Moody’s Ratings US Housing & Housing Finance Executive Series I
Housing’s Search for Balance
Our fourth annual series of spotlight discussions with senior leaders from a range of industries with exposure to the US housing market, from lenders and REITs to housing finance agencies.
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Agenda13.00 - 13.30EDT
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SpeakersWilly Walker Chairman & CEO Walker & Dunlop
Mark Zandi Chief Economist Moody's Analytics
Stan Middleman President & CEO Freedom Mortgage
Warren Kornfeld Senior Vice President, North America Banks and Finance Companies Moody's Ratings
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Willy Walker is chairman and chief executive officer of Walker & Dunlop. Under Mr. Walker’s leadership, Walker & Dunlop has grown from a small, family-owned business to become one of the largest commercial real estate finance companies in the United States. Walker & Dunlop is listed on the New York Stock Exchange, and in its first ten years as a public company saw its shares appreciate over 800%. The firm was #17 on Fortune’s 2017 list of “Fastest Growing Public Companies” and has been named a Best Workplace for eight of the last eleven years by the Great Place to Work® Institute.
Mr. Walker received the Ernst & Young Entrepreneur of the Year award in 2011 and was named “Financier of the Year” in 2017 and 2020 by Commercial Property Executive. He is a graduate of St. Lawrence University and holds an MBA from Harvard.
Mr. Walker created and hosts the Walker Webcast, one of the top 1.5% of podcasts globally, viewed by over 10M. The Walker Webcast brings brilliant minds from broad and varied backgrounds to share "Insights for Life."
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 co founder of the company Economy.com, which Moody’s purchased in 2005.
Dr. Zandi’s broad research interests encompass macroeconomics, financial market sand 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.
Stanley C. Middleman serves as the President and CEO of Freedom Mortgage, one of the largest and fastest-growing independent mortgage companies in the country. He is a nationally recognized business strategist, investor, and philanthropist, with more than 30 years of experience in the mortgage banking industry. Since founding Freedom Mortgage in 1990, Middleman has grown the company into one of the nation’s largest non-bank mortgage lenders and servicers, as well as a top VA and FHA (government-insured) lender.
Mr. Middleman is a coveted speaker, frequently addressing peers, housing industry veterans, government officials, business leaders, and students on a variety of topics, including entrepreneurship, leadership, customer service, and building communities through homeownership.
Additionally, Mr. Middleman is an investor and Vice Chairman of the Philadelphia Phillies baseball team.
Mr. Middleman is on the advisory board of the Intercontinental Exchange, Inc. (ICE). He is an active member of the Mortgage Bankers Association (MBA), where he serves on the MBA Board of Directors. He has also served on numerous advisory boards in the mortgage industry, including the MBA Residential Board of Governors, as well as Freddie Mac, Fannie Mae, and Ellie Mae. He is currently a member of the Housing Policy Executive Council. Mr. Middleman also serves on several nonprofit boards, including Philadelphia’s Kimmel Center for the Performing Arts, The Philadelphia Art Museum, and the Children’s Hospital of Philadelphia (CHOP) Foundation Board of Advisors. In 2022, Mr. Middleman and his family made a personal donation to support the opening of CHOP’s second hospital in King of Prussia, Pennsylvania.
For the fourth time in a row, Freedom Mortgage was honored with the Top Workplaces USA Award, and, in 2022, as a Best-in-Class Employer by Gallagher. In 2021, the company was named one of Newsweek’s Most Loved Workplaces. Last year, Freedom Mortgage was back on the Inc. 5000 Honor Roll (since 2021), for the ninth time, as one of the fastest-growing private companies in the country.
Recently, Mr. Middleman was recognized as one of the 150 Most Influential Philadelphians by Philadelphia magazine. He was also honored with the 2023 Legends of Lending Award by Mortgage Banker Magazine and the 2023 Industry Titans Award by National Mortgage Professional Magazine. In 2022, he was honored with the Distinguished Career Award by the Mortgage Executive Roundtable and as a City & State PA Impact 50 leader. He was identified by South Jersey Business Magazine as a top CEO in 2021. In 2020, Glassdoor named Mr. Middleman the fifth highest-rated CEO for effectively leading his employees and the company during the COVID-19 pandemic. He was also honored among Philadelphia Business Journal’s Most Admired CEOs in 2020. Mr. Middleman was the recipient of the 2019 Ernst & Young Entrepreneur of the Year Greater Philadelphia Award in the financial services category. Additionally, in 2019, Mr. Middleman was named the American Cancer Society of Southern New Jersey Individual Honoree of the Year. He is also a recipient of the Temple University Fox School of Business Corporate Award, as well as the Fox School of Business Centennial Award. In 2018, Mr. Middleman received HousingWire’s prestigious Vanguard Award. A strong supporter of U.S. active duty military and veterans, Mr. Middleman received the 2018 Liberty USO Chairman’s Award, in honor of his company’s service to the military community within Pennsylvania and Southern New Jersey.
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.
Willy Walker is chairman and chief executive officer of Walker & Dunlop. Under Mr. Walker’s leadership, Walker & Dunlop has grown from a small, family-owned business to become one of the largest commercial real estate finance companies in the United States. Walker & Dunlop is listed on the New York Stock Exchange, and in its first ten years as a public company saw its shares appreciate over 800%. The firm was #17 on Fortune’s 2017 list of “Fastest Growing Public Companies” and has been named a Best Workplace for eight of the last eleven years by the Great Place to Work® Institute.
Mr. Walker received the Ernst & Young Entrepreneur of the Year award in 2011 and was named “Financier of the Year” in 2017 and 2020 by Commercial Property Executive. He is a graduate of St. Lawrence University and holds an MBA from Harvard.
Mr. Walker created and hosts the Walker Webcast, one of the top 1.5% of podcasts globally, viewed by over 10M. The Walker Webcast brings brilliant minds from broad and varied backgrounds to share "Insights for Life."
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 co founder of the company Economy.com, which Moody’s purchased in 2005.
Dr. Zandi’s broad research interests encompass macroeconomics, financial market sand 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.
Stanley C. Middleman serves as the President and CEO of Freedom Mortgage, one of the largest and fastest-growing independent mortgage companies in the country. He is a nationally recognized business strategist, investor, and philanthropist, with more than 30 years of experience in the mortgage banking industry. Since founding Freedom Mortgage in 1990, Middleman has grown the company into one of the nation’s largest non-bank mortgage lenders and servicers, as well as a top VA and FHA (government-insured) lender.
Mr. Middleman is a coveted speaker, frequently addressing peers, housing industry veterans, government officials, business leaders, and students on a variety of topics, including entrepreneurship, leadership, customer service, and building communities through homeownership.
Additionally, Mr. Middleman is an investor and Vice Chairman of the Philadelphia Phillies baseball team.
Mr. Middleman is on the advisory board of the Intercontinental Exchange, Inc. (ICE). He is an active member of the Mortgage Bankers Association (MBA), where he serves on the MBA Board of Directors. He has also served on numerous advisory boards in the mortgage industry, including the MBA Residential Board of Governors, as well as Freddie Mac, Fannie Mae, and Ellie Mae. He is currently a member of the Housing Policy Executive Council. Mr. Middleman also serves on several nonprofit boards, including Philadelphia’s Kimmel Center for the Performing Arts, The Philadelphia Art Museum, and the Children’s Hospital of Philadelphia (CHOP) Foundation Board of Advisors. In 2022, Mr. Middleman and his family made a personal donation to support the opening of CHOP’s second hospital in King of Prussia, Pennsylvania.
For the fourth time in a row, Freedom Mortgage was honored with the Top Workplaces USA Award, and, in 2022, as a Best-in-Class Employer by Gallagher. In 2021, the company was named one of Newsweek’s Most Loved Workplaces. Last year, Freedom Mortgage was back on the Inc. 5000 Honor Roll (since 2021), for the ninth time, as one of the fastest-growing private companies in the country.
Recently, Mr. Middleman was recognized as one of the 150 Most Influential Philadelphians by Philadelphia magazine. He was also honored with the 2023 Legends of Lending Award by Mortgage Banker Magazine and the 2023 Industry Titans Award by National Mortgage Professional Magazine. In 2022, he was honored with the Distinguished Career Award by the Mortgage Executive Roundtable and as a City & State PA Impact 50 leader. He was identified by South Jersey Business Magazine as a top CEO in 2021. In 2020, Glassdoor named Mr. Middleman the fifth highest-rated CEO for effectively leading his employees and the company during the COVID-19 pandemic. He was also honored among Philadelphia Business Journal’s Most Admired CEOs in 2020. Mr. Middleman was the recipient of the 2019 Ernst & Young Entrepreneur of the Year Greater Philadelphia Award in the financial services category. Additionally, in 2019, Mr. Middleman was named the American Cancer Society of Southern New Jersey Individual Honoree of the Year. He is also a recipient of the Temple University Fox School of Business Corporate Award, as well as the Fox School of Business Centennial Award. In 2018, Mr. Middleman received HousingWire’s prestigious Vanguard Award. A strong supporter of U.S. active duty military and veterans, Mr. Middleman received the 2018 Liberty USO Chairman’s Award, in honor of his company’s service to the military community within Pennsylvania and Southern New Jersey.
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.