holds both master’s and undergraduate degrees in industrial engineering from Stanford University.

MIKE SIMONSEN | CEO ALTOS RESEARCH Michael is CEO of Altos Research, the premier source of real-time real estate market intelligence. A true data geek, he founded Altos Research to commercialize data and technology he initially built for his personal need to track the value of his oversized Silicon Valley mortgage after the NASDAQ bubble burst of 2002. With Altos Research, Michael has applied his 20-year career in analytical software to a lifelong personal interest in real estate. A veteran of the Silicon Valley startup trenches, Michael was previously vice president of product management at Nevis Networks, where he has a US patent pending for applied data cryptography.

TIM SKEET | Managing Director 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. Previously, Tim spent four years as Head of Covered Bond origination at Bank of America Merrill Lynch.Prior to joining Merrill Lynch in 2006, Tim was Head of the Financial Institutions Group (FIG), Northern Europe and Head of Covered Bonds at ABN Amro. Tim is on the board of the International Capital Markets Association (ICMA) and a founding member of the European Covered Bond Council’s steering committee. 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.

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 United States and Australia, including The New York Times, The Christian Science Monitor, Slate, The Conference Board Review, Institutional Investor and The Daily Deal. She is a graduate of Harvard College and Harvard Business School.

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.

DAVID STEVENS | President and CEO MORTGAGE BANKERS ASSOCIATION Dave has a background in housing which includes experience as a senior executive in finance, sales, mortgage acquisition and investment, risk management and regulatory oversight. Dave started his professional career with a 16-year tenure at the World Savings Bank. He later was a SVP at Freddie Mac and an EVP at Wells Fargo. Dave was President and COO of Long and Foster Companies, the nation’s largest, privately held real estate firm. Immediately prior to joining MBA, Dave was the Assistant Secretary for Housing and Federal Housing Commissioner at HUD. In this role, he had responsibility for oversight and administration of the FHA insurance portfolio, which included multifamily housing, insured health care facilities and well over 20 percent of mortgages in the domestic single family market.

ERIC TAYLOR | Executive Vice President RENTRANGE, LLC Eric is a highly accomplished serial entrepreneur operating in the residential mortgage and insurance information verticals. With more than 25 years of industry knowledge and experience, his strengths lie in the transformation of traditional products and services into next-generation competitive differentiators. His core area of domain expertise centers on property and market centric data, imagery, analytics, and specialty valuation solutions. Eric has held various executive level and ownership positions with industry leading organizations in the field inspection, fulfillment services, and technology sectors. His leadership role at RentRange is primarily focused on the exploration and execution of revenue generating opportunities for the company. Eric is also a former multi-state licensed real estate appraiser.

JAMES F. TAYLOR | SVP, National REO Sales WELLS FARGO HOME MORTGAGE Jim is an executive in the Wells Fargo default management group and responsible for the disposition of REO. Jim joined Wells Fargo in 2010 and is focused on maximizing REO recovery rates for Wells Fargo and its investors using unique and thoughtful REO disposition strategies. Jim also plays a role in leading the way and helping to rebuild neighborhoods and homeownership. The Wells Fargo REO team represents 500+ professionals located across the country and the team was responsible for the recovery of $16B of REO assets over the two years. During his career, Jim has held executive leadership roles at Bank of America, Countrywide Saving Bank, Freddie Mac and US Bank. Jim lives in Iowa and has over 25 years of real estate lending, capital markets and loan administration experience.

JEFFREY C. TAYLOR | Co-Founder, Managing Partner DIGITAL RISK An entrepreneur, speaker, and financial markets expert, Jeffrey is recognized as an individual that brings service-centric solutions to markets in turmoil. As co-Founder and Managing Partner, Jeffrey oversees all of Digital Risk’s high-level client relationships and government initiatives. Digital Risk is the nation’s largest provider of mortgage risk, compliance and transaction management solutions. Over the last 12 months alone, Digital Risk has touched one out of every 10 delinquent loans and 30 percent of all performing and non-performing loans nationwide and is committed to Making Mortgages Safe™.

MARY ELLEN TAYLOR | Associate Director of the Office of Strategic Initiatives FEDERAL HOUSING FINANCE AGENCY | FHFA

Mary Ellen is the Associate Director of the Office of Strategic Initiatives, at the Federal Housing Finance Agency. 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. Mary Ellen has worked on financial services legislation and regulation for more than 30 years, first as a staff member of the House Banking Committee, and subsequently in a variety of positions in federal financial regulatory agencies. She has also worked in local government in the UK, as a Senior Policy Advisor to the Westminster City Council. Her academic work was in Urban Studies, with a BS from the University of Pennsylvania, and a graduate fellowship at the University of Essex.

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.

GREG TOLANDER | CEO FIRSTSERVICE RESIDENTIAL REALTY (FSSR) As CEO of FirstService Residential Realty , Greg is focused on leading the company’s overall vision and strategic direction by identifying key acquisitions, managing growth and overseeing recruitment. With over 25 years of experience at the corporate executive level, Greg has successfully undertaken and managed a wide range of projects across many industry sectors working with clients throughout North America, Europe and Asia. He has also served as Chief Operating Officer for Field Asset Services, another FirstService company, where he directed the transformation and dynamic growth of the company during a period of unprecedented industry change. Greg has a bachelor’s degree in Business Administration from the University of Nevada, Las Vegas and a M.B.A. from Emory University, Atlanta, Georgia.

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.

TROY TUNELL | Vice President - Investments UBS FINANCIAL SERVICES, INC. Troy is based in Phoenix, where he has worked for UBS Financial Services as an Investment Advisor since 2009. Previously, he spent four years as a Second Vice President and Financial Advisor with Citi Smith Barney, also in Phoenix. Prior to that, Troy worked for 5 years as an Associate Financial Advisor with Morgan Stanley. Troy is a graduate of Arizona State University.

ROBERT VAHRADIAN, Senior Managing Director, Investment Committee member GTIS PARTNERS Rob, as a Senior Managing Director of GTIS and a member of the General Partner’s Investment Committee, is responsible for U.S. acquisitions and asset management. He has 23 years of real estate experience at a variety of organizations. Previously, he was President of Allied Partners, a private real estate investment company, where he was responsible for the firm’s investment and development projects. Prior to Allied, Rob was COO and principal of The Athena Group, LLC, a residential investment and development company based in New York. He managed the investment, financing and operating activities of Athena and its affiliated equity funds. Rob received a B.S. in Electrical Engineering, summa cum laude, from Tufts University and holds an M.B.A. from The Wharton School.

JOHN VELLA | Chief Operating Officer EQUATOR John joined Equator in April 2010 and is responsible for implementing the company’s growth strategy. Currently, he is leading efforts to further expand the scope of the company’s EQ Workstation, a fully automated online system that provides financial institutions with tools for managing default servicing. John has more than 27 years of experience in the mortgage industry. Prior to joining Equator, he was the EVP responsible for special servicing for GMAC/Rescap. Previously, he held roles as president and chief executive officer of EMC Mortgage; CEO of Household Automotive; Chief Administrative Officer of Option One Mortgage and director at Freddie Mac and FDIC. John is a graduate of Springfield College in Massachusetts as well as of the American Bankers Association and FDIC Credit School.

BART VINCENT | Senior Vice President Short Sales WELLS FARGO HOME MORTGAGE As SVP of Short Sales at Wells Fargo Home Mortgage, located in San Antonio, Texas, Bart 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 CFO at OneWest Bank Mortgage Servicing and previously held senior management positions with Washington Mutual, Home Side Lending and Banc Plus Mortgage. Bart is a licensed CPA and past president of the National Investor Relations Institute. He also is active in the community; having volunteered with the United Way, Big Brothers/ Big Sisters, and as both a youth soccer and basketball coach Bart is a graduate of Howard Payne University where he received a B.B.A. in Accounting.

CRISTY WARD | Executive Vice President MORTGAGE CONNECT Cristy Ward is EVP at Mortgage Connect, a nationwide provider of Closing & Escrow, Title and Default solutions. She has 17 years of industry experience working with Top 10 lenders to develop strategy, product solutions and streamline processes to maximize operational efficiencies and to mitigate risk. She has earned a reputation as a problem-solver who develops innovative, tailored solutions to manage today’s complex problems. Cristy has held key leadership positions with noteworthy companies, including Stewart Title. Prior to Mortgage Connect, she was the EVP of Sales at National Real Estate Information Services (NREIS) where she developed new business models and supporting infrastructure that led her team to triple the company’s new sales volume.

JIM WARREN | Chief Marketing Officer FIRSTSERVICE RESIDENTIAL REALTY As chief marketing officer, Jim Warren is responsible for the national strategy involved with increasing sales and enhancing and improving the positioning and image of the FirstService Residential Realty brand. Prior to being named CMO, Jim served as a senior vice president in TenantAccess’ Investor Division. In that role, Jim provided innovative property management solutions to a growing number of large-and medium-sized investors buying both single family and multi-family units in the dynamic foreclosure market. Before joining TenantAccess, Jim served in various executive capacities in the residential and commercial real estate industry. Jim graduated from Humber College in Toronto, Ontario, Canada and Massachusetts Institute of Technology in Boston, Massachusetts.

COLIN WIEL | Co-Founder and Managing Director WAYPOINT HOMES Colin is a co-founder of Waypoint Homes, a pioneer in single-family rental, with over $300 million of assets under management. Colin is responsible for strategy, fundraising, and overall leadership of the firm. Colin has a unique 24-year career with a highly successful track record as engineer, entrepreneur, and investor. He has designed and developed notable software systems, founded several successful companies, and managed highly profitable investment entities focused on a variety of asset classes. He has a passion for rainforest conservation, having acquired 10,000 acres of land in Panama for conservation, as well as co-founding Wildlife Works Carbon, a pioneer in the use of REDD carbon credits for forest conservation.

CHRIS WILEY | VP Programming MONTAGE Chris has led Servicer loss mitigation program development for distressed borrower refinancing and homeownership preservation since the inception of Hope for Homeowners. Montage programs enable mortgage loan Servicers to participate in government insured and proprietary programs that serve underserved borrowers via Montage Mortgage and Symphony Housing. Since AmeriCatalyst 2011, we have broadened our programs to meet the needs of borrowers who have survived significant distress and emerged with the commitment and ability to stay in their homes in cooperation with their existing Servicer. Chris previously consulted independently with financial institutions and led risk management practices for Cap Gemini Ernst & Young and PwC.

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 moderate-income 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, and worked as an urban economist at the Federal Reserve Bank of New York.

MATT WOODS | President GENPACT MORTGAGE SERVICES Matt’s tenure in the mortgage industry began in 1996 with MoneyLine Lending Services. MoneyLine was a fledgling mortgage broker that rapidly expanded in to retail and wholesale lending, and soon became a pioneer in providing mortgage outsource services for banks and financial institutions. Matt was tasked with managing the relationships of MoneyLine’s clients, as well as the operations performed on behalf of those clients. Matt has trained thousands of retail bankers in the art of mortgage origination. In 2006, Genpact acquired MoneyLine and created Genpact Mortgage Services. Matt was responsible for operational delivery through 2011, prior to taking on the role of President. Matt studied Business Management at Utah Valley University, is LEAN certified, and the proud father of 4 wonderful children.

BRANDIE YOUNG | C0-founder, managing partner MARKETING TBD Brandie is a Co-founder and Managing Partner at Marketing TBD, Inc., a strategic marketing services and business development consulting firm specializing in the financial services industry. Brandie has built a reputation in this industry as the “go-to girl” when impossible deadlines must be met, or emergency reputation management & communications are needed. She considers the ability to conquer under pressure both a blessing and a curse. Brandie uses her 15+ years experience and enthusiastic drive to definitively contribute to her client’s bottom line through the strategic guidance and tactical execution of brand, marketing communication, sales support, product development and positioning initiatives. Brandie is an admitted work-oholic striving for work/life balance, unapologetically candid, and rich in friends, fun & opinions.

is a proud sponsor of AmeriCatalyst 2012 and supporter of the AmeriCatalyst IdeaLab

DELEGATE LIST FOR AMERICATALYST 2012 + AMERICATALYST IN FOCUS RENTING THE FUTURE AS OF SUNDAY, SEPT. 23. SORTED ALPHABETICALLY BY LAST NAME

LAST NAME

FIRST NAME

TITLE

COMPANY

ADAMS

TRACY

AMHERST

ADLER

KEN

MANAGING DIRECTOR

CITIMORTGAGE

ALCORN

CLINTON

CHIEF BUSINESS OFFICER

CITYSIDE MANAGEMENT

ALEXANDER

GEORGE

ASSISTANT DIRECTOR, CAPITAL MARKETS - DIVISION OF RESOLUTIONS AND RECEIVERSHIPS

FDIC

ARRINGTON

LOETTA

SVP

FIELD ASSET SERVICES

BACHINO

WILLIAM

VICE PRESIDENT

COMERICA BANK

BAILEY

STEVE

CHIEF SERVICING OFFICER

PNMAC

BALL

JEFF

CEO

ECONOHOMES

BARBARO

ROBERT

DIRECTOR OF CLAIMS

RMS

BARTLETT

SHARON

DIRECTOR - VENDOR SERVICES

FREDDIE MAC

BASS

KYLE

MANAGING PARTNER

HAYMAN CAPITAL MANAGEMENT, LP

BEASLEY

GARY

MANAGING DIRECTOR

WAYPOINT HOMES

BECKLES

INGRID

CEO

THE BECKLES COLLECTIVE

BECKMANN

BILL

PRESIDENT & CEO

MERSCORP HOLDINGS, INC.

BEHAL

BOB

VANGUARD

BERG

BILL

CTO

WINGSPAN PORTFOLIO ADVISORS

BERMAN

DAN

PRESIDENT, LPS APPLIED ANALYTICS

LPS APPLIED ANALYTICS

BERMAN

GARY

PRESIDENT

TRICON CAPITAL GROUP INC.

BESUIJEN

PETER

CCO

CMIS BV

BISWAS

RISHI

VÄRDE PARTNERS

BLEVINS

KEN

PRESIDENT & CEO OF PMH FINANCIAL

STEWART LENDER SERVICES

BLOCKSON

SHELIA

CFO

WOMEN IN DEFAULT SERVICES

BOESTER

GREG

MANAGING DIRECTOR

BARCLAYS

BOSTIC

DWIGHT

MANAGING DIRECTOR

MISSION CAPITAL ADVISORS

BOURASSA

PHILIP

PRESIDENT

ATLANTIC/PACIFIC REO RESOLUTION

BOWMAN

SALLY

FRIEND

AMERICATALYST LLC

BOYCE

ALAN

CEO

ABSALON PROJECT

BRANDT

AMY

BOARD OF DIRECTORS

AMERICATALYST IDEA LAB

BRITTI

JOHN

CFO & EVP

OCWEN FINANCIAL CORPORATION

BROWN

JOEL

MANAGING DIRECTOR

PPM AMERICA

BRUNSO

MIKE

AMHERST

BUCZEK

AMANDA

BUSINESS DEVELOPMENT

NATIONAL FIELD NETWORK

BURNS

JOHN

CEO

JOHN BURNS REAL ESTATE CONSULTING

BURNS

MEG

SENIOR ASSOCIATE DIRECTOR FOR THE OFFICE OF HOUSING AND REGULATORY POLICY

FHFA

BUTLER

CHRIS

AMHERST

CANFIELD

ANNE

PRESIDENT

CANFIELD & ASSOCIATES, INC.

CARARA

MATT

SENIOR PORTFOLIO MANAGER

MAIN STREET RENEWAL

CASANOVA

RUDY

SVP

FIELD ASSET SERVICES

CASIAS

THERESA

CHIEF INFORMATION OFFICER

MORTGAGE BANKING SOLUTIONS

CHANG

OLIVER

CO-FOUNDER

SYLVAN ROAD CAPITAL, LLC

CHARLES

GENGER

SENIOR POLICY ADVISOR TO THE ASSISTANT SECRETARY FOR HOUSING/FEDERAL HOUSING COMMISSIONER

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

CHARNOFF

WALTER

FOUNDER/ CEO

RENTRANGE

CHENG

WAI YEE

TEXAS TREASURY

CIMINO

RICHARD

CEO

ISERVE MORTGAGE SERVICING, INC.

CIOLA

DAN

AMHERST

CIULLA

TOM

MANAGING DIRECTOR

LPS APPLIED ANALYTICS

COMEAU

PHILLIP

CEO

PHILLIP E. COMEAU COMPANY, INC.

* RENTING THE FUTURE ONLY

LAST NAME

FIRST NAME

TITLE

COMPANY

CONNER

CHRISTINE

COONEY COPPEDGE

DANIELLE

VP NATIONAL OPERATIONS

FIRSTSERVICE RESIDENTIAL REALTY, INC.

BILL

SMD

FAY FINANCIAL

CORKERY

DENNIS

VICE PRESIDENT - CAPITAL MARKETS

EQUIFAX

CRAIG

JENNIE

VP MARKETING PROGRAMS & MEDIA RELATIONS

STEWART LENDING SERVICES

CREEKMORE

MITCH

SENIOR VICE PRESIDENT, MULTINATIONAL BUSINESS DEVELOPMENT

STEWART TITLE GUARANTY COMPANY

CULLINANE LAW GROUP

CULLINANE

MOLLIE

ATTORNEY

DAILY

BRIAN

SVP

REO ALLEGIANCE, INC.

DALY

SEAN

MANAGING DIRECTOR / CHAIRMAN

CMIS BV

DAVIDSON

ANDREW

PRESIDENT

ANDREW DAVIDSON & CO.

DAVIDSON

MONICA

SVP

FIELD ASSET SERVICES

DAVIES

MARCIA

CHIEF OF STAFF & SENIOR VICE PRESIDENT

MORTGAGE BANKERS ASSOCIATION

DAVILA

LETICIA

PORTFOLIO MANAGER

EMPLOYEES RETIREMENT SYSTEM OF TEXAS

DAVIS

GUY

SVP MARKETING, COMMUNICATIONS, INDUSTRY RELATIONS

WINGSPAN PORTFOLIO ADVISORS

DAVIS

JIM

EVP GOVERNMENT AFFAIRS

HOMEWARD RESIDENTIAL

DELEO

WANDA

DEPUTY DIRECTOR, OFFICE OF STRATEGIC INITIATIVES

FHFA WINGSPAN PORTFOLIO ADVISORS

DELGADO

COO

DEUTSCH

TOM

EXECUTIVE DIRECTOR

DIMARCO

CARLO

AMERICAN SECURITIZATION FORUM PURE CAPITAL MANAGEMENT

DOBSON

SEAN

CEO AND CHAIRMAN

AMHERST SECURITIES GROUP, LP

DOYLE

PAT

MANAGING DIRECTOR

TRUST COMPANY OF THE WEST

DRAYNE

MICHAEL

SENIOR VICE PRESIDENT, OFFICE OF ISSUER & PORTFOLIO MANAGEMENT

GINNIE MAE

DRIVER

THOMAS

SVP - OPERATIONS

KEYSTONE ASSET MANAGEMENT, INC.

DRYDEN

MICHAEL

MANAGING DIRECTOR & CO-HEAD

CREDIT SUISSE

DUNCAN

DOUG

CHIEF ECONOMIST

FANNIE MAE

EDER

FRANK

SVP

NEUBERGER BERMAN FIXED INCOME, LLC

ELLENZWEIG

JONATHAN

VICE PRESIDENT

TRICON CAPITAL GROUP INC.

EMERSON

WILLIAM

CHIEF EXECUTIVE OFFICER

QUICKEN LOANS

ENGLAND

GREG

PRINCIPAL

SPYGLASS EQUITIES COMPANY

FAHEY

SEAN

CLAREN ROAD

FAY

EDWARD

CEO & FOUNDER

FAY SERVICING, LLC

FELDMAN

RICHARD

SVP | BUSINESS DEVELOPMENT AND STRATEGY

WCMG

FERGUSON

FRANCES

SR MANAGER NATIONAL REAL ESTATE PROGRAMS

NEIGHBORWORKS AMERICA

FIORILLO

VINCENT

PRESIDENT

ASSOCIATION OF MORTGAGE INVESTORS

FLANAGAN

CHRIS

MANAGING DIRECTOR AND HEAD OF US MORTGAGE & STRUCTURED FINANCE RESEARCH

BANK OF AMERICA MERRIL LYNCH

FLEMING

MARK

CHIEF ECONOMIST

CORELOGIC

FLYNNE

LESLIE

COO

RMS

FORD

RICH

MANAGING DIRECTOR

JEFFERIES & CO., INC.

FRATANGELO

JAMES

PRINCIPAL

ASSET RECOVERY COMPANIES, LLC

GALANTE

CAROL

ACTING ASSISTANT SECRETARY FOR HOUSING

HUD

GARDNER

DANNY

COO NATIONAL COMMUNITY STABILIZATION TRUST

NATIONAL COMMUNITY STABILIZATION TRUST

GARLAND

DAVE

CONSULTANT

RAINMAKERS GROUP

GEORGE

ROBERT

FIELD ASSET SERVICES

GESKE

NATHAN

VÄRDE PARTNERS

GETCHIS

JOHN

SENIOR VICE PRESIDENT - OFFICE OF CAPITAL MARKETS

GINNIE MAE

GHOSH

ESHNA

VP MARKETING, COMMUNICATIONS, INDUSTRY RELATIONS

WINGSPAN PORTFOLIO ADVISORS

* RENTING THE FUTURE ONLY

LAST NAME

FIRST NAME

TITLE

GILL

MICHELLE

MANAGING DIRECTOR

GOLDMAN SACHS

GILLEN

SCOTT

SVP | STRATEGIC INITIATIVES

STEWART LENDER SERVICES

GIM

CAROLINE

DIRECTOR

EXPERT REAL ESTATE & INVESTMENT

GLASGOW

KAREN

EVP

FIELD ASSET SERVICES

GLASGOW

WILLIAM

SVP

ONEWEST BANK

GOODBODY

TOM

SENIOR DIRECTOR, ECONOMICS & POLICY

FREDDIE MAC

GOODMAN

LAURIE

SENIOR MANAGING DIRECTOR

AMHERST SECURITIES GROUP, LP

GRABOSKE

BEN

SVP, REAL ESTATE & FINANCIAL SERVICES

CORELOGIC

GROSS

DANIEL

COLUMNIST/ GLOBAL BUSINESS EDITOR

NEWSWEEK DAILY BEAST

GROSS

YAEL

EVENTS COORDINATOR

AMHERST

GROTTO

MIMI

MANAGING DIRECTOR

MISSION CAPITAL ADVISORS

GUTIERREZ

MIGUEL

MANAGING DIRECTOR

BROE REAL ESTATE GROUP

HANKINS

MATT

VICE PRESIDENT

STERLING PARTNERS

HANNAFORD

JODIE

CEO C

CASHEL USA PROPERTY PARTNERS

HASPEL

CHRIS

SPECIAL ASSET INVESTMENT & SERVICING

CONSUMER FINANCIAL PROTECTION BUREAU

HAWKES

LAURIE

PRESIDENT

AMERICAN RESIDENTIAL PROPERTIES, INC.

HAYMAN

PAUL

CHIEF EXECUTIVE OFFICER

INCLYNE, INC.

HENNESSY

JANE

PRESIDENT & CEO

KEYSTONE ASSET MANAGEMENT, INC.

HENNESSY

RYAN

VP | MARKETING & BUSINESS DEVELOPMENT

KEYSTONE ASSET MANAGEMENT, INC.

HOFFMAN

DAN

SMD

AMHERST

HORNE

STEVEN

CEO AND PRESIDENT

WINGSPAN PORTFOLIO ADVISORS WELLS FARGO HOME MORTGAGE

HUEY

SVP

HUIE

MARIE

MARKETING COORDINATOR

FIELD ASSET SERVICES

HUMPHREY

VINCENT

DIRECTOR OF INDUSTRY RELATIONS

VENDOR RESOURCE MANAGEMENT

HURT

DAVE

SENIOR VICE PRESIDENT

CORELOGIC

HYMAN

MICHAEL

VP | BUSINESS DEVELOPMENT

GENPACT MORTGAGE SERVICES

IBERG

CATHY

PRESIDENT & DEPUTY CIO

UTIMCO

ION

ANCA

TEXAS TREASURY

ISAACS

JAMES

INVESTOR

TMI FINANCIAL HOLDING CORP

ISELEY

WES

SENIOR MANAGING DIRECTOR

CARRINGTON MORTGAGE SERVICES

JACKSON

SHIRLEY

PARTNER

AMERICATALYST LLC & EUROCATALYST BV

JAFFE

KIRK

EXECUTIVE VICE PRESIDENT

PEAK CORPORATE NETWORK ENTITIES

JAFFEE

JEFFREY

CHIEF REGULATORY AFFAIRS OFFICER

CITIMORTGAGE

JAYANTY

NAGENDRA

EVP

CLAREN ROAD

JOHNSON

RANDAL

DIRECTOR

DEUTSCHE BANK SECURITIES, INC.

EXECUTIVE DIRECTOR

WOMEN IN DEFAULT SERVICES

JUDD

SHANNON

KAYE

SHELLEY

PEMCO, LTD

KEELY

LOUSIE

CHIEF RESEARCH OFFICER

THE DEMAND INSTITUTE

KEENAN

WILLIAM

CHAIRMAN AND CEO

DE NOVO CORP.

KELLER

SCOTT

SVP | CLIENT RELATIONS

KEYSTONE ASSET MANAGEMENT, INC.

KILBURN

BRIAN

ANALYST

GREENBRIER PARTNERS

KING

WILLIAM

CHIEF INVESTMENT OFFICER AND HEAD OF ASSET AND RISK MANAGEMENT

CARRINGTON HOLDING COMPANY

KIRKEGAARD

JACOB

RESEARCH FELLOW

PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS

KIRKPATRICK

ALASTAIR

TEXAS EDUCATION AGENCY

KITE

CIO

WINGSPAN PORTFOLIO ADVISORS

KLEINKNECHT

GAVIN

MANAGER

SYLVAN ROAD

KNUTSON

CRAIG

EVP

MFA FINANCIAL, INC

KRANDEL

CRAIG

AMHERST

KRAUSE

SHAWN

EXECUTIVE VICE PRESIDENT, BUSINESS SOLUTIONS & GOVERNMENT AFFAIRS

QUICKEN LOANS

KRUPKA

RUDY

CEO

CODE VIOLATION SERVICES

* RENTING THE FUTURE ONLY

COMPANY

LAST NAME

FIRST NAME

TITLE

COMPANY

KULIG - TOMSOVIC

KATHERINE

SVP COLLECTIONS

HSBC

KUNEY

AARON

NOT SURE

SYLVAN ROAD

KUSICH

BRYAN

CONSULTANT

KEYSTONE ASSET MANAGEMENT, INC.

LACHMAN

LEANNE

PRESIDENT

LACHMAN ASSOCIATES

LANDAUER

ROB

DIRECTOR OF BUSINESS DEVELOPMENT

ANDREW DAVIDSON & CO.

LANDSCHULZ

MARK

EVP, SERVICING ANALYTICS

QUICKEN LOANS

LEATH

JIM

MANAGING DIRECTOR

LPS APPLIED ANALYTICS

LEE

ROBERT

MANAGING DIRECTOR

SYLVAN ROAD CAPITAL - HAVENBROOK HOMES

LEE

SARAH

MANAGER

SYLVAN ROAD

LEMAISTRE

HENCHMAN

EVP

COLONY AMERICAN HOMES, LLC

LESLIE

SCOTT

PRESIDENT

MONTAGE CAPITAL

LIGHTBODY

RANDY

EXECUTIVE VICE PRESIDENT SALES, MARKETING AND STRATEGY

DIGITAL RISK

LOEB

JAY

VP STRATEGIC DEVELOPMENT

NCCI | NATIONAL CREDITORS CONNECTION, INC.

LOGAN

DERRICK

SVP

REO ALLEGIANCE

LUMSDEN

ALISTAIR

CIO

CQS

LUNDSTEDT

KYLE

MANAGING DIRECTOR, APPLIED ANALYTICS DIVISION

LENDER PROCESSING SERVICES, INC.

LUXENBERG

ALLISON

SALES & MARKETING COORDINATOR

FIRSTSERVICE RESIDENTIAL REALTY

LYKKEN

DAVID

MANAGING PARTNER

MORTGAGE BANKING SOLUTIONS

MAFARTIA

AASHISH

TILDEN PARK

MAGDER

DAN

DIRECTOR

ROCK CREEK CAPITAL

MAGEL

RICHARD

CHIEF OPERATING OFFICER

MAIN STREET RENEWAL

MAGGIANO

LAURIE

DIRECTOR OF POLICY, OFFICE OF HOMEOWNERSHIP PRESERVATION

U.S. DEPARTMENT OF TREASURY

MANFER

SAMANTHA

DIRECTOR OF BUSINESS DEVELOPMENT

PROSPECT MORTGAGE

MARGOLIN

LANCE

ATTORNEY

PITNICK & MARGOLIN, LLP

MARQUEZ

JSCP PARTNERS

MARQUIS JACKSON

LISA

SENIOR VICE PRESIDENT

JOHN BURNS REAL ESTATE CONSULTING

MARTIN

CAROLE

PRESIDENT

MARTIN & CO

MARTIN

RUSSELL

DIRECTOR

MARTIN & CO

MARTINSON

GARY

NATIONAL DIRECTOR-BUSINESS DEVELOPMENT

ASSET MANAGEMENT SPECIALISTS

MCBRIDE

RYAN

EVP

COLONY AMERICAN HOMES

MCCLUNG

TRICIA

VP | BUSINESS DEVELOPMENT

REALTORS PROPERTY RESOURCE

MCENERNEY

PATRICK

MANAGING DIRECTOR

DEUTSCHE BANK

MCGUINNESS-RIZZO

JENNIFER

DIRECTOR, HEAD OF SURVEILLANCE & ASSET MANAGEMENT

PREMIUM POINT INVESTMENTS

MCPHERSON

DALE

CEO

FIELD ASSET SERVICES

MEACHUM

ROBERT

SVP | SPECIAL SERVICING & SUBSERVICING

HOMEWARD RESIDENTIAL

MEAGHER

JENNIFER

SR DIRECTOR REO BUSINESS MANAGEMENT

FREDDIE MAC

MEDLEY

TERESA

AVP MARKETING

FIELD ASSET SERVICES

MEYER

MICHAEL

PRESIDENT, COMMUNITY STABILIZATION

BRIDGEBILT

MILLER

PAUL

MANAGING DIRECTOR

FBR CAPITAL MARKETS

MILLNER

ELENA

SVP | SPECIAL FINANCING SERVICES

PROSPECT MORTGAGE

MITCHELL

WILLIAM

ASSISTANT VICE PRESIDENT, BUSINESS DEVELOPMENT, MORTGAGE SERVICES

GENPACT

MORELLO

CHRIS

AMHERST

MORGAN

MICHAEL

VICE PRESIDENT, FINANCE

RENTRANGE, LLC

MORGAN

RICK

PRINCIPAL

MOSS

MIKE

CFAM, LLC PENWELL

MOSS

RODNEY

DIRECTOR

OCWEN LOAN SERVICING, LLC

MOSS

TONI

FOUNDER/CEO

AMERICATALYST LLC

MULLEN

DON

CEO

FUNDAMENTAL REO

NATOLI

JODY

CONSULTANT

MBS

* RENTING THE FUTURE ONLY

LAST NAME

FIRST NAME

TITLE

COMPANY

NEARY

TOM

CEO

LIFELINE HOLDINGS, LLC

NEGRI

JOE

SENIOR INVESTMENT ANALYST

MAIN STREET RENEWAL

NELSON

SEAN

ASSOCIATE DIRECTOR

FITCHRATINGS

NEVILLE

DON

CFO

FIELD ASSET SERVICES

NICKERSON

CRAIG

PRESIDENT

NATIONAL COMMUNITY STABILIZATION TRUST

NIXON

MICHAEL

SENIOR HOUSING POLICY ADVISOR

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

NORTON

BRIAN

PARTNER

RIDGE ROAD PARTNERS

NOTT

SHARI

CEO

NATIONAL FIELD NETWORK

OKHOVAT

ELLIE

MANAGING PARTNER

MARKETING TBD, INC.

OLSEN

TRAVIS

CO-PRESIDENT

LOAN RESOLUTION CORPORATION

OSMON

BRANDON

CO-PORTFOLIO MANAGER

HAYMAN CAPITAL MANAGEMENT, LP

PAREKH

KETAN

DIRECTOR

BANK OF AMERICA MERRILL LYNCH

PENDLEY

DIANE

MANAGING DIRECTOR, OPERATIONAL RISK GROUP, STRUCTURED FINANCE

FITCHRATINGS

PIKE

JIM

SVP

FIELD ASSET SERVICES

POMMIER

ROBERT

VICE PRESIDENT, BUSINESS DEVELOPMENT, MORTGAGE SERVICES

GENPACT

POWER

PATRICE

SVP, MARKETING

LENDERLIVE NETWORK

PRIMER

JEREMY

TILDEN PARK

QUDDUS

OMAR

CHIEF OPERATING OFFICER

DIGITAL RISK

RAHON

JERRY

COO

NATIONAL CREDITORS CONNECTION, INC.

RAMSDEN

KEITH

CIO

MAIN STREET RENEWAL

RATCLIFFE

JANNEKE

EXECUTIVE DIRECTOR

UNC CENTER FOR COMMUNITY CAPITAL

REYNOLDS

DAN

PRESIDENT AND COO

INCLYNE, INC.

RHODES

STANLEY

RETIRED BANKER

BANK OF AMERICA

RICE

CHRIS

WHITEBOX

RITER

STEVE

MANAGING MEMBER

MCKINLEY PARTNERS

ROBERTS

THOMAS

ERS

ROBERTSON

MATT

PORTFOLIO MANAGER

TEACHER RETIREMENT SYSTEM OF TEXAS

RODRIGUEZ

LILYVETTE

BROKER/OWNER

EXCEL REALTY

ROOS

PAUL

WHITEBOX ADVISORS LLC

ROSNER

JOSH

MANAGING DIRECTOR

GRAHAM FISHER & COMPANY

ROSS

GENE

PRESIDENT

LOANCARE SERVICING CENTER, INC.

RUFRANO

LARRY

SENIOR FINANCIAL ANALYST

FEDERALRESERVE BOARD

RYAN

NICK

MANAGING DIRECTOR

MARQUETTE COMPANIES

RYAN

TERESA

BROKER/OWNER

RYAN HILL REALTY

SACHNOWITZ

DANNY

TEXAS TREASURY

SADOWSKI

TERRY

CMO

FIELD ASSET SERVICES

SAMBUCCI

SCOTT

VICE PRESIDENT- ADVISORY & VALUATION SERVICES

CORELOGIC

SAMPLES

MIKE

TEXAS TREASURY

SANTOS

ALEX

PRESIDENT & MANAGING PARTNER

DIGITAL RISK

SAYRE

JOHN

SVP BUSINESS DEVELOPMENT

VERICREST FINANCIAL, INC.

SCHELL

ANDY

MANAGING PARTNER

MORTGAGE BANKING SOLUTIONS

SCHMIDT

BRIAN

VÄRDE PARTNERS

SCHNEIDER

DAVID

CEO

VERICREST FINANCIAL

SCHWARTZ

FAITH

EXECUTIVE DIRECTOR

HOPE NOW ALLIANCE

SCIORTINO

JOE

UBS

SEEHAUSEN

RICK

CEO

LENDERLIVE NETWORK, INC.

SEIDMAN

ELLEN

ADVISOR

THE URBAN INSTITUTE

SHARGA

RICK

EVP

CARRINGTON MORTGAGE HOLDINGS, LLC

SHILLER

ROBERT

SVP BUSINESS DEVELOPMENT

WINGSPAN PORTFOLIO ADVISORS

SHILLER

STEVEN

SVP STRATEGIC ALLIANCES

WINGSPAN PORTFOLIO ADVISORS, LLC

SHOWALTER

THOMAS

CHIEF ANALYTICS OFFICER

DIGITAL RISK LLC

* RENTING THE FUTURE ONLY

LAST NAME

FIRST NAME

TITLE

COMPANY

SHOWELL

JILL

SENIOR VICE PRESIDENT, GOVERNMENT AND COMMUNITY RELATIONS

OCWEN FINANCIAL

SIMONSEN

MICHAEL

CEO

ALTOS RESEARCH

SKEET

TIM

MANAGING DIRECTOR

ROYAL BANK OF SCOTLAND

SMITH

LANDON

GROUP EXECUTIVE

SMORCH

MICHAEL

STARK

RYAN

DIRECTOR

DEUTSCHE BANK

STEINAUER

MATT

AVP

FIELD ASSET SERVICES

STEVENS

DAVID

PRESIDENT AND CEO

MORTGAGE BANKERS ASSOCIATION

STROKER

RYAN

AMHERST

TAYLOR

ERIC

EXECUTIVE VICE PRESIDENT

RENTRANGE, LLC

TAYLOR

GUY

CEO

EQUI-TRAX ASSET SOLUTIONS, LP

TAYLOR

JEFFREY

CO-FOUNDER & MANAGING PARTNER

DIGITAL RISK

TAYLOR

JIM

SVP NATIONAL REO SALES MGR

WELLS FARGO HOME MORTGAGE

TAYLOR

MARY ELLEN

ASSOCIATE DIRECTOR

FEDERAL HOUSING FINANCE AGENCY

TAYLOR

ROGER

VICE CHAIRMAN

AMHERST

THIGPEN

PHILLIP

DIRECTOR

PWC

TIRUPATTUR

VISHWANATH

MANAGING DIRECTOR, CREDIT SECURITIZED PRODUCTS RESEARCH AND STRATEGY

MORGAN STANLEY

TOLANDER

GREG

CEO

FIRSTSERVICE RESIDENTIAL REALTY

TOMS

MARCIA

STEWART LENDER SERVICES, INC. HILLIER ADVISORS

WINDS FOUNDATION/PEMCO

TORRES

LALO

TEXAS TREASURY

TOZER

TED

PRESIDENT

GINNIE MAE

TUNELL

TROY

UBS FINANCIAL SERVICES

TURNER

NOLAN

VICE PRESIDENT

CARRINGTON MORTGAGE SERVICES

VAN BALEN

LIES

HEAD OF SPECIAL SERVICING

CMIS BV WELLS FARGO BANK

VINCENT

BART

SVP

WADE

MICHAEL

MANAGING DIRECTOR

WALKER

WINSTON

JEFFERIES & COMPANY

REALEC TECHNOLOGIES

WALSH

JOSEPH

PRESIDENT

WARCOP

JOHN

SVP COLLECTIONS

AMHERST HSBC

WARD

CRISTY

EVP

MORTGAGE CONNECT

WARREN

JIM

CMO

FIRSTSERVICE RESIDENTIAL REALTY

WATSON

ANDREW

DIRECTOR

CITI

WEBBER

SUSAN

EDITOR AND PUBLISHER

NAKED CAPITALISM

WENZEL

JENNIFER

INVESTMENT MANAGER

TEACHER RETIREMENT SYSTEM OF TEXAS

WIEL

COLIN

CO-FOUNDER AND MANAGING DIRECTOR

WAYPOINT HOMES

WILEY

CHRIS

VP OF PROGRAMS

MONTAGE

WILKES

MICHELLE

SVP | NATIONAL SALES EXECUTIVE

SERVICELINK

WILLIAMS

DEAN

CHAIRMAN

WILLIAMS & WILLIAMS

WILLIAMS

RON

SENIOR VICE PRESIDENT

SPECIALIZED LOAN SERVICING

WILLIS

MARK

RESIDENT RESEARCH FELLOW

FURMAN CENTER FOR REAL ESTATE AND URBAN POLICY, NYU

WILSON

TODD

EVP | SPECIAL FINANCING SERVICES

PROSPECT MORTGAGE

WOODS

MATT

PRESIDENT, MORTGAGE SERVICES

GENPACT

WRIGHT

JOSHUA

SENIOR TRADER/ANALYST

FEDERAL RESERVE BANK OF NEW YORK

YALE

EDWARD

DIRECTOR, MORTGAGE CREDIT ANALYTICS

EQUIFAX

YOUNG

BRAD

DIRECTOR, BUSINESS DEVELOPMENT

HOMEWARD RESIDENTIAL

YOUNG

BRANDIE

MANAGING PARTNER

MARKETING TBD, INC.

ZAKUTANSKY

BRIAN

VICE PRESIDENT

MORGAN STANLEY

ZINN

NATHAN

INVESTMENT MANAGER

TEACHER RETIREMENT SYSTEM OF TEXAS

* RENTING THE FUTURE ONLY

DELEGATES IN ATTENDANCE, SORTED AND GROUPED BY COMPANY (POSITIONS REMOVED TO SAVE SPACE. CHECK PREVIOUS LIST FOR ROLES).

LAST NAME

FIRST NAME

COMPANY

CONNER

CHRISTINE

BOYCE

ALAN

ABSALON PROJECT

SIMONSEN

MICHAEL

ALTOS RESEARCH

HAWKES

LAURIE

AMERICAN RESIDENTIAL PROPERTIES, INC.

DEUTSCH

TOM

AMERICAN SECURITIZATION FORUM

BRANDT

AMY

AMERICATALYST IDEA LAB

BOWMAN

SALLY

AMERICATALYST LLC

MOSS

TONI

AMERICATALYST LLC

JACKSON

SHIRLEY

AMERICATALYST LLC & EUROCATALYST BV

ADAMS

TRACY

AMHERST

BRUNSO

MIKE

AMHERST

BUTLER

CHRIS

AMHERST

CIOLA

DAN

AMHERST

GROSS

YAEL

AMHERST

HOFFMAN

DAN

AMHERST

KRANDEL

CRAIG

AMHERST

MORELLO

CHRIS

AMHERST

STROKER

RYAN

AMHERST

TAYLOR

ROGER

AMHERST

WALSH

JOSEPH

AMHERST

DOBSON

SEAN

AMHERST SECURITIES GROUP, LP

GOODMAN

LAURIE

AMHERST SECURITIES GROUP, LP

DAVIDSON

ANDREW

ANDREW DAVIDSON & CO.

LANDAUER

ROB

ANDREW DAVIDSON & CO.

MARTINSON

GARY

ASSET MANAGEMENT SPECIALISTS

FRATANGELO

JAMES

ASSET RECOVERY COMPANIES, LLC

FIORILLO

VINCENT

ASSOCIATION OF MORTGAGE INVESTORS

BOURASSA

PHILIP

ATLANTIC/PACIFIC REO RESOLUTION

RHODES

STANLEY

BANK OF AMERICA

FLANAGAN

CHRIS

BANK OF AMERICA MERRIL LYNCH

PAREKH

KETAN

BANK OF AMERICA MERRILL LYNCH

BOESTER

GREG

BARCLAYS

MEYER

MICHAEL

BRIDGEBILT

GUTIERREZ

MIGUEL

BROE REAL ESTATE GROUP

CANFIELD

ANNE

CANFIELD & ASSOCIATES, INC.

KING

WILLIAM

CARRINGTON HOLDING COMPANY

SHARGA

RICK

CARRINGTON MORTGAGE HOLDINGS, LLC

ISELEY

WES

CARRINGTON MORTGAGE SERVICES

TURNER

NOLAN

CARRINGTON MORTGAGE SERVICES

HANNAFORD

JODIE

CASHEL USA PROPERTY PARTNERS

MORGAN

RICK

CFAM, LLC

WATSON

ANDREW

CITI

ADLER

KEN

CITIMORTGAGE

JAFFEE

JEFFREY

CITIMORTGAGE

ALCORN

CLINTON

CITYSIDE MANAGEMENT

FAHEY

SEAN

CLAREN ROAD

JAYANTY

NAGENDRA

CLAREN ROAD

BESUIJEN

PETER

CMIS BV

DALY

SEAN

CMIS BV

VAN BALEN

LIES

CMIS BV

KRUPKA

RUDY

CODE VIOLATION SERVICES

MCBRIDE

RYAN

COLONY AMERICAN HOMES

LEMAISTRE

HENCHMAN

COLONY AMERICAN HOMES, LLC

BACHINO

WILLIAM

COMERICA BANK

HASPEL

CHRIS

CONSUMER FINANCIAL PROTECTION BUREAU

LAST NAME

FIRST NAME

COMPANY

FLEMING

MARK

CORELOGIC

GRABOSKE

BEN

CORELOGIC

HURT

DAVE

CORELOGIC

SAMBUCCI

SCOTT

CORELOGIC

LUMSDEN

ALISTAIR

CQS

DRYDEN

MICHAEL

CREDIT SUISSE

CULLINANE

MOLLIE

CULLINANE LAW GROUP

KEENAN

WILLIAM

DE NOVO CORP.

MCENERNEY

PATRICK

DEUTSCHE BANK

STARK

RYAN

DEUTSCHE BANK

JOHNSON

RANDAL

DEUTSCHE BANK SECURITIES, INC.

LIGHTBODY

RANDY

DIGITAL RISK

QUDDUS

OMAR

DIGITAL RISK

SANTOS

ALEX

DIGITAL RISK

TAYLOR

JEFFREY

DIGITAL RISK

SHOWALTER

THOMAS

DIGITAL RISK LLC

BALL

JEFF

ECONOHOMES

DAVILA

LETICIA

EMPLOYEES RETIREMENT SYSTEM OF TEXAS

TAYLOR

GUY

EQUI-TRAX ASSET SOLUTIONS, LP

CORKERY

DENNIS

EQUIFAX

YALE

EDWARD

EQUIFAX

ROBERTS

THOMAS

ERS

RODRIGUEZ

LILYVETTE

EXCEL REALTY

GIM

CAROLINE

EXPERT REAL ESTATE & INVESTMENT

DUNCAN

DOUG

FANNIE MAE

COPPEDGE

BILL

FAY FINANCIAL

FAY

EDWARD

FAY SERVICING, LLC

MILLER

PAUL

FBR CAPITAL MARKETS

ALEXANDER

GEORGE

FDIC

TAYLOR

MARY ELLEN

FEDERAL HOUSING FINANCE AGENCY

WRIGHT

JOSHUA

FEDERAL RESERVE BANK OF NEW YORK

RUFRANO

LARRY

FEDERALRESERVE BOARD

BURNS

MEG

FHFA

DELEO

WANDA

FHFA

ARRINGTON

LOETTA

FIELD ASSET SERVICES

CASANOVA

RUDY

FIELD ASSET SERVICES

DAVIDSON

MONICA

FIELD ASSET SERVICES

GEORGE

ROBERT

FIELD ASSET SERVICES

GLASGOW

KAREN

FIELD ASSET SERVICES

HUIE

MARIE

FIELD ASSET SERVICES

MCPHERSON

DALE

FIELD ASSET SERVICES

MEDLEY

TERESA

FIELD ASSET SERVICES

NEVILLE

DON

FIELD ASSET SERVICES

PIKE

JIM

FIELD ASSET SERVICES

SADOWSKI

TERRY

FIELD ASSET SERVICES

STEINAUER

MATT

FIELD ASSET SERVICES

LUXENBERG

ALLISON

FIRSTSERVICE RESIDENTIAL REALTY

TOLANDER

GREG

FIRSTSERVICE RESIDENTIAL REALTY

WARREN

JIM

FIRSTSERVICE RESIDENTIAL REALTY

COONEY

DANIELLE

FIRSTSERVICE RESIDENTIAL REALTY, INC.

NELSON

SEAN

FITCHRATINGS

PENDLEY

DIANE

FITCHRATINGS

BARTLETT

SHARON

FREDDIE MAC

GOODBODY

TOM

FREDDIE MAC

MEAGHER

JENNIFER

FREDDIE MAC

MULLEN

DON

FUNDAMENTAL REO

WILLIS

MARK

FURMAN CENTER FOR REAL ESTATE AND URBAN POLICY, NYU

LAST NAME

FIRST NAME

COMPANY

MITCHELL

WILLIAM

GENPACT

POMMIER

ROBERT

GENPACT

WOODS

MATT

GENPACT

HYMAN

MICHAEL

GENPACT MORTGAGE SERVICES

DRAYNE

MICHAEL

GINNIE MAE

GETCHIS

JOHN

GINNIE MAE

TOZER

TED

GINNIE MAE

GILL

MICHELLE

GOLDMAN SACHS

ROSNER

JOSH

GRAHAM FISHER & COMPANY

KILBURN

BRIAN

GREENBRIER PARTNERS

BASS

KYLE

HAYMAN CAPITAL MANAGEMENT, LP

OSMON

BRANDON

HAYMAN CAPITAL MANAGEMENT, LP

SMORCH

MICHAEL

HILLIER ADVISORS

DAVIS

JIM

HOMEWARD RESIDENTIAL

MEACHUM

ROBERT

HOMEWARD RESIDENTIAL

YOUNG

BRAD

HOMEWARD RESIDENTIAL

SCHWARTZ

FAITH

HOPE NOW ALLIANCE

KULIG - TOMSOVIC

KATHERINE

HSBC

WARCOP

JOHN

HSBC

GALANTE

CAROL

HUD

HAYMAN

PAUL

INCLYNE, INC.

REYNOLDS

DAN

INCLYNE, INC.

CIMINO

RICHARD

ISERVE MORTGAGE SERVICING, INC.

FORD

RICH

JEFFERIES & CO., INC.

WADE

MICHAEL

JEFFERIES & COMPANY

BURNS

JOHN

JOHN BURNS REAL ESTATE CONSULTING

MARQUIS JACKSON

LISA

JOHN BURNS REAL ESTATE CONSULTING

MARQUEZ

JSCP PARTNERS

DRIVER

THOMAS

KEYSTONE ASSET MANAGEMENT, INC.

HENNESSY

JANE

KEYSTONE ASSET MANAGEMENT, INC.

HENNESSY

RYAN

KEYSTONE ASSET MANAGEMENT, INC.

KELLER

SCOTT

KEYSTONE ASSET MANAGEMENT, INC.

KUSICH

BRYAN

KEYSTONE ASSET MANAGEMENT, INC.

LACHMAN

LEANNE

LACHMAN ASSOCIATES

LUNDSTEDT

KYLE

LENDER PROCESSING SERVICES, INC.

POWER

PATRICE

LENDERLIVE NETWORK

SEEHAUSEN

RICK

LENDERLIVE NETWORK, INC.

NEARY

TOM

LIFELINE HOLDINGS, LLC

OLSEN

TRAVIS

LOAN RESOLUTION CORPORATION

ROSS

GENE

LOANCARE SERVICING CENTER, INC.

BERMAN

DAN

LPS APPLIED ANALYTICS

CIULLA

TOM

LPS APPLIED ANALYTICS

LEATH

JIM

LPS APPLIED ANALYTICS

CARARA

MATT

MAIN STREET RENEWAL

MAGEL

RICHARD

MAIN STREET RENEWAL

NEGRI

JOE

MAIN STREET RENEWAL MAIN STREET RENEWAL

RAMSDEN

KEITH

OKHOVAT

ELLIE

MARKETING TBD, INC.

YOUNG

BRANDIE

MARKETING TBD, INC.

RYAN

NICK

MARQUETTE COMPANIES

MARTIN

CAROLE

MARTIN & CO

MARTIN

RUSSELL

MARTIN & CO

NATOLI

JODY

MBS

RITER

STEVE

MCKINLEY PARTNERS

BECKMANN

BILL

MERSCORP HOLDINGS, INC.

KNUTSON

CRAIG

MFA FINANCIAL, INC

BOSTIC

DWIGHT

MISSION CAPITAL ADVISORS

LAST NAME

FIRST NAME

COMPANY

GROTTO

MIMI

MISSION CAPITAL ADVISORS

WILEY

CHRIS

MONTAGE

LESLIE

SCOTT

MONTAGE CAPITAL

TIRUPATTUR

VISHWANATH

MORGAN STANLEY

ZAKUTANSKY

BRIAN

MORGAN STANLEY

DAVIES

MARCIA

MORTGAGE BANKERS ASSOCIATION

STEVENS

DAVID

MORTGAGE BANKERS ASSOCIATION

CASIAS

THERESA

MORTGAGE BANKING SOLUTIONS

LYKKEN

DAVID

MORTGAGE BANKING SOLUTIONS

SCHELL

ANDY

MORTGAGE BANKING SOLUTIONS

WARD

CRISTY

MORTGAGE CONNECT

WEBBER

SUSAN

NAKED CAPITALISM

GARDNER

DANNY

NATIONAL COMMUNITY STABILIZATION TRUST

NICKERSON

CRAIG

NATIONAL COMMUNITY STABILIZATION TRUST

RAHON

JERRY

NATIONAL CREDITORS CONNECTION, INC.

BUCZEK

AMANDA

NATIONAL FIELD NETWORK

NOTT

SHARI

NATIONAL FIELD NETWORK

LOEB

JAY

NCCI | NATIONAL CREDITORS CONNECTION, INC.

FERGUSON

FRANCES

NEIGHBORWORKS AMERICA

EDER

FRANK

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JILL

OCWEN FINANCIAL

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OCWEN FINANCIAL CORPORATION

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RODNEY

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ONEWEST BANK

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PEAK CORPORATE NETWORK ENTITIES

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SHANNON

PEMCO, LTD

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PHILLIP E. COMEAU COMPANY, INC.

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LANCE

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OLIVER

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TEACHER RETIREMENT SYSTEM OF TEXAS

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TRICON CAPITAL GROUP INC.

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TRUST COMPANY OF THE WEST

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U.S. DEPARTMENT OF TREASURY

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