Public Finance Housing Roundtable (Virtual)
Interest Rates, Leverage, and Credit: What Today’s Market Means for HFAs
Recent macroeconomic and housing market developments are reshaping State Housing Finance Agency (HFA) balance sheets and loan portfolio performance. Join our analysts for a timely discussion on the credit implications of higher leverage, elevated interest rates, and shifting economic conditions facing the sector.
Discussion topics include:
- The impact of increased leverage on HFA balance sheet strength and financial flexibility
- Expectations for loan originations amid sustained higher interest rates and home prices
- How projected unemployment trends and home price dynamics may affect portfolio performance
- The relationship between mortgage backed securities ratings and HFA program ratings
Speakers
Rachael McDonald
Associate Managing Director
Moody's Ratings
Ferdinand Perrault
Vice President – Senior Credit Officer
Moody's Ratings
Omar Ouzidane
Vice President -Senior Analyst
Moody's Ratings
Jeffrey Kaufmann
Vice President -Senior Credit Officer
Moody's Ratings
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Rachael Royal McDonald is an Associate Managing Director leading the Housing Finance, State Revolving Funds and Municipal Supported Products Teams. Prior to this role, Rachael spent 16 years as a lead analyst covering the State Housing Finance Agency, State Revolving Fund and Military Housing sectors. Prior to joining Moody’s, Rachael worked for Deloitte Consulting and The Advisory Board Company. Rachael holds an MBA and a Masters in Social Work from Columbia University and a BA from Brown 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.
Omar Ouzidane is a VP–Senior Analyst in Moody’s Public Finance Housing & State Revolving Funds Team. He serves as a rating committee member and chair. He is also a lead analyst for a wide range of credits that span across all sectors covered by the team. These include state and local housing finance agency bond programs, state revolving funds programs, and project finance credits. Prior to moving into his current role, Omar was a member of the U.S. Public Infrastructure Team where he was responsible for the assessment and rating of a portfolio of U.S. toll road, airport, mass transit, state revolving funds and solid waste sectors. Omar holds a B.A. from Baruch College and a M.S. from Pace University.
Jeffrey Kaufmann is a Vice President/Senior Credit Officer within the Housing and Finance & State Revolving Funds Team. Jeff serves as lead analyst for housing finance agency single family and multifamily programs, project finance transactions within the student and military housing sectors, as well as affordable housing development projects. Prior to his current role, Jeff was a member of the Higher Education Team serving as lead analyst for a portfolio of large public university systems and prominent private institutions. He currently serves on numerous rating task forces including public private partnerships, public pensions and analyst education.
Prior to rejoining Moody's, Jeff was a Managing Director and Head of Government Research at AIG, leading the Municipal and Sovereign credit teams within the Public Fixed Income Group. Jeff holds an MA in Public Policy and Administration from the State University of New York at Binghamton where he also received an undergraduate degree in Political Science.