US Public Finance: Confronting the Housing Shortfall
Balancing Investment Strategies with Credit Risk
Public finance issuers are expanding their role in addressing the nation’s housing affordability challenges—but at what cost? From policy changes to increased borrowing and capital investment, these initiatives are reshaping capital allocation and credit profiles. Join us for a discussion on how states, local governments, HFAs, hospitals and universities are balancing affordability goals with fiscal discipline and what it means for credit risk.
Discussion topics include:
- Key strategies issuers are using to expand housing supply
- How affordability initiatives are reshaping capital allocation and balance sheets across sectors
- Emerging credit risks—and how are issuers mitigating them
Speakers
Rachael McDonald
Associate Managing Director
Moody's Ratings
Cassandra Golden
Assistant Vice President –Analyst
Moody's Ratings
Dan Seymour
Vice President - Senior Credit Officer
Moody's Ratings
Sophie Fishbein
Analyst
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.
Cassandra Golden is an AVP–Analyst in Moody’s Healthcare Ratings group, covering not-for-profit hospitals and healthcare systems across the Mid-Atlantic, Midwest, and Pacific Northwest. Cassandra recently authored the 2026 Not-for-Profit Healthcare Outlook and contributed to research on the impact of OBBBA on hospitals.
Previously, Cassandra worked on Moody’s Higher Education and Not-for-Profits team. Before joining Moody’s, Cassandra served as a senior analyst at the New York City Office of Management and Budget. She holds a B.A. in Political Science and Public Administration from Providence College.
Dan Seymour is a Vice President/Senior Credit Officer for local government ratings and covers credits primarily in the Northeast region. He previously covered credits for US state ratings. He joined Moody’s in 2011 and has experience in a diverse portfolio of states, localities, utilities, transit systems, and special tax credits. Before joining Moody’s, he was a reporter from the Associated Press and the Bond Buyer Newspaper. Dan holds a BA from Rowan University and a Master’s degree from Baruch College. He is a Chartered Financial Analyst charterholder.