February 25 & 26, 2014
La Cantera Hill Country Resort
San Antonio, Texas


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.



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.



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 DentHARRY S. DENT, JR.


Harry Dent has written several best-selling books starting with The Great Boom Ahead in 1993. His latest, The Demographic Cliff, debut on January 7. He is unique in applying demographic trends to economic forecasting. He stood virtually alone in forecasting the unexpected boom of the 1990s and the long Japanese downturn back in 1989

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. DrayneMICHAEL R. DRAYNE


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.



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.



Stephen B. Fleming, Vice President of Phoenix Capital, joined the Phoenix team in 2011 and helps lead the strategic client management and industry relations groups. Stephen's responsibilities span bulk and flow servicing transactions, MSR analytics including best execution engagements, and M&A activity. Prior to joining Phoenix, Stephen was a Senior Credit Trader at Fannie Mae in Washington DC, working on the both the bulk and flow Pricing Strategy teams. He began his career at JP Morgan Chase as an Assistant Vice President. Stephen is a frequent industry speaker, including various MBA Conferences and the Fannie Mae Lender Forums.

In addition to being a Georgetown University MBA honors graduate, Stephen holds a Finance and Accounting Certification from UPenn's Wharton School of Business and a B.A. degree in Mathematics and Economics from the College of the Holy Cross.




Michael Fratantoni is MBA's Chief Economist and Senior Vice President of Research and Industry Technology. In this role, he is responsible for overseeing MBA's industry surveys, benchmarking studies, economic and mortgage originations forecasts, industry technology efforts, and policy development research for both single-family and commercial/multifamily markets. Additionally, Fratantoni is the Executive Director of MBA's Research Institute for Housing America (RIHA) and President of the Mortgage Industry Standards Maintenance Organization (MISMO). He previously served as MBA's Vice President for Single-family Research.

Fratantoni has had nearly twenty years of industry experience including risk management and senior economist positions at Washington Mutual and Fannie Mae. In these roles, he was responsible for assessing macroeconomic, regional, housing, and mortgage market trends, and providing technical expertise regarding credit pricing and mortgage policy issues.

Fratantoni received a Ph.D. in economics from Johns Hopkins University and a B.A. in economics from The College of William and Mary. He has served as an adjunct professor at the University of Washington, and Johns Hopkins, George Washington, and Georgetown Universities and has published papers on housing and mortgage topics in leading economics and real estate finance journals.



Chris joined Fenway Summer from the U.S. Consumer Financial Protection Bureau (CFPB), where he served on the Mortgage Markets team as the CFPB's senior expert in residential mortgage servicing and securitization. Chris managed many of the CFPB's efforts in developing and executing mortgage policy and led Mortgage Markets' efforts in developing the CFPB's mortgage servicing rules.

Prior to joining the CFPB, Chris was the Director of Asset Management and Servicer Monitoring at Ginnie Mae, where he was responsible for surveillance of 220+ servicers for GNMA's portfolio of 7.1 million loans. In addition, Chris oversaw servicing and asset management of Ginnie Mae's $25+ billion defaulted issuer portfolio.

Before joining Ginnie Mae, Chris was a Senior Director at Capital One where he managed Capital One's $13+ billion held-for-investment whole loan mortgage portfolio. Prior to that, he has held senior positions in structured finance, servicing and capital markets at BlackRock Financial Management, GE Capital Mortgage, Fannie Mae and the National Consumer Cooperative Bank. He has over 20 years of experience in the mortgage industry and holds a B.S. from Georgetown University and a M.B.A. from the University of Michigan. Chris lives in Washington, DC with his wife.



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.



Bill Moliski joined SG Capital Partners in October 2013 as head of Structured Finance. Prior to SG Capital Bill was a managing director at Redwood Trust where he was instrumental in executing the only public mortgage securitizations since the financial crisis.  Prior to Redwood, Bill was a Vice President at Goldman Sachs in the principal finance group working on mortgage focused transactions and capital raises.  Bill has an S.B in Mechanical Engineering from Massachusetts Institute of Technology and an MBA from The Wharton School at the University of Pennsylvania.  Prior to entering the mortgage industry, Bill was an United States Naval Officer stationed aboard submarines.



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.



Alfred Pollard serves as General Counsel for the Federal Housing Finance Agency (FHFA).

Supervising the Office of General Counsel includes work on regulatory matters affecting the housing government-sponsored enterprises— Fannie Mae and Freddie Mac and the twelve Federal Home Loan Banks, on in-house legal issues and on relationships with Congress, other government agencies, the judiciary and the Administration. Pollard is a member of the advisory team to the Director and has served as secretary to the Federal Housing Finance Oversight Board. Major issues for the legal department include federal regulation of the government sponsored enterprises in the areas of corporate governance, internal controls, counterparty requirements such as servicing rules, capital, affordable housing and accounting as well as legal developments affecting mortgage markets and legal representation of FHFA in major litigation. Pollard currently serves on the President's Financial Fraud Enforcement Task Force and the Justice Department's Bank Fraud Working Group. He has had a leadership role in investigations and enforcement actions and the 2008 conservatorships imposed on Fannie Mae and Freddie Mac. He oversees legal department work related to the Dodd Frank Act of 2010, lawsuits involving securities laws and state and local laws affecting federally-chartered institutions, responses to diverse congressional oversight inquiries and media inquiries as well as addressing inter-agency regulations, including for the Financial Stability Oversight Council.

Alfred Pollard has served as Senior Director, Legislative Affairs at the Financial Services Roundtable, a CEO-level trade group for the nation's largest financial institutions, and as Director of Government Relations for the Savings and Community Bankers of America. For twelve years, Pollard was Senior Vice President and Director of the Washington office for Security Pacific Corporation and, briefly, for Bank of America. Pollard worked on the staff of two United States Senators.

Alfred Pollard holds a B.A. (with honors; Phi Beta Kappa) and a J.D. from the University of North Carolina— Chapel Hill, and a Ph.D. in Foreign Affairs from the University of Virginia.
Pollard is lead author on a two-volume text on banking law, Bankmg Law in the United States and is author of numerous journal articles. He has testified before Congress on such diverse matters as environmental liability for secured parties, privacy, electronic signatures and mortgage fraud and appeared on national media. In 2012, Pollard received one of the "Visionaries" awards from Legal Times for his work at the Agency, with a focus on major securities litigation initiated to recoup losses incurred by Fannie Mae and Freddie Mac.

Pollard has served as Adjunct Faculty at Georgetown University School of Business, teaching business law for twenty-five years, at the University of Virginia School of Law teaching a seminar on law's operation in society for four years and at the George Washington School of Law teaching a corporations law course



Tim Rood is Partner of The Collingwood Group, which he co-founded in 2009. Mr. Rood was co-founder and managing director of the firm's predecessor company, Capital Financial Solutions. The Collingwood Group's primary focus is in the financial services sector, and the firm offers advisory and consultative services combined with access to decision makers, financial sponsors, corporate boards, and senior industry executives.

Mr. Rood brings more than two decades of mortgage industry and entrepreneurial experience to The Collingwood Group. He advises organizations to optimize the business opportunities and to mitigate and manage the risks in and around Washington, DC. Mr. Rood is a sought after and regular contributor to various national media outlets including CNBC, Bloomberg Television, FOX Business News, Washington Post, New York Times, Wall Street Journal, and the American Banker.



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.



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.



Frank Vetrano, CFA is Chief Credit Officer at FHA, where he is accountable for developing the Agency's risk management strategies. Mr.Vetrano was Senior Vice President, Risk Management at Radian before joining FHA, esponsible for credit strategies. During his tenure, Radian enhanced credit performance relative to its peers while increasing market share. He also spent 19 years at Freddie Mac, where he specialized in risk sharing approaches to manage mortgage credit risk.



Brian joined the CFPB in January 2013 as the Originations Program Manager within the Mortgage Markets team. As the Originations Program Manager, he serves as CFPB's expert in residential mortgage originations and technology. He is responsible for overseeing policy and research initiatives designed to evaluate how housing finance mechanisms work. He is also responsible for developing strategies on how to improve primary market operations and originations for residential mortgages from the viewpoint of consumer protection.

Prior to joining CFPB, Brian was the Vice President of the Mortgage division at Overture Financial Solutions, a software and professional services firm specializing in credit risk management and automated decision tools for new originations and loss mitigation strategies. He was responsible for managing the operations, business development, and product management of the mortgage product line which included both origination and loss mitigation decisioning tools. He specialized in developing customized solutions for his clients to better manage and implement their origination strategies to include pricing, underwriting and credit risk mitigation.

Prior to Overture, he held positions at Freddie Mac, PC Lender and began his mortgage banking career at Colorado Federal Saving Bank as a mortgage consultant. He served 10 years in the United States Navy and holds a B.S. in Finance from Hawaii Pacific University and a B.S. in Nuclear Engineering from Thomas Edison College.


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