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.

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.

Erwin Tam serves as Director of Financing at the California Housing Finance Agency (CalHFA), appointed by Governor Newsom in September 2021. CalHFA is California’s statewide affordable housing lender, committed to expanding access to homeownership and affordable rental housing for low- and moderate-income Californians.
In his role, Erwin oversees the CalHFA’s financial strategy and operations, including the controllership, treasury and capital markets, financial planning and analysis, data analysis, budgeting, and financial risk oversight. Under his leadership, CalHFA achieved its highest credit ratings in its 50-year history, enabling the development and delivery of innovative housing solutions across the State.
In recognition of his leadership and contributions to affordable housing finance, Erwin was honored with a 2024 C-Suite Award by the Sacramento Business Journal.
Before joining CalHFA, Erwin built a career in municipal advisory and investment banking, most recently as Senior Vice President at Backstrom McCarley Berry & Co. in San Francisco. He has advised on and structured over $18 billion in municipal bond transactions financing K-14 education, public utility, transportation, and infrastructure projects.
He holds a BA in Economics and Environmental Science from the University of California, Berkeley.

Ben Fraker oversees Camden’s Capital Markets, Accounting, Risk Management, Internal Audit, Financial Planning and Analysis, Tax, and Treasury functions. He works closely with senior management and the Board on capital allocation, equity and debt issuance, liquidity management, risk oversight, and financial governance, while maintaining strong relationships with Camden’s banking and capital markets partners as well as investors.

During his tenure at Camden since 2000, Mr. Fraker has held a variety of senior finance leadership roles and has been directly involved in more than $15 billion of transactions, including joint ventures, secured financings, unsecured senior bond issuances, common equity offerings, and major property dispositions. His responsibilities have included corporate forecasting, earnings guidance, budgeting, financial modeling, strategic analysis, and ensuring compliance with debt covenants and internal control frameworks.

Prior to joining Camden, Mr. Fraker worked in the Real Estate Lending group at Comerica Bank of Texas.

He holds a Bachelor of Business Administration in Finance from The University of Texas at Austin and an MBA from the University of Houston’s Bauer College of Business. Mr. Fraker is a licensed real estate salesperson in the State of Texas, serves on the Advisory Council of the Real Estate Finance and Investment Center at The University of Texas at Austin, and previously served as President of the School Board for Saint Vincent de Paul Catholic School.

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.

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.

Erwin Tam serves as Director of Financing at the California Housing Finance Agency (CalHFA), appointed by Governor Newsom in September 2021. CalHFA is California’s statewide affordable housing lender, committed to expanding access to homeownership and affordable rental housing for low- and moderate-income Californians.
In his role, Erwin oversees the CalHFA’s financial strategy and operations, including the controllership, treasury and capital markets, financial planning and analysis, data analysis, budgeting, and financial risk oversight. Under his leadership, CalHFA achieved its highest credit ratings in its 50-year history, enabling the development and delivery of innovative housing solutions across the State.
In recognition of his leadership and contributions to affordable housing finance, Erwin was honored with a 2024 C-Suite Award by the Sacramento Business Journal.
Before joining CalHFA, Erwin built a career in municipal advisory and investment banking, most recently as Senior Vice President at Backstrom McCarley Berry & Co. in San Francisco. He has advised on and structured over $18 billion in municipal bond transactions financing K-14 education, public utility, transportation, and infrastructure projects.
He holds a BA in Economics and Environmental Science from the University of California, Berkeley.

Ben Fraker oversees Camden’s Capital Markets, Accounting, Risk Management, Internal Audit, Financial Planning and Analysis, Tax, and Treasury functions. He works closely with senior management and the Board on capital allocation, equity and debt issuance, liquidity management, risk oversight, and financial governance, while maintaining strong relationships with Camden’s banking and capital markets partners as well as investors.

During his tenure at Camden since 2000, Mr. Fraker has held a variety of senior finance leadership roles and has been directly involved in more than $15 billion of transactions, including joint ventures, secured financings, unsecured senior bond issuances, common equity offerings, and major property dispositions. His responsibilities have included corporate forecasting, earnings guidance, budgeting, financial modeling, strategic analysis, and ensuring compliance with debt covenants and internal control frameworks.

Prior to joining Camden, Mr. Fraker worked in the Real Estate Lending group at Comerica Bank of Texas.

He holds a Bachelor of Business Administration in Finance from The University of Texas at Austin and an MBA from the University of Houston’s Bauer College of Business. Mr. Fraker is a licensed real estate salesperson in the State of Texas, serves on the Advisory Council of the Real Estate Finance and Investment Center at The University of Texas at Austin, and previously served as President of the School Board for Saint Vincent de Paul Catholic School.