US Housing & Housing Finance Update
- What is the broad outlook for single family and multifamily housing markets?
- What is the future of urban vs. suburban living?
- What is the credit outlook for US residential bank and non-bank mortgage lenders amid a refi boom and elevated forbearance levels, and what does the future hold for the GSEs?
- How will credit of existing RMBS deals be impacted as forbearance plans expire and the economy evolves, and how will constricted credit and the use of alternative valuation products affect new RMBS credit quality?
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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.
Cristian deRitis is a senior director at Moody’s Analytics, where he conducts economic analysis and develops econometric models for a wide variety of clients. His regular analysis and commentary on consumer credit, policy and the broader economy appear on the firm’s Economy.com web site and in other publications. He is regularly quoted in publications such as the Wall Street Journal for his views on the economy and consumer credit markets. Currently he is spearheading efforts to develop alternative sources of data to measure economic activity more accurately than traditional sources of data. Before joining Moody’s Analytics, Cristian worked for Fannie Mae and taught at Johns Hopkins University. He received his PhD in economics from Johns Hopkins University and is named on two U.S. patents for credit modeling techniques.
Yehudah Forster is a Senior Vice President / Manager on Moody’s Investors Service’s U.S. residential mortgage-backed securitizations (RMBS) ratings team. Yehudah chairs rating committees, performs credit and legal risk analysis on RMBS and other structured finance products, and manages several RMBS analysts. Yehudah is an author of numerous special comments, articles and rating methodologies, often focusing on the intersection between legal and regulatory issues and credit. He has received 12 Moody’s Structured Finance Research Awards for his publications. Prior to joining Moody’s in 2007, Mr. Forster was co-general counsel at a boutique RMBS issuer/broker- dealer, and prior to that, an associate in Cadwalader, Wickersham & Taft LLP’s Capital Markets Group. Mr. Forster is a graduate of New York University School of Law and Emory University, and is a member of the New York Bar
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.
Rachael McDonald is a Vice President – Senior Analyst in Moody’s Public Finance Housing & State Revolving Funds team. She serves as the lead analyst for state and local housing finance agency single and multifamily bond programs and for state clean water and drinking water revolving funds. In addition, she maintains a portfolio of project finance credits. Prior to joining Moody’s in 2006, Rachael held positions at Deloitte Consulting in New York City and The Advisory Board Company in Washington, D.C. Rachael received both her M.B.A. and Masters in Social Work from Columbia University and her B.A. from Brown University.
Griselda Bisono is a Vice President – Senior Analyst in Moody’s Corporate Finance Group. Griselda joined Moody’s Homebuilding team in 2018 and has lead analyst responsibility for a portfolio of mostly U.S. manufacturers, distributors and building materials companies with significant exposure to the private residential sector. Griselda is also the sector specialist for the US building materials companies, where she writes regular industry research. Previously, Griselda was a member of the REIT team for 13 years where she covered a portfolio of REITs and other commercial property firms in a variety of real estate subsectors within the US, Canada and Latin America. She also previously held a variety of roles in Moody’s Finance group. Griselda holds a B.A. in Accounting from St. Joseph’s College and an M.B.A. from Baruch College, Zicklin School of Business. She is also fluent in English and Spanish
Thomas P LaSalvia, Ph.D. is a Senior Economist at Moody's Analytics, specializing in Commercial Real Estate. Thomas, a former professor, brings his pedagogical prowess to his extensive research into the marketplace, with a specific focus on the multifamily sector. His work is frequently published in a variety of periodicals, and he spends a vast amount of time presenting his findings to a variety of industry and academic professionals. Prior to joining Moody's Analytics, he served in a consulting role for the firm while teaching classes in foundational economics and urban economics at The College of William & Mary.
Stanislas Rouyer, Associate Managing Director, Global Research - FinancialInstitutions, has been with Moody’s Investors Service, the global rating agency,since 1992. During that time, he has been involved in a broad variety of financialinstitution areas, including finance and insurance companies, governmentsponsored enterprises, and more recently reinsurers, mortgage insurers andfinancial guarantors. In late 2016, Mr. Rouyer assumed the role of head of researchfor financial institutions globally.Prior to joining Moody’s, Mr. Rouyer was a financial analyst and assistant actuaryat SOREMA NA, a reinsurance company. He holds an M.B.A. in finance fromFordham University. Mr. Rouyer also holds a Bachelor of Arts with great honorfrom the Ecole Des Cadres in Paris, France