Moody’s Ratings US Housing and Housing Finance 9 Sectors in 60 Minutes
Hear views on what’s ahead from Moody's Ratings 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 sluggish activity.
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Agenda13.00 - 13.20EST13.20 - 13.40EST
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SpeakersKarandeep Bains Associate Managing Director, US RMBS Moody's Ratings
Christina Boni Senior Vice President, Retail, Corporate Finance Moody's Ratings
Bob Garofalo Vice President - Senior Credit Officer, Financial Institutions Moody's Ratings
Warren Kornfeld Senior Vice President, Financial Institutions Moody's Ratings
Natalia Gluschuk Vice President - Senior Credit Officer, Homebuilding, Corporate Finance Group Moody's Ratings
Jacqueline McFadyen Vice President – Senior Analyst Moody's Ratings
Edmond DeForest Senior Vice President, Business & Consumer Services, Corporate Finance Moody's Ratings
Lori Marks Vice President-Senior Credit Officer, Corporate Finance Group Moody’s Ratings
Harshad Mehta Vice President-Senior Analyst, CMBS, Structured Finance Moody's Ratings
Sonny Weng Vice President-Senior Credit Officer, RMBS, Structured Finance Moody's Ratings
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If you have any questions about the event, please contact Jun Li at jun.li@moodys.com.
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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.
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.
Bob is a Vice President- Senior Credit Officer on the Financial Institutions Group of Moody's Ratings. He is responsible for a portfolio of U.S. ratings within the Life Insurance Group.
Prior to joining Moody's in 2016, Bob worked for over ten years at Swiss Re where he held various roles including Senior Vice President and Head of Business Development for Swiss Re Life & Health North America. In addition, he served as a Vice President, Head of Origination in Admin Re US covering the US and Canadian markets.
Bob also worked for AM Best as a Managing Senior Financial Analyst, where he rated emerging and complex financial institutions and provided credit analysis coverage on life insurance-based financial services organizations and retirement savings companies. In addition, Bob worked at Mutual of New York in various roles including Corporate Actuarial and Reinsurance
Bob has an MBA Corporate Finance from Fairleigh Dickinson University and a BA in Economics from the University of South Florida. Bob also has the Fellow of Life Management Institute (FLMI) designation from LOMA.
Sonny Weng is a lead analyst in Moody's Ratings 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.
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 Ratings, 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
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.
Lori Marks is a Vice President-Senior Credit Officer in Moody’s Ratings’ Corporate Finance Group responsible for a portfolio of real estate investment trusts (REITs) and other real estate companies across a variety of property types. Lori has extensive commercial real estate experience and has been with Moody’s REITs team for the entire duration of her career at Moody’s, which began in 2003. Prior to Moody’s, Lori was a sell-side equity research associate covering REITs at Deutsche Bank and, prior to that, Prudential Securities. Lori received a BA from the University of Pennsylvania and holds an MBA in Finance and Accounting from The University of Chicago Booth School of Business.
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.
Jacqueline McFadyen is a Vice President - Senior Analyst in Moody’s Housing and Community Lending Team within the US Public Finance Group. She serves as a lead analyst for a broad range of affordable housing credits. Prior to joining the team, Jacqueline worked at the New Jersey Educational Facilities Authority as part of the group 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.
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.
Christina Boni is a Senior Vice President with Moody’s Ratings, 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.
Bob is a Vice President- Senior Credit Officer on the Financial Institutions Group of Moody's Ratings. He is responsible for a portfolio of U.S. ratings within the Life Insurance Group.
Prior to joining Moody's in 2016, Bob worked for over ten years at Swiss Re where he held various roles including Senior Vice President and Head of Business Development for Swiss Re Life & Health North America. In addition, he served as a Vice President, Head of Origination in Admin Re US covering the US and Canadian markets.
Bob also worked for AM Best as a Managing Senior Financial Analyst, where he rated emerging and complex financial institutions and provided credit analysis coverage on life insurance-based financial services organizations and retirement savings companies. In addition, Bob worked at Mutual of New York in various roles including Corporate Actuarial and Reinsurance
Bob has an MBA Corporate Finance from Fairleigh Dickinson University and a BA in Economics from the University of South Florida. Bob also has the Fellow of Life Management Institute (FLMI) designation from LOMA.
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.
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.
Jacqueline McFadyen is a Vice President - Senior Analyst in Moody’s Housing and Community Lending Team within the US Public Finance Group. She serves as a lead analyst for a broad range of affordable housing credits. Prior to joining the team, Jacqueline worked at the New Jersey Educational Facilities Authority as part of the group 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.
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
Lori Marks is a Vice President-Senior Credit Officer in Moody’s Ratings’ Corporate Finance Group responsible for a portfolio of real estate investment trusts (REITs) and other real estate companies across a variety of property types. Lori has extensive commercial real estate experience and has been with Moody’s REITs team for the entire duration of her career at Moody’s, which began in 2003. Prior to Moody’s, Lori was a sell-side equity research associate covering REITs at Deutsche Bank and, prior to that, Prudential Securities. Lori received a BA from the University of Pennsylvania and holds an MBA in Finance and Accounting from The University of Chicago Booth School of Business.
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.
Sonny Weng is a lead analyst in Moody's Ratings 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.