ANDREW BON SALLE
EXECUTIVE VICE PRESIDENT, FANNIE MAE
Andrew Bon Salle is Fannie Mae’s Executive Vice President and Head of Single-Family Underwriting, Pricing, and Capital Markets. Reporting to the President and Chief Executive Officer, he is responsible for the performance of Fannie Mae’s single-family credit book, including establishing credit policy, underwriting standards and pricing terms, quality control management, and lender and mortgage insurer oversight. Mr. Bon Salle is also responsible for managing Fannie Mae’s capital markets single-family products and structured transactions groups.
Most recently Mr. Bon Salle served as Fannie Mae's Senior Vice President and Head of Underwriting and Pricing overseeing the company’s credit risk management and pricing strategies to maximize the profitability of the single-family credit book throughout different economic cycles.
During his tenure at Fannie Mae, Mr. Bon Salle has also served as Fannie Mae’s Senior Vice President – Capital Markets, where he managed the Single-Family Products Group providing lender execution services such as mortgage-backed securities (MBS) and structured product sales and trading, whole loan acquisition and conduit activities, early funding transactions, and pricing of the MBS buy up and buy down grids. Earlier in his Fannie Mae career he was Vice President, Capital Markets Mortgage Assets; Vice President, Portfolio Management; Director, MBS Trading Desk; Director, Direct Sell Initiative; Manager, Early Funding Programs; and Senior Capital Markets Analyst.
Prior to joining Fannie Mae, Mr. Bon Salle was Vice President at Hamilton, Carter, Smith & Company, Inc. where he coordinated the valuation, marketing, and sale of mortgage loan servicing, whole loan transactions, and portfolio evaluations.
Mr. Bon Salle has a master of business administration in finance from American University’s Kogod College of Business Administration and a bachelor of science in business administration from American University.
SENIOR ASSOCIATE DIRECTOR, FHFA
Meg Burns is the Senior Associate Director for the new Office of Housing and Regulatory Policy of the Federal Housing Finance Agency (FHFA).
As head of this division, Meg administers policy and regulatory initiatives involving single-family and multifamily finance, credit loss mitigation strategies, housing markets, and housing mission responsibilities of the government-sponsored enterprises. The government-sponsored enterprises are Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks.
Meg came to FHFA as the Senior Associate Director for Congressional Affairs and Communications. In that capacity, she handled all external relations and communications with the press, the industry, and Congress.
Before joining FHFA, Meg was the Director of the Office of Single Family Program Development for the Federal Housing Administration (FHA). She was responsible for all origination policies related to FHA's single-family programs. Meg managed three divisions, handling valuation and collateral-related issues and programs, credit policy and insuring practices, and consumer protections and counseling services.
Over the last several years, Meg has been actively involved in industry-wide discussions regarding the role of the federal government in addressing the mortgage crisis. She has presented at numerous national and local events, testified before Congress, and provided information to media outlets on a wide variety of housing finance issues.
Meg holds a bachelor's degree in philosophy from Connecticut College and a master's degree in philosophy and public policy from The George Washington University.
ASSISTANT DIRECTOR, CFPB
Peter Carroll is Assistant Director of the Office of Mortgage Markets at the Consumer Financial Protection Bureau (CFPB). Pete brings to the CFPB expertise in mortgage and other consumer lending markets. At the Bureau Pete leads a team responsible for monitoring and analyzing markets for mortgage related products and services as well as assessing the impacts of mortgage rulemaking on providers, consumers, and other stakeholders. Pete has provided market insight and leadership throughout the development of the CFPB's Dodd-Frank Title XIV rulemakings. Prior to joining the CFPB, Peter was Co-Founder of Overture Technologies, a provider of credit risk management services and Internet-based marketplaces that assist consumers to easily shop for and secure lending products. Pete has also worked for the management consulting firms Price Waterhouse, LLP and KPMG Peat Marwick, LLP.
JEROME A. (GARRY) CIPPONERI
SENIOR VICE PRESIDENT, CHASE MORTGAGE BANKING
Garry is Senior Vice President and Director of the Capital Markets Department for Chase Mortgage Banking. He joined Chase in August of 2004, but has been in the mortgage business for 35 years, and specifically Secondary Marketing functions for 33 years. Prior to becoming part of the Chase team, he spent 19 years at Citimortgage as their Senior Vice President for Secondary Marketing, responsible for hedging all pipeline and warehouse risk, selling all mortgage products and structuring Citi’s private label securities. He also served as President of CitiCorp Mortgage Securities Inc.
His responsibilities at Chase Mortgage Banking include all hedging and Asset Sales, as well as Securitization, Sales Operations, Pledging, Agency, Government and MI relationships & Captive MI’s. He also serves as Chairman and President of Chase’s three private label security companies and has a specialized Asset Sales group. Garry is the former Chairman of MBA’s RESBOG and has served two terms as Chairman of the Mortgage Bankers Association’s Capital Markets Committee. He is a current member of the Board of Directors for the American Securitization Forum and has formerly served on the MBA’s Board of Directors.
Garry graduated with a BS in Finance from Wayne State University.
DEPUTY ASSISTANT SECRETARY, FHA
Charles Coulter was appointed Deputy Assistant Secretary for Single Family Housing in January-2012; FHA's Single Family Housing programs presently support 1-in-5 borrowers and 1-in-3 home purchases. As Deputy Assistant Secretary he is responsible for managing all aspects of FHA's Single Family Housing operation including program management, servicing and REO management, quality control and institutional risk management.
Coulter started his mortgage career with a regional bank where he was, ultimately, responsible for all secondary marketing activities. During a fifteen-year career at Freddie Mac, he held multiple positions in Single Family Sourcing. He led a national business development effort targeting community banks and credit unions and, subsequently, led a team responsible for top-twenty lenders as Vice President, National Lending. Coulter went on to lead Strategy Execution organizations focused on strategy and program development, and executing change for the Single Family Credit Guarantee and Investments and Capital Markets Divisions. He led a business transformation effort for the Single Family Credit Guarantee Division where he developed a strategy that formed the basis for three transformational programs resulting in a new cash conduit platform and the ability to support and leverage the universal mortgage data standard.
Coulter holds a Bachelor of Science degree from the University of California at Los Angeles and a Master of Business Administration from the University of California at Berkeley.
HARRY S. DENT, JR.
AUTHOR, THE GREAT CRASH AHEAD
Harry S. Dent, Jr. is the Founder of Dent Research, an economic firm specializing in demographic trends. His mission is “Helping People Understand Change”. Using exciting new research developed from years of hands-on business experience, Mr. Dent offers unprecedented and refreshingly understandable tools for seeing the key economic trends that will affect your life, your business, and your investments over the rest of your lifetime.
Mr. Dent is also a best-selling author. In his book The Great Boom Ahead, published in 1992, Mr. Dent stood virtually alone in accurately forecasting the unanticipated boom of the 1990s and the continued expansion into this decade. In his recent book, The Great Crash Ahead, he continues to educate audiences about his predictions for the next great depression, especially between 2014 and 2020 that he has been forecasting now for 20 years. Mr. Dent is the editor of the Survive and Prosper newsletter and has created the HS Dent Financial Advisors Network.
Mr. Dent received his MBA from Harvard Business School, where he was a Baker Scholar and was elected to the Century Club for leadership excellence. At Bain and Company he was a strategy consultant for Fortune 100 companies. He has also been the CEO of several entrepreneurial growth companies and a new venture investor. Since 1988 he has been speaking to executives and investors around the world. He has appeared on “Good Morning America”, PBS, CNBC, CNN, FOX, Bloomberg, and has been featured in USA Today, Barron’s, Investor’s Business Daily, Entrepreneur, Fortune, Success, US News and World Report, Business Week, The Wall Street Journal, American Demographics, Gentlemen’s Quarterly and Omni.
MICHAEL R. DRAYNE
SENIOR VICE PRESIDENT, GINNIE MAE
As Senior Vice President of Ginnie Mae’s Office of Issuer and Portfolio Management, Michael Drayne is responsible for the management of Ginnie Mae’s relationships with the mortgage lenders who issue securities under the Ginnie Mae mortgage-backed securities program. In this capacity her oversees the Single Family and Multi-family Program Divisions, as well as the Monitoring & Asset Management Divisions, the latter of which is responsible for the oversight of the Ginnie Mae servicing assets owned by issuers or Ginnie Mae itself.
A 25-year veteran of the housing finance industry, Mr. Drayne began his career at Chevy Chase Bank, where he served as Vice President and Director of Secondary Marketing. In addition, he was responsible for managing several other operational units for the bank’s nationwide mortgage lending subsidiary. He has also held management positions with the residential lending divisions of two other banks. At one of these banks, he co-founded a reverse mortgage lending unit.
Mr. Drayne has spoken at numerous industry conferences about the U. S. secondary mortgage markets, and in particular the evolution of the post-crisis housing finance industry and its relation to government-insured lending and the capital markets.
Mr. Drayne has a Bachelor of Science Degree in Business Administration and a Master’s Degree in Public Management, both from the University of Maryland. He resides in Washington, D.C.
PRESIDENT AND CEO, STEADFAST CAPITAL
David Fleig is a founding shareholder and serves as President and CEO of Steadfast Capital. His primary focus is on deal sourcing within the mortgage industry, deal analysis and fund management.
Mr. Fleig has over 34 years of mortgage industry experience, most recently serving as President of Financial Analysis Partners, primarily engaged in mortgage industry consulting and M&A. Previously, Mr. Fleig was co-founder and CEO of Access Lending, a privately held specialty finance company which provided residential mortgage warehouse lines to a nationwide customer base for 11+ years beginning in 1997. Access operated independently for nine years and was sold for a significant premium to book value to a large NYSE traded mortgage company in 2006, and then to a regional bank in 2007.
Other career achievements for David Fleig include developing the business plan, raising the capital and directing the operations of a partnership which invested in mortgage loans servicing rights. During its 6 year existence (1992 - 1998), the partnership purchased over $7 billion in residential servicing rights with a combination of capital provided by institutional investors and senior bank financing. During the 6+ year life of the partnership, the average annual ROE (audited) was in excess of 40%.
Mr. Fleig began his career as a CPA (licensed 1980 in Texas) with Ernst & Young, specializing in real estate and mortgage banking and after 9 years left to become the CFO of a full service mortgage company client. He obtained his B.B.A. degree with honors from Texas A&M University in 1978.
MANAGING DIRECTOR, SHELLPOINT PARTNERS LLC
Eric Kaplan joined Shellpoint in September 2011 as head of Mortgage Finance, with a primary focus on building and managing Shellpoint's securitization program. Eric came to Shellpoint from Morgan Stanley, where he had spent the previous 8-1/2 years developing its distressed mortgage business and covering a variety of residential mortgage whole loan and structured transactions and advisory engagements. Eric began his career in 1993 practicing structured finance law and moved to securitization and whole loan banking in 1998, working as issuer and underwriter across a wide range of proprietary and agented deals. Eric holds an A.B. in Politics from Princeton University, and a J.D. from Boston University School of Law. He co-chairs the Residential Mortgage Representation, Warranty and Repurchase Enforcement Subcommittee of the Structured Finance Industry Group (SFIG) and is an active participant in a number of other subcommittees.
EXECUTIVE VICE PRESIDENT, FREDDIE MAC
David Lowman was named executive vice president for the Single-Family Business in May 2013. He is a member of the company's senior operating committee and reports directly to CEO Don Layton.
As head of Single-Family, Lowman has broad responsibility for the line of business, including managing the company's relationships with its Seller/Servicers, the performance of Freddie Mac's guarantee book of business, securitization of new business, and all sourcing, servicing and business operations.
Lowman has worked in the mortgage and consumer finance business for over 30 years, serving at some of the nation's largest mortgage operations. Lowman served as CEO of Chase Home Lending from 2006 to 2011, overseeing $150 billion in annual production and a $1.2 trillion servicing portfolio at what was then the country's third largest mortgage originator and servicer. Prior to that, he spent a decade in senior leadership roles in various lending businesses of Citigroup, including head of CitiMortgage and Citicorp Trust Bank, FSB.
Before joining Citigroup, Lowman spent 11 years at The Prudential Home Mortgage Company, Inc. in progressively senior leadership roles. He started his career in the Washington, D.C. office of KPMG where his clients included banks, thrifts and mortgage bankers.
Lowman holds a Bachelor of Science degree in Business Management and Accounting from the University of Maryland's College of Business and Management.
THOMAS M. PIERCY
MANAGING MEMBER, INTERACTIVE MORTGAGE ADVISORS, LLC
Tom has over 27 years in the mortgage industry specializing in the valuation and trading of mortgage servicing rights. Tom is the Managing Member of Interactive Mortgage Advisors, LLC (“IMA”) a consulting and advisory firm that he co-founded in 2001 that provides a variety of services to the mortgage industry including: representation related to mortgage assets with an emphasis on mortgage servicing rights; evaluation of servicing rights; M&A; structuring of portfolio asset management strategies, mortgage asset valuations, and market research. In the twleve years since its formation, IMA has advised over 225 clients which include most if not all of the industry’s largest companies.
IMA also owns Spurs Capital with Tom as President. Spurs is a distressed mortgage fund founded in late 2009. Spurs purchases residential non-performing and scratch & dent loans along with REO and currently has just over $400 million invested.
Prior to forming IMA, Tom was a founder and board member of Matrix Bancorp, a unitary thrift holding company comprised of a billion dollar savings and loan, full-service mortgage banking platform, investment bank, as well as other associated subsidiaries. As CEO of the Capital Markets unit, he oversaw the trading functions of this institution and a staff of approximately thirty finance professionals.
Tom graduated from DePaul University in 1986 with a Bachelor of Science in Finance. He is married and has six children and lives in Denver, Colorado.
PARTNER, THE COLLINGWOOD GROUP
Tim Rood is Partner of The Collingwood Group, which he co-founded in 2009. Rood was co-founder and managing director of the firm's predecessor company, Capital Financial Solutions. Earlier he was Vice President of First American, where he successfully led the company's professional services group tasked with creating business solutions for the top ten lenders in the country. Rood served as Director and Principal of Fannie Mae's eBusiness Division. He has more than two decades of mortgage industry experience.
EXECUTIVE DIRECTOR, J.P. MORGAN
Marc Simpson, Executive Director, joined J.P. Morgan’s Securitized Products Group in 2003 and manages the firm’s Residential Whole Loan Conduit Trading group. Marc’s team issued JPMorgan’s first post-crisis Jumbo Private Label Securitization during the 1st Quarter 2013, JPMMT 2013-1. Marc has 10+ years of origination, trading, structuring, and distribution experience with $100+ billion of Residential Private Label Mortgage Backed Securities issued. Marc holds a Bachelor of Science in Finance from the University of Scranton.
CHIEF EXECUTIVE OFFICER, UCM
Austin Tilghman is the Chief Executive Officer of UCM, responsible for overall management as well as marketing and trading supervision. Mr. Tilghman is a thirty-five year veteran of the mortgage-backed securities and derivatives markets. His Wall Street career was highlighted by management positions at Paine Webber, J.P. Morgan, and UBS.
Austin was responsible for the mortgage banking desks and headed a design team to offer some of the first derivative products hedging servicing rights. This team offered the first custom products to offset MSR balance sheet risk. In 1996, Austin founded UCM in Denver. His firm is a trusted advisor offering strategic advice and hedging solutions to the mortgage banking community.