US Housing & Housing Finance: 9 Sectors in 60 Minutes
Moody's Investors Service analysts focused on the state of nine sectors -- from mortgage companies and insurers, to homebuilders, RMBS/CMBS and HFAs -- with exposure to US housing as prices fall and activity slumps.
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Agenda13.00 - 13.20EDT
Mortgage companies and banks, mortgage insurers, RMBS
- What does the worsening macroeconomic environment mean for credit?
- How resilient are mortgage lenders to rising mortgage defaults?
- When will originations again be profitable for non-bank mortgage companies?
- Expected trends in underwriting standards and mortgage performance.
13.20 - 13.40EDT -
SpeakersFerdinand Perrault Vice President – Senior Credit Officer Moody's Ratings
Luisa De Gaetano Associate Managing Director, North America Real Estate Moody’s Ratings
James Eck Vice President - Senior Credit Officer, US Insurance Moody's Investors Service
Karandeep Bains Associate Managing Director, US RMBS Moody's Ratings
Natalia Gluschuk Vice President - Senior Credit Officer, Homebuilding, Corporate Finance Group Moody's Ratings
Christina Boni Senior Vice President, Retail, Corporate Finance Moody's Ratings
Edmond DeForest Senior Vice President, Business & Consumer Services, Corporate Finance Moody's Ratings
Philip Kibel Associate Managing Director Corporate Finance Group, CRE-REITs and Gaming Moody’s Investors Service
Harshad Mehta Vice President-Senior Analyst, CMBS, Structured Finance Moody's Ratings
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Luisa De Gaetano leads the North American Real Estate and Gaming team in the Corporate Finance Group at Moody’s Investors Service, overseeing ratings and research of approximately 140 investment grade and high yield issuers.
Luisa joined Moody’s in 2005, and previously worked in the Structured Finance Group, where she managed new ratings and surveillance teams across all ABS and RMBS sectors, as well as the assessments team, and served as an editor of Moody’s monthly sector newsletters. Luisa has also chaired CLO committees. She is an active member of the Women’s Business Resource Group and has been serving on the Lien-in sub-committee for several years.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs.
Luisa volunteers as treasurer of the Board of Trustees of Rivendell School, an inclusive preschool in Brooklyn, NY. She holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
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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 Business.
Karandeep Bains heads the US RMBS Surveillance team in the Structured Finance Group at Moody’s Investors Service. The RMBS Surveillance team monitors ratings on transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. Karandeep is also a member of the editorial board for the monthly newsletter ABS & RMBS Spotlight, which focuses on credit risk in the ABS and RMBS markets.
Karandeep joined Moody’s in 2006 and has extensive structured finance experience rating transactions backed by residential mortgages, commercial mortgages, credit card receivables, auto loans, and equipment loans and leases.
Karandeep holds a BS in Computer Engineering from Punjabi University, India and an MBA in Finance from the Yale School of Management.
Luisa De Gaetano leads the North American Real Estate and Gaming team in the Corporate Finance Group at Moody’s Investors Service, overseeing ratings and research of approximately 140 investment grade and high yield issuers.
Luisa joined Moody’s in 2005, and previously worked in the Structured Finance Group, where she managed new ratings and surveillance teams across all ABS and RMBS sectors, as well as the assessments team, and served as an editor of Moody’s monthly sector newsletters. Luisa has also chaired CLO committees. She is an active member of the Women’s Business Resource Group and has been serving on the Lien-in sub-committee for several years.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs.
Luisa volunteers as treasurer of the Board of Trustees of Rivendell School, an inclusive preschool in Brooklyn, NY. She holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
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Natalia Gluschuk is a Vice President – Senior Credit Officer at Moody’s Corporate
Finance Group in the US Homebuilding team. Natalia brings extensive analytical
expertise on the Homebuilding and Building Products sectors to this role and holds
lead analyst responsibilities for a portfolio of investment-grade and speculative-grade
issuers.
Since 2018, Natalia has been part of Moody’s US Cross-Sector Housing and Housing
Finance Group that focuses on the development of cross line of business research and
outreach. For more than 10 years, Natalia had been part of Moody’s North America
Refunding Team, conducting refunding risk studies for the corporate sectors in the US
and Canada. Since joining Moody’s in 2006, Natalia has held coverage responsibilities
for a variety of corporate sectors including Homebuilding, Manufacturing, Building
Materials, Consumer Durables, Business and Consumer Services, Wholesale
Distribution, Metals and Mining.
Natalia holds a Bachelor’s degree in Business Administration from Drexel University
with concentrations in Finance and Economics.
Christina Boni is a Senior Vice President with Moody’s Investors Service, and is responsible for a portfolio of investment grade and speculative grade companies in the retail sector. Prior to joining Moody’s in January 2016, Christina was a Managing
Director for Royal Bank of Canada (RBC) focusing on leveraged retailers. From 2008-2009, Christina was a Portfolio Manager at Fridson Investment Advisors, a credit hedge fund. In addition, Christina was a sell-side leverage finance analyst at Credit
Suisse (CS) and Donaldson, Lufkin and Jenrette, which was acquired by CS in 2000. She was voted by clients to the Institutional Investor Fixed Income team for the Retail sector for seven consecutive years. She also was appointed to the Institutional
Investor Fixed Income team for her work in the Supermarket and Food and Beverage sector. In addition, Christina worked at the Walt Disney Company as a Senior Analyst within their Strategic Planning Group. Christina holds a B.S. in Economics from the
Wharton School of the University of Pennsylvania and a M.B.A from the Harvard Business School.
Ed DeForest is a Senior Vice President on the Technology and Services team. Ed covers a portfolio of services and software companies in a range of verticals.
Ed joined Moody’s in February, 2012 from the Federal Reserve Bank of New York, where he shared responsibility for leading a team of examiners reviewing the wholesale loan portfolios of the 10 largest New York-based banks. Prior to his work at the Fed, Ed was a managing director with D.B. Zwirn, where he was the global head of asset management. While there, Ed managed the credit and illiquid risk department, with a portfolio of about $5 billion of assets under management. Ed also worked for 19 years at JPMorgan Chase, in both the credit and lending and the investment banking departments, covering a range of companies in the Technology, Telecommunications, Cable TV, Publishing and Broadcasting sectors. Ed has a B.A. from the University of Pennsylvania and his M.B.A. is from Carnegie Mellon University
Ferdinand Perrault is a Vice President – Senior Credit Officer in Moody’s Public Finance Housing & State Revolving Funds Team. He serves as tenured member and rating committee chair for Housing, State Revolving Funds and Infrastructure Finance credits with over 20 years of experience. He is also the lead analyst for state and local housing finance agency single and multifamily bond programs as well as for clean water and drinking water revolving funds. In addition he maintains a portfolio of project finance credits within the housing sector. He is also the surveillance coordinator, overseeing the process of ensuring timely reviews of the team’s credit portfolio.
Prior to joining Moody’s, Ferdinand was a registered analyst at Dreyfus Mutual Funds. Ferdinand received his B.A. from Baruch College.
Philip M. Kibel is an Associate Managing Director in the CRE-REIT team 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
Luisa De Gaetano leads the North American Real Estate and Gaming team in the Corporate Finance Group at Moody’s Investors Service, overseeing ratings and research of approximately 140 investment grade and high yield issuers.
Luisa joined Moody’s in 2005, and previously worked in the Structured Finance Group, where she managed new ratings and surveillance teams across all ABS and RMBS sectors, as well as the assessments team, and served as an editor of Moody’s monthly sector newsletters. Luisa has also chaired CLO committees. She is an active member of the Women’s Business Resource Group and has been serving on the Lien-in sub-committee for several years.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs.
Luisa volunteers as treasurer of the Board of Trustees of Rivendell School, an inclusive preschool in Brooklyn, NY. She holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
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Harshad Mehta is a vice president and senior analyst with Moody’s CMBS ratings group. She leads the analytical process for new conduit and SASB transactions, and in this capacity is responsible for evaluating CMBS deal-level structure, loan-level structure and the properties underlying a transaction, and for the production of presale reports and press releases detailing Moody’s position, ratings rationale and rating methodology. Prior to joining Moody’s, Ms. Mehta held investment banking roles at JPMorgan and Houlihan Lokey. She also worked as an asset manager for work force housing in New York City and as a professional architect in the affordable housing and commercial property spheres in India. Ms. Mehta holds an M.P.S. in commercial real estate development and finance from Cornell University and a B.Arch. in architecture from the Institute of Environmental Design.
Ferdinand Perrault is a Vice President – Senior Credit Officer in Moody’s Public Finance Housing & State Revolving Funds Team. He serves as tenured member and rating committee chair for Housing, State Revolving Funds and Infrastructure Finance credits with over 20 years of experience. He is also the lead analyst for state and local housing finance agency single and multifamily bond programs as well as for clean water and drinking water revolving funds. In addition he maintains a portfolio of project finance credits within the housing sector. He is also the surveillance coordinator, overseeing the process of ensuring timely reviews of the team’s credit portfolio.
Prior to joining Moody’s, Ferdinand was a registered analyst at Dreyfus Mutual Funds. Ferdinand received his B.A. from Baruch College.
Luisa De Gaetano leads the North American Real Estate and Gaming team in the Corporate Finance Group at Moody’s Investors Service, overseeing ratings and research of approximately 140 investment grade and high yield issuers.
Luisa joined Moody’s in 2005, and previously worked in the Structured Finance Group, where she managed new ratings and surveillance teams across all ABS and RMBS sectors, as well as the assessments team, and served as an editor of Moody’s monthly sector newsletters. Luisa has also chaired CLO committees. She is an active member of the Women’s Business Resource Group and has been serving on the Lien-in sub-committee for several years.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs.
Luisa volunteers as treasurer of the Board of Trustees of Rivendell School, an inclusive preschool in Brooklyn, NY. She holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
| |
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 Business.
Karandeep Bains heads the US RMBS Surveillance team in the Structured Finance Group at Moody’s Investors Service. The RMBS Surveillance team monitors ratings on transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. Karandeep is also a member of the editorial board for the monthly newsletter ABS & RMBS Spotlight, which focuses on credit risk in the ABS and RMBS markets.
Karandeep joined Moody’s in 2006 and has extensive structured finance experience rating transactions backed by residential mortgages, commercial mortgages, credit card receivables, auto loans, and equipment loans and leases.
Karandeep holds a BS in Computer Engineering from Punjabi University, India and an MBA in Finance from the Yale School of Management.
Natalia Gluschuk is a Vice President – Senior Credit Officer at Moody’s Corporate
Finance Group in the US Homebuilding team. Natalia brings extensive analytical
expertise on the Homebuilding and Building Products sectors to this role and holds
lead analyst responsibilities for a portfolio of investment-grade and speculative-grade
issuers.
Since 2018, Natalia has been part of Moody’s US Cross-Sector Housing and Housing
Finance Group that focuses on the development of cross line of business research and
outreach. For more than 10 years, Natalia had been part of Moody’s North America
Refunding Team, conducting refunding risk studies for the corporate sectors in the US
and Canada. Since joining Moody’s in 2006, Natalia has held coverage responsibilities
for a variety of corporate sectors including Homebuilding, Manufacturing, Building
Materials, Consumer Durables, Business and Consumer Services, Wholesale
Distribution, Metals and Mining.
Natalia holds a Bachelor’s degree in Business Administration from Drexel University
with concentrations in Finance and Economics.
Christina Boni is a Senior Vice President with Moody’s Investors Service, and is responsible for a portfolio of investment grade and speculative grade companies in the retail sector. Prior to joining Moody’s in January 2016, Christina was a Managing
Director for Royal Bank of Canada (RBC) focusing on leveraged retailers. From 2008-2009, Christina was a Portfolio Manager at Fridson Investment Advisors, a credit hedge fund. In addition, Christina was a sell-side leverage finance analyst at Credit
Suisse (CS) and Donaldson, Lufkin and Jenrette, which was acquired by CS in 2000. She was voted by clients to the Institutional Investor Fixed Income team for the Retail sector for seven consecutive years. She also was appointed to the Institutional
Investor Fixed Income team for her work in the Supermarket and Food and Beverage sector. In addition, Christina worked at the Walt Disney Company as a Senior Analyst within their Strategic Planning Group. Christina holds a B.S. in Economics from the
Wharton School of the University of Pennsylvania and a M.B.A from the Harvard Business School.
Ed DeForest is a Senior Vice President on the Technology and Services team. Ed covers a portfolio of services and software companies in a range of verticals.
Ed joined Moody’s in February, 2012 from the Federal Reserve Bank of New York, where he shared responsibility for leading a team of examiners reviewing the wholesale loan portfolios of the 10 largest New York-based banks. Prior to his work at the Fed, Ed was a managing director with D.B. Zwirn, where he was the global head of asset management. While there, Ed managed the credit and illiquid risk department, with a portfolio of about $5 billion of assets under management. Ed also worked for 19 years at JPMorgan Chase, in both the credit and lending and the investment banking departments, covering a range of companies in the Technology, Telecommunications, Cable TV, Publishing and Broadcasting sectors. Ed has a B.A. from the University of Pennsylvania and his M.B.A. is from Carnegie Mellon University
Philip M. Kibel is an Associate Managing Director in the CRE-REIT team 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
Harshad Mehta is a vice president and senior analyst with Moody’s CMBS ratings group. She leads the analytical process for new conduit and SASB transactions, and in this capacity is responsible for evaluating CMBS deal-level structure, loan-level structure and the properties underlying a transaction, and for the production of presale reports and press releases detailing Moody’s position, ratings rationale and rating methodology. Prior to joining Moody’s, Ms. Mehta held investment banking roles at JPMorgan and Houlihan Lokey. She also worked as an asset manager for work force housing in New York City and as a professional architect in the affordable housing and commercial property spheres in India. Ms. Mehta holds an M.P.S. in commercial real estate development and finance from Cornell University and a B.Arch. in architecture from the Institute of Environmental Design.