US Housing & Housing
Finance Conference
MARCH 21, 2017


Greg Bauer
Managing Director
Moody's Investors Service
Greg Bauer is the Managing Director responsible for Moody’s bank ratings. Greg joined Moody’s in 1994. Prior to joining the Banking Group in 1996, Greg was the lead analyst for the global automotive industry.

Prior to Moody’s, Greg was at the Irving Trust Company in New York, which later merged with The Bank of New York. He worked in various lending and credit capacities while there, including specialized lending in the securities industry and banking groups. He spent several years in loan workout and was a division credit officer responsible for media and telecommunications and real estate lending.

Greg received a B.A. degree in economics from Rutgers College and a Masters degree from the Columbia University School of Business.
Griselda Bisono
Assistant Vice President-Analyst
Moody's Investors Service
Griselda Bisono is an Assistant Vice President/Analyst in the Commercial Real Estate Americas group at Moody’s Investors Service. At Moody’s she is responsible for a portfolio of real estate investment trusts (REITs) and real estate operating companies (REOCs) in the United States, Canada and Latin America. Ms. Bisono is also the industry specialist for multifamily REITs in the United States.

Prior to joining the Commercial Real Estate Finance group, Ms. Bisono held a variety of roles in Moody’s Revenue Accounting group. Ms. Bisono has been active in the real estate industry for over 11 years. She received a B.A. in Accounting from St. Joseph’s College and an M.B.A. from Baruch College, Zicklin School of Business.
John Burns
Chief Executive Officer
John Burns Real Estate Consulting; author of Big Shifts Ahead: Demographic Clarity for Businesses
John is the founder and Chief Executive Officer of John Burns Real Estate Consulting. He is also the author of Big Shifts Ahead: Demographic Clarity for Businesses.

Before founding John Burns Real Estate Consulting in 2001, John worked at a national consulting firm for four years and for 10 years at KPMG Peat Marwick – two as a CPA and eight in their Real Estate Consulting practice.

John has a Bachelors in Economics from Stanford University and an MBA from UCLA, and works in our Irvine, California office.  He has attended home games for all 30 major league baseball teams, and regularly runs the hills in Southern California.
Andres Carbacho-Burgos
Associate Director-Senior Economist
Moody's Analytics
Andres Carbacho-Burgos is an Associate Director – Senior Economist at the West Chester office of Moody’s He covers housing, state and regional
economies, and also writes occasionally about the U.S. mortgage market and the international economic outlook. Before joining Moody’s, he taught
economics at Texas State University, where he also researched open-economy macroeconomics and income inequality. Originally from Chile, he obtained his
Ph.D. and Master’s in economics from the University of Massachusetts at Amherst and his B.A. in economics from Carleton College.
James Eck
Vice President-Senior Credit
Moody's Investors Service
James has lead coverage responsibility for a portfolio of U.S. and Bermuda-based insurance and reinsurance companies.

Prior to joining Moody’s in 2001, James was an Associate Director at Aon Capital Markets where he was involved in the structuring and placement of catastrophe
bonds, alternative risk transfer programs and contingent event capital for corporate and insurance company clients. Before to joining Aon Capital Markets, James was as
an independent floor trader at the Chicago Mercantile Exchange and a corporate legal assistant in the Asset Securitization Group at the law firm of Hunton & Williams.

James received an A.B. in History magna cum laude from Bowdoin College and an M.B.A. in Finance and Accounting from the University of Chicago Booth School of
Glenn Eckert
Associate Managing Director
Moody's Investors Service
Glenn Eckert is the Associate Managing Director for the Homebuilding, Building Products and Materials Rating Team and the Global Covenant Research Team.

Before joining Moody’s in November 2000, he managed The Bank of Tokyo Mitsubishi Trust’s North American media and communications finance group.

Glenn is a CFA charter-holder and a member of the New York Society of Security Analysts. He holds an MBA and a BS in finance from George Mason University.
Yehudah Forster
Vice President-Senior Credit Officer
Moody's Investors Service
Yehudah Forster is a Senior Vice President / Manager on Moody’s Investors Service’s U.S. residential mortgage-backed securitizations (RMBS) ratings team. Yehudah
chairs rating committees, performs credit and legal risk analysis on RMBS and other structured finance products, and manages several RMBS analysts. Yehudah is an
author of numerous special comments, articles and rating methodologies, often focusing on the intersection between legal and regulatory issues and credit. He has
received 12 Moody’s Structured Finance Research Awards for his publications.

Prior to joining Moody’s in 2007, Mr. Forster was co-general counsel at a boutique RMBS issuer/broker- dealer, and prior to that, an associate in Cadwalader,
Wickersham & Taft LLP’s Capital Markets Group. Mr. Forster is a graduate of New York University School of Law and Emory University, and is a member of the New York Bar.
Ola Hannoun-Costa
Vice President-Senior Analyst
Moody's Investors Service
Ola Hannoun-Costa is a Vice President-Senior Analyst in Moody’s Investors Service Residential MBS Group. She is a senior analyst in US RMBS Primary Ratings Team.
Prior to joining the RMBS Primary Ratings Team, Ola was a Team Captain in the US RMBS Surveillance Team where she also managed the Rating agency Consent (RAC)
process for US RMBS servicing transfers.

Ola joined Moody’s in 2005 from Best Doctors in Boston. She holds an M.B.A. in finance and management from New York University’s Stern School of Business, and a
B.S. from Ithaca College
Brian Harris
Senior Vice President
Moody's Investors Service
Brian Harris, Senior Vice President, has been with Moody’s since 2002. During that time, he has been involved in a broad variety of financial institutions, including nonbank finance, government-sponsored enterprises, banking, and real estate finance. Brian is currently the Team Leader for U.S. Finance Companies. In addition, he is the lead analyst for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Brian came to Moody’s from Philip Morris Companies Inc. where he was the Director of Financial Research. There he was responsible for reviewing and identifying the
impact of Financial Accounting Standards and SEC guidelines. Prior to joining Philip Morris, Brian worked for Fannie Mae as a Senior Business Analyst and at Coopers &
Lybrand in the audit practice.

Brian is a CPA and holds a MBA from George Washington University and a BBA from The College of William and Mary.
Eric Kaplan
Director, Housing Finance Program
Milken Institute – Center for Financial Markets
Eric Kaplan focuses on the restoration of the U.S. housing finance ecosystem to sustainable health, concentrating on policymaker, regulator, and industry coordination in crafting solutions. Eric’s 24 years of housing finance experience includes a wide range of banking and legal roles, and he brings a multifaceted perspective on loan, transaction, industry, and policy-level issues. Eric previously served as managing partner at Ranieri Strategies LLC, working closely with Chairman Lewis S. Ranieri on FinTech investment opportunities and housing policy.

A leading advocate for mortgage-backed securities reform, Eric spearheaded and chairs the Structured Finance Industry Group (SFIG) RMBS 3.0 task force, an industry-led initiative established to reinvigorate the private label residential mortgage-backed securities market, and served as a working group co-chair of the U.S. Treasury-led Private Label Securitization Initiative.

Eric serves on the board of directors of SFIG and the Cameron Kravitt Foundation. He received an AB in Politics from Princeton University and a JD from Boston University School of Law.
Philip Kibel
Associate Managing Director
Moody's Investors Service
Philip M. Kibel is an Associate Managing Director in the Commercial Real Estate Finance Group at Moody’s Investors Service, where he manages a team that focuses
on the ratings of real estate investment trusts (REITs) and real estate operating companies (REOCs). The team rates issuers from Canada through Latin America.

Prior to joining Moody’s, he was a Vice President with W. P. Carey & Co. LLC (WPC), a publicly traded real estate investment company that specializes in corporate real
estate financing using the corporate net-lease, or sale-leaseback structure. Philip was previously associated with Goldman, Sachs & Co., where he researched and
implemented estate tax planning for the general partners of Goldman, Sachs and created trusts to provide heirs with financial security. In addition, he published
internal reports summarizing the estate and gift tax laws of Japan, Hong-Kong and Germany.

Philip, a New York Certified Public Accountant, is a member of the American Institute of Certified Public Accountants. He received a BS in Accounting from Lehigh
University and also holds an MBA in Finance from Columbia Business School.
Warren Kornfeld
Senior Vice President
Moody's Investors Service
Warren Kornfeld is a Senior Vice President in Moody’s Financial Institutions Group covering mortgage, credit card, student loan banks and finance companies as well as
Government Sponsored Enterprises (FHLBanks, Farm Credit, Fannie and Freddie).

Prior to joining the Financial Institutions Group, Warren was a Managing Director for
Structured Finance Administration overseeing key strategic initiatives and prior to that Warren co-headed the Residential Mortgage- Backed Securities (RMBS) team as
well as headed up the U.S. Servicer Ratings team.

Warren joined Moody’s in 2001. Prior to Moody’s, Warren held senior investment banking positions with William Blair & Co., The Industrial Bank of Japan and Bickford & Partners focusing on a securitizations of a wide range of asset types, including residential mortgages, equipment lease, auto loan and lease, consumer assets and commercial receivables.

Warren holds a B.S. in Finance and Decision Sciences from the Wharton School of the University of Pennsylvania.
Deepika Kothari
Associate Managing Director
Moody's Investors Service
Deepika Kothari is an Associate Managing Director with Moody’s Investors Service.
She joined Moody’s in 2005. As head of the US Residential Mortgage Backed
Securities New Ratings team within the Structured Finance Group, she is responsible
for overseeing the ratings analytics of new issuance RMBS transactions. Deepika has
worked in new ratings and surveillance functions of RMBS since joining Moody’s in
2005 and has had a major role in refining our rating methodologies. She has
published extensively on the methodologies, presented our opinion at investor
briefings and through research publications.

Prior to joining Moody’s, Deepika worked for HSBC in India for three years in credit
and operations. Deepika holds a Bachelors degree in Chemical Engineering from
Mumbai, India, an M.B.A from the Indian Institute of Management, Ahmedabad and
an M.S. in Finance from Boston College.
Rachael McDonald
Vice President-Senior Analyst
Moody's Investors Service
Rachael McDonald is a Vice President – Senior Analyst in Moody’s Public Finance Housing & State Revolving Funds team. She serves as the lead analyst for state and local housing finance agency single and multifamily bond programs and for state clean water and drinking water revolving funds. In addition, she maintains a portfolio of project finance credits.

Prior to joining Moody’s in 2006, Rachael held positions at Deloitte Consulting in New York City and The Advisory Board Company in Washington, D.C. Rachael received both her M.B.A. and Masters in Social Work from Columbia University and her B.A. from Brown University
Bryan Sullivan
Chief Financial Officer
Jim Parrott is a senior fellow at the Urban Institute and owner of Falling Creek Advisors, which provides financial institutions with strategic advice on housing finance issues.

Before joining Urban in 2013, Parrott served for several years in the White House as a senior advisor at the National Economic Council, where he led the team of advisors charged with counseling President Obama and the cabinet on housing issues. He was on point for developing the Obama administration’s major housing policy positions; articulating and defending those positions with Congress, the press, and the public; and counseling White House leadership on related communications and legislative strategy. He was previously counsel to Secretary Shaun Donovan at the Department of Housing and Urban Development, advising on a range of housing finance issues.

Parrott has a BA from the University of North Carolina, an MA from the University of Washington, and a JD from Columbia University School of Law.
David Singelyn
Chief Executive Officer
American Home
David Singelyn is Chief Executive Officer and a trustee of American Homes 4 Rent (NYSE: AMH).  For more than 25 years, David has held senior positions in private and publicly-traded real estate companies.

Prior to AMH, from 2005 to 2012, David was Chief Executive Officer and a Director of American Commercial Equities (ACE), a private real estate company that owns and manages a portfolio of retail and office properties in California and Hawaii.  David built ACE’s management team and operational platform.  From 2003 to 2012, David was President and a Director of Public Storage in Canada (PSC).  PSC was a publicly traded company on the Toronto Stock Exchange (TSX: PUB) until David facilitated a transaction to take it private in 2010.  David remains a Director of both ACE and PSC.

From 1989 to 2003, David held various senior finance roles at Public Storage in the United States (NYSE: PSA).  During his tenure, Public Storage raised funds through various public and institutional marketplaces and became one of the country’s largest real estate companies.

David started his career at Arthur Young & Company (now a part of Ernst & Young LLP) and thereafter served as Controller of Winchell’s Donut Houses.  He earned a Bachelor of Science degree in Accounting and a Bachelor of Science degree in Computer Information Systems from California Polytechnic University - Pomona.
Stanislas Rouyer
Associate Managing Director
Moody's Investors Service
Stanislas Rouyer, Associate Managing Director, Global Research - Financial Institutions, has been with Moody’s Investors Service, the global rating agency, since 1992. During that time, he has been involved in a broad variety of financial institution areas, including finance and insurance companies, government sponsored enterprises, and more recently reinsurers, mortgage insurers and financial guarantors. In late 2016, Mr. Rouyer assumed the role of head of research for financial institutions globally.

Prior to joining Moody’s, Mr. Rouyer was a financial analyst and assistant actuary at SOREMA NA, a reinsurance company. He holds an M.B.A. in finance from Fordham University. Mr. Rouyer also holds a Bachelor of Arts with great honor from the Ecole Des Cadres in Paris, France.
Sang Shin
Vice President-Senior Analyst
Moody's Investors Service
Sang Shin is a Vice President – Senior Analyst with Moody’s Investors Service. Mr. Shin has been involved in credit risk analysis in a variety of structured finance transactions, including U.S. residential mortgage-backed securitizations (RMBS) in the US and
European Covered Bonds based in London. Prior to joining Moody’s, Mr. Shin worked at Citigroup in Global Capital Markets focusing on RMBS securitizations. Mr. Shin graduated from the University of Pennsylvania, Wharton School with an MBA in Finance and Strategy.
Tiina Siilaberg
Vice President -Senior Analyst
Moody's Investors Service
Tiina Siilaberg is an analyst in Moody’s Corporate Finance Group. Tiina covers homebuilding and building products companies. Tiina also manages Moody’s research and analysis associated with corporations’ refinancing needs and risks related to refunding activities and is in charge of Moody’s Refunding Index.

Prior to joining Moody’s in May 2005, Tiina worked in Merrill Lynch’s Global Private Client Group where she co-managed a portfolio of clients’ investments. She holds an M.B.A. from NYU Stern School of Business.
Joe Snider
Vice President-Senior Credit Officer
Moody's Investors Service
Joseph Snider is a Vice President - Senior Credit Officer responsible for the debt ratings of homebuilding and land development companies.

Prior to joining Moody’s, Joe spent over seven years with Enhance Reinsurance Company performing corporate credit analysis and working on structured finance transactions. For the 10 years prior to that, Joe was an equity research analyst at Bankers Trust Company covering a number of different industries.

Joe holds an M.B.A. in finance from Wharton and a B.A. in economics from UCLA.
Hazim Taib
Chief Financial Officer
Connecticut Housing Finance Authority
Hazim Taib is the Chief Financial Officer of Connecticut Housing Finance Authority (CHFA) since December 2013.  Hazim has about 20 years of experience in public finance.  

At CHFA, he is responsible for the management of over $5 billion of loans and investments in residential homeownership and multifamily rental.  Since 2014, CHFA has issued over $3 billion in tax exempt and taxable bonds to finance loans for first-time homebuyers and for the construction and rehabilitation of rental properties for the benefit of low-to-moderate income residents.

Prior to joining CHFA, he served as the Chief Financial Officer for Illinois Housing Development Authority.  

Hazim holds a Bachelor of Science degree in Finance and a Master of Business Administration degree from Indiana State University, a Graduate Certificate in Accounting from Keller Graduate School of Management and a Diploma in Public Administration from Universiti Teknologi MARA Malaysia.
Douglas C. Yearley, Jr.
Chief Executive Officer
Toll Brothers
Doug Yearley joined Toll Brothers in 1990 and has held various management positions over the past 27 years.  He initially specialized in land acquisitions and project management.  He then helped oversee the substantial growth of the company through new market expansion and builder acquisitions.  

Doug has been an officer since 1994, becoming Vice President, a post he held from January 1994 until January 2002, and then became Senior Vice President from January 2002 until November 2005.  He was Regional President from November 2005 until November 2009. During this period, he managed home building operations in nine markets throughout the country, oversaw the creation of the Toll Brothers City Living brand, and managed the company’s Marketing Department.  

In November 2009, Doug was promoted to Executive Vice President. In June 2010, he became Chief Executive Officer also joining the Board of Directors at that time.

Prior to Toll Brothers, Doug was an attorney at Archer & Greiner, a major New Jersey law firm, where he specialized in commercial litigation. Doug received a B.S. from Cornell University in Applied Economics and Business Management in 1982 and a J.D. from Rutgers Law School in 1986.  

Doug resides in Pennsylvania and has 5 children.  He enjoys golf, tennis, skiing and travel.  He is Co-Chair of the Pennsylvania Chapter of American Cancer Society’s CEO’s Against Cancer and is actively involved in the Yearley Family Foundation, which supports many charities assisting underprivileged children through education
Mark Zandi
Chief Economist
Moody's Analytics
Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Moody’s Analytics, a subsidiary of Moody’s Corp., is a leading provider of economic research, data and analytical tools. Dr. Zandi is a cofounder of, which Moody’s purchased in 2005.

Dr. Zandi’s broad research interests encompass macroeconomics, financial markets and public policy. His recent research has focused on mortgage finance reform and the determinants of mortgage foreclosure and personal bankruptcy. He has analyzed the economic impact of various tax and government spending policies and assessed the appropriate monetary policy response to bubbles in asset markets.

A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public, Dr. Zandi frequently testifies before Congress on topics including the economic outlook, the nation’s daunting fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation.

Dr. Zandi conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels. He is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and The Reinvestment Fund, a large CDFI that makes investments in disadvantaged neighborhoods. He is often quoted in national and global publications and interviewed by major news media outlets, and is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other national networks and news programs.

Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the “clearest guide” to the financial crisis.

Dr. Zandi earned his B.S. from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania. He lives with his wife and three children in the suburbs of Philadelphia.
Florence Zeman
Associate Managing Director
Moody's Investors Service
Florence Zeman is an Associate Managing Director for the Housing Finance & State Revolving Funds Team, which is responsible for providing and maintaining ratings for state clean water and drinking water revolving funds and state and local housing finance agency single and multifamily bond programs. Under her direction the team publishes research and have updated methodologies on all of the sectors the team covers. Florence also participates in the ratings of other public finance credits, real estate and asset backed transactions and sovereigns and sub-sovereign credits.

Prior to joining Moody’s, Florence was a Vice President in the Structured Finance Department at AMBAC. She holds a master’s degree in Public Finance and a bachelor’s degree in history, both from New York University.


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