STEPHEN BUTEAU

** ****** ****** **** ****: 908-***-****

Bernardsville, NJ 07924 Cell: 908-***-****

www.linkedin.com/in/stephenbuteau ad1qn9@r.postjobfree.com SUMMARY

Structured finance professional with experience across various functions including new business development, transaction management, loss mitigation and surveillance. Extensive expertise in Residential Mortgage-Back Securities (RMBS) including underwriting, collateral due diligence, cash flow modeling, and legal documentation review. Experienced transaction manager with strong negotiation, client relationship and executive level presentation skills. PROFESSIONAL EXPERIENCE

DBRS MORNINGSTAR, New York, NY

Managing Director, Esoteric Finance Group 2021 – Present

• Lead a team of analysts responsible for the for research and evaluation of prospective ratings on asset classes that are new to the company.

• Work with the various structured finance ratings teams to develop new approaches and ratings methodologies.

Managing Director, RMBS Group 2019 – 2021

• Helped integrate DBRS and Morningstar Credit Ratings by unifying the companies’ U.S. RMBS teams, consolidating duplicative methodologies and models, merging the portfolios, and reassessing risk under new policies and procedures.

• Prior to the integration with DBRS, managed the Morningstar Credit Ratings team of analysts responsible for the analytics, ratings and surveillance of transactions in Prime, Non-QM, Single- Family Rental, Reverse Mortgage, Credit Risk Transfers, Mortgage Insurance-Linked Notes and other RMBS sectors.

S&P GLOBAL, New York, NY 2015 – 2019

Analytical Manager and Senior Director, RMBS Group

• Lead a team of analysts responsible for the analytics and ratings of transactions in Jumbo Prime, Non- QM, Servicer Advances and CRT asset classes.

• Managed a team of analysts responsible for Mortgage Originator Reviews. Performed due diligence on originators and third-party due diligence providers to develop views of their business practices.

• Guided S&P ratings into the non-QM asset class and led innovations in analytical judgement and changes in rating methodologies that helped propel the company to become a market leader.

• Responsible for leading rating committees as a role model and subject matter expert.

• Handled all aspects of client interaction, including directing and coordinating execution of ratings. Accountable for developing and maintaining relationships with issuers, investors, and intermediaries. ASSURED GUARANTY, New York, NY 2009 – 2015

Managing Director, RMBS Workout Group

• Responsible for mitigating losses on a $29 billion distressed RMBS portfolio collateralized with first and second lien; subprime, Alt-A, and Option ARM mortgage loans.

• Recovered $3.7 billion of breach of representations & warranty (R&W) claims. Of this, $3.1 billion were payments made directly to Assured pursuant to settlement agreements and approximately $600 million were amounts paid into the relevant RMBS Trusts pursuant to the transaction documents to repurchase defective loans.

• Developed remediation and recovery strategies to accelerate the timing and increase the amount of loan repurchases and settlements. Strategies include - quality of breach findings, creating accounting pressure, campaigns to notify interest parties such as Trustees, and litigation strategies. Stephen Buteau Page 2

908-***-**** ad1qn9@r.postjobfree.com

PROFESSIONAL EXPERIENCE (continued)

• Negotiated Repurchases and Settlements of defective loans from RMBS transactions. Increased repurchase rates and settlement amounts through comprehensive negotiations with counterparties. A detailed review was performed on over $15 billion of loan files.

• Directed teams of third-party underwriters analyzing mortgage loans to assess their initial adherence to underwriting guidelines and contractual representations & warranties in securitization contracts.

• Managed a team of 3 FTEs responsible for analyzing, monitoring, and reporting on distressed transactions in Assured’s RMBS portfolio.

• Collaborated with Assured’s Servicing Team on servicing transfers and implementing special servicing strategies to minimize losses and maximize collateral cash flows. Approximately $3.6 billion of mortgage loans have been transferred or placed under special servicing arrangements. FINANCIAL SECURITY ASSURANCE, New York, NY 1994 – 2009 Director, Residential Mortgage Group (2002 – 2009)

• Responsible for underwriting financial guaranty insurance and credit default swaps on RMBS transactions. In charge of generating new business, analyzing new products, and developing opportunities.

• Generated new business by interacting and negotiating with Investment Banks and Mortgage Finance Companies to underwrite financial guaranty policies and credit default swaps on RMBS transactions.

• Transaction Manager accountable for all aspects of the underwriting process including negotiation, pricing, collateral analysis, structuring, review of legal documentation and presentation of transactions to the Credit Committee

• Experienced across all sectors of RMBS including Subprime, Alt-A, HELOC, Option ARM, Net Interest Margin (“NIM”), “Scratch and Dent”, ReREMIC, and Servicing Advance transactions.

• Generated $170 million of Premium (42% of the group’s total) between 2001 and 2008. Associate, AVP, and VP, Residential Mortgage Group (1996 – 2002)

• Helped Transaction Managers analyze the credit, structural, and legal risks imbedded in the RMBS transactions.

• Supervised teams of third-party underwriters performing due diligence on pools of mortgage loans.

• Developed cash flow models to structure Over-Collateralization, Shifting Interest, and Reserve Fund transactions.

• Performed collateral and cash flow analysis and various stress tests to analyze the effect of different scenarios on a structure’s loss coverage.

Systems Analyst, MIS Group (1994 – 1996)

Designed new IT solutions and integrated new features or improvements existing programs. INFORMATION BUILDERS, New York, NY 1990 – 1994

Technical Support Representative, and Quality Assurance Analyst (1990 – 1994)

• Oversaw planning, coordination, and execution of technical support issues and repair of program bugs. Created course materials and delivered training classes. EDUCATION

Master of Business Administration in Finance, Fordham University, New York, NY Bachelor of Science in Computer Science, University of Scranton, Scranton, PA PUBLIC SPEAKING / PRESENTATIONS

Served on several panels at the American Securitization Forum (ASF)

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