2024 US Housing & Housing Finance: 9 Sectors in 60 Minutes
Hear views on what’s ahead from Moody's Investors Service analysts focused on the state of nine sectors -- from REITs, mortgage companies and insurers, to homebuilders, RMBS/CMBS and HFAs -- with exposure to US housing amid high real estate prices and slow activity.
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Agenda13:00 - 13:20EST13:20 - 13:40EST
Homebuilders, retail, brokers and information companies
• How long will existing home sellers remain able to capitalize on low inventory?
• Will the new home market continue to benefit from lower activity in the existing market?
• What will legal issues and technology trends mean for different industries? -
SpeakersLuisa De Gaetano Associate Managing Director, North America Real Estate, Corporate Finance Moody's Investors Service
Christina Boni Senior Vice President, Retail, Corporate Finance Moody's Investors Service
Edmond DeForest Senior Vice President, Business & Consumer Services, Corporate Finance Moody's Ratings
James Eck Vice President - Senior Credit Officer, Insurance, Financial Institutions Moody's Investors Service
Natalia Gluschuk Vice President-Senior Credit Officer, Homebuilding, Corporate Finance Group Moody's Ratings
Warren Kornfeld Senior Vice President, Banking, Financial Institutions Moody's Ratings
Lori Marks Vice President-Senior Credit Officer, North America Real Estate, Corporate Finance Moody's Investors Service
Jacqueline McFadyen Assistant Vice President, US Housing, Public Finance Moody's Investors Service
Sonny Weng Vice President-Senior Credit Officer, RMBS, Structured Finance Moody's Investors Service
Darrell Wheeler Vice President - Senior Credit Officer, Head of CMBS Research, Commercial Real Estate Finance Moody's Investors Service
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Luisa De Gaetano heads the US RMBS New Ratings team in the Structured Finance Group at Moody’s Investors Service. The RMBS team assigns new ratings to transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. In addition, Luisa heads the team that publishes assessments on ability and stability of originators and servicers.
Luisa is also an editor of the monthly newsletter ResiLandscape, which focuses on credit risk in the RMBS market. Luisa joined Moody’s in 2005, and previously managed new ratings and surveillance teams across all ABS sectors - credit cards, student loans, autos, equipment, and esoterics. Luisa has also chaired CLO committees.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs. Luisa holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
Sonny Weng is a lead analyst in Moody’s Investors Service Residential MortgageBacked Securities Group. Mr. Weng has been primarily responsible for credit risk analysis of structured finance transactions including single-family rental (SFR) and U.S.residential mortgage-backed securitizations (RMBS). Prior to joining Moody’s, Mr.Weng worked at Interactive Data Corporation as a Structured Securities Analystevaluating mortgage-backed securities and HSH Investment Management as a portfolio manager/analyst managing a portfolio of mortgage-backed securities.
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.
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.
Luisa De Gaetano heads the US RMBS New Ratings team in the Structured Finance Group at Moody’s Investors Service. The RMBS team assigns new ratings to transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. In addition, Luisa heads the team that publishes assessments on ability and stability of originators and servicers.
Luisa is also an editor of the monthly newsletter ResiLandscape, which focuses on credit risk in the RMBS market. Luisa joined Moody’s in 2005, and previously managed new ratings and surveillance teams across all ABS sectors - credit cards, student loans, autos, equipment, and esoterics. Luisa has also chaired CLO committees.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs. Luisa holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
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
Luisa De Gaetano heads the US RMBS New Ratings team in the Structured Finance Group at Moody’s Investors Service. The RMBS team assigns new ratings to transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. In addition, Luisa heads the team that publishes assessments on ability and stability of originators and servicers.
Luisa is also an editor of the monthly newsletter ResiLandscape, which focuses on credit risk in the RMBS market. Luisa joined Moody’s in 2005, and previously managed new ratings and surveillance teams across all ABS sectors - credit cards, student loans, autos, equipment, and esoterics. Luisa has also chaired CLO committees.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs. Luisa holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
Darrell Wheeler manages CMBS and CRE CLO research for Moody’s Investor Services. He is renowned for developing mortgage-backed securities analysis and models that provide unique fundamental credit insights.
His structured finance experience is extensive, previously managing the structured finance research of S&P Global Ratings, Citigroup Global Markets and Cantor Fitzgerald. He is a past member of CREFC’s Board of Governors and currently participates in CREFC’s editorial board. He has contributed research to numerous publications, including CREFC’s E-primer.
Jacqueline McFadyen is an Assistant Vice President in Moody’s Public Finance Housing & State Revolving Fund Team. She serves as a lead analyst for a broad range of affordable housing credits. Prior to joining Moody’s Housing Team, Jacqueline worked at the New Jersey Educational Facilities Authority as part of the team that managed the authority’s debt issuances. Earlier in her career, she worked as an analyst in Moody’s Sub-Sovereign and Sovereign Risk Groups. Jacqueline has an M.B.A. in finance from New York University, an M.A. in international relations and Asia from Johns Hopkins University and a B.A. from the University of Alberta.
Lori Marks is a VP-Senior Credit Officer in the Commercial Real Estate Finance Group at Moody’s Investors Service, where she is lead analyst responsible for the ratings of a portfolio of real estate investment trusts (REITs) and real estate operating companies (REOCs) across a variety of property types. Lori is also the healthcare REIT sector specialist, writing numerous research reports and articles pertaining to this sector.
Prior to joining Moody’s, Lori was a sell-side equity research analyst covering REITs at Deutsche Bank, and, prior to that, Prudential Securities.
Lori received a BA from the University of Pennsylvania and also holds an MBA in Finance and Accounting from The University of Chicago Booth School of Business.
Luisa De Gaetano heads the US RMBS New Ratings team in the Structured Finance Group at Moody’s Investors Service. The RMBS team assigns new ratings to transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. In addition, Luisa heads the team that publishes assessments on ability and stability of originators and servicers.
Luisa is also an editor of the monthly newsletter ResiLandscape, which focuses on credit risk in the RMBS market. Luisa joined Moody’s in 2005, and previously managed new ratings and surveillance teams across all ABS sectors - credit cards, student loans, autos, equipment, and esoterics. Luisa has also chaired CLO committees.
Prior to Moody’s, Luisa worked in corporate strategy at McDonald's Corp, and in investment banking at Goldman Sachs. Luisa holds an undergraduate degree in economics from LUISS University in Rome and an MBA from Harvard Business School.
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
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.
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.
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.
Lori Marks is a VP-Senior Credit Officer in the Commercial Real Estate Finance Group at Moody’s Investors Service, where she is lead analyst responsible for the ratings of a portfolio of real estate investment trusts (REITs) and real estate operating companies (REOCs) across a variety of property types. Lori is also the healthcare REIT sector specialist, writing numerous research reports and articles pertaining to this sector.
Prior to joining Moody’s, Lori was a sell-side equity research analyst covering REITs at Deutsche Bank, and, prior to that, Prudential Securities.
Lori received a BA from the University of Pennsylvania and also holds an MBA in Finance and Accounting from The University of Chicago Booth School of Business.
Jacqueline McFadyen is an Assistant Vice President in Moody’s Public Finance Housing & State Revolving Fund Team. She serves as a lead analyst for a broad range of affordable housing credits. Prior to joining Moody’s Housing Team, Jacqueline worked at the New Jersey Educational Facilities Authority as part of the team that managed the authority’s debt issuances. Earlier in her career, she worked as an analyst in Moody’s Sub-Sovereign and Sovereign Risk Groups. Jacqueline has an M.B.A. in finance from New York University, an M.A. in international relations and Asia from Johns Hopkins University and a B.A. from the University of Alberta.
Sonny Weng is a lead analyst in Moody’s Investors Service Residential MortgageBacked Securities Group. Mr. Weng has been primarily responsible for credit risk analysis of structured finance transactions including single-family rental (SFR) and U.S.residential mortgage-backed securitizations (RMBS). Prior to joining Moody’s, Mr.Weng worked at Interactive Data Corporation as a Structured Securities Analystevaluating mortgage-backed securities and HSH Investment Management as a portfolio manager/analyst managing a portfolio of mortgage-backed securities.
Darrell Wheeler manages CMBS and CRE CLO research for Moody’s Investor Services. He is renowned for developing mortgage-backed securities analysis and models that provide unique fundamental credit insights.
His structured finance experience is extensive, previously managing the structured finance research of S&P Global Ratings, Citigroup Global Markets and Cantor Fitzgerald. He is a past member of CREFC’s Board of Governors and currently participates in CREFC’s editorial board. He has contributed research to numerous publications, including CREFC’s E-primer.