Real Estate Vice President

*** **** ******, ****** **** NJ ***** 201-***-**** (H) / 201-***-**** (C)

*****.**********@**.***

Insightful and diligent risk analyst with fifteen years experience with

residential mortgages

. Able to value residential mortgage-backed securities; design, develop

and support the distribution of credit models; and analyze large data

sets, including economic, delinquency performance, and home price data

. Nationally recognized as a valuable industry resource and opinion

leader

. Uniquely able to formulate reasonable questions and test both process

and outcome

Professional Experience

DBRS, Inc. (NY, NY), Senior Vice President 2004 - 2008

Fitch Ratings (NY, NY), Senior Director 2000 - 2004

Duff & Phelps Credit Rating Co. (NY, NY), Vice President 1993 - 2000

Valuation of Private-Label Residential Mortgage-backed Securities (RMBS)

Designed credit models to evaluate the risk of residential mortgages

backing RMBS. The three primary estimates calculated by the credit models

are: (i) the likelihood of default by mortgagors; (ii) a reasonable value

for the defaulted properties; and (iii) the likely loss after default.

. These models were used to rate the following percentage of the U.S.

RMBS market:

o 45% at Duff & Phelps Credit Rating Co. (DCR) (1993 - 2000)

o 67% at Fitch Ratings (2000 - 2004)

o 15% of U.S. and 100% of Canadian RMBS market at DBRS (2004 -

2008)

. Each model and its reports were built independently of earlier models.

. Models included home price and economic data.

. Built first rating agency model to require explicit identification of

interest-only period and fixed-rate period for hybrid adjustable-rate

mortgages at Fitch.

. DCR and DBRS models distributed externally for use by bankers/issuers

and investors.

Other Structured Collateral

. Developed a credit benchmark model for auto loans based on regression

analysis of approx. 300,000 loans.

. Analyzed the performance of credit card and student loan portfolios.

. With CMBS analysts, developed approach to rating mixed-use properties,

small CMBS and SBA collateral.

Extensive Analysis of Other Models Used in Structured Finance

. Credit scoring models and their usefulness in predicting delinquencies

and defaults for consumer debt (mortgages, auto loans, and credit

cards).

. Automated property valuation models and their ability to reduce losses

on RMBS.

. Proprietary mortgage scores designed by mortgage insurers and their

usefulness in distinguishing high- and low-risk mortgages.

Valuation of Re-Securitized RMBS

Built credit model to evaluate the credit risk of re-securitized RMBS.

Estimates were based on: (i) mortgage loan-level performance data; (ii)

certificate losses estimated at issuance, actual losses to date,

delinquency pipelines; and (iii) position of the residential mortgage-

backed securities themselves within the waterfall.

Member of Rating Committees Responding to the "Subprime Meltdown"

Voted in committee decisions to downgrade RMBS tranches, identifying

modeling changes required as mortgage performance deteriorated. Updates to

the rating methodology included:

. Assumption that all first lien loans with an 80% loan-to-value ratio

had a 20% silent second lien.

. Explicit identification of and increased penalties for mortgages with

multiple layers of risk, e.g., poor credit coupled with low/no doc and

investor-owned property.

. Extension of foreclosure timelines and REO marketing periods.

Design of Databases & Reports

Designed valuable in-house databases (db) and reports. These included (i) a

database to store all incoming mortgage loan data, creating an analytic

storehouse; (ii) a database of key characteristics of collateralized

mortgage pools, permitting selection and comparison of pools; and (iii) a

report of key pool characteristics distributed on Bloomberg.

Independent Research Projects & Speaking Engagements

Conducted independent research and directed the research of others across a

wide range of topics, including:

"The Modern Mortgage Crisis" (2008)

Published in Mortgage and Real Estate Finance: Latest Innovations and

Opportunities. (Edited by Stephania Perrucci, London: Riskbooks, 2008)

pages 341-364

Residential Real Estate Cycles (2007)

Reviewed approximately three dozen metro areas for changes in the price of

mid-tier single-family homes from 1989 through 2007 using Fiserv Case-

Shiller Home Price Indices. Report published by DBRS as "Real Estate Cycles

of the 1990s and 2000s in Major U.S. Metro Areas".

Military Housing Privatization Housing Bonds (2008)

Analyzed the scope and status of the housing projects, housing requirements

by pay grade, and impact of the bases on local economies. Presentations

focused on the military capabilities of the bases and strategic importance

to the Department of Defense.

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (2008)

Analyzed propensity of consumers to file for bankruptcy protection, pre-

and post-enactment of Act. Based on the data, predicted dramatic increases

in filings continuing beyond the spring of 2008. Published as a DBRS

Structured Finance newsletter, August 18, 2008.

1994 Northridge Earthquake (1995)

Post-earthquake mortgage delinquencies were analyzed using statistical

process control techniques. Determined that increases in delinquency rates

were statistically meaningful.

Recent Speaking Engagements

Fair Isaac, "InterAct" (public), March 2009 Veros, "Predictive Methods

Conference" (public), July 2008

Kroll Factual Data conference (invitation), April 2008 FNC, Inc. client

conference (invitation), Jan. 2008

Education

Leonard N. Stern School of Business, NYU SUNY-Binghamton

MBA / MS in Statistics and Operations Research BA in Political

Science/Sociology

Recipient of the W. Edwards Deming Award

Skills

Expert knowledge of Microsoft Excel 2003 Visual Basic. High proficiency

with the following primary data sources: Economy.com, Case Shiller REdex

Library, and LoanPerformance.

Contact this candidate