Expert Details
Structured Finance, MBS, CMBS, CDO, ABS, Securities, Investments, Securitization, and Due Diligence
ID: 731741
New Jersey, USA
Expert has a particularly broad perspective on the market, having worked as a Strategist, Quantitative Analyst, Banker, Rating Agency Analyst, Research Analyst, Collateral Manager, Fund Manager, Chief Credit Officer, Salesman, and Investor. He has been on both the sell-side and buy-side of the market (buying and selling billions of dollars of Structured Finance securities) and has a thorough understanding of both the big picture and nuances of the Fixed Income and Structured Finance markets.
Expert has worked on numerous asset backed securities, residential and commercial mortgage backed securities, and CDO securitizations over the years, both on the sell-side, as a researcher and as an Issuer, and on the buy-side as a collateral manager, fund manager, and as an investor. He fully understand the structures, the underlying, assets and/or mortgages, how they are originated, how they are underwritten, and how they are traded. In addition, Expert is a recognized expert on consumer credit and has evaluated many issuers’ and originators’ underwriting and servicing practices in advance of securities issuance (due diligence). He has wide-ranging experience building and using sophisticated analytic models to value and trade ABS, MBS, CMBS and CDO investments. Expert has also participated in setting up a number of funds: hedge funds, a TALF fund, a distressed asset fund, and a REIT.
Expert has been recognized as a leader in his field by Institutional Investor magazine, which named him as a member of its All-American Fixed Income Research Team each year during 1992-2004 and also as a member of the First Team for ABS Strategy.
Expert speaks frequently at industry conferences, is quoted regularly in the financial press, magazines, the Wall Street Journal, Bloomberg, Reuters, and other newswires. Expert is interviewed occasionally on television, usually on CNBC or Bloomberg TV, but he also has been interviewed on NBC, CBS, CNN, and Reuters TV.
Expert has written chapters and contributed to numerous books covering fixed income investments collaborating with Frank Fabozzi on several books, as well as Martin Fridson. Most recently Expert wrote the chapter on Asset Backed Securities and co-authored the chapter on Mortgage Backed Securities in Gary Strumeyer’s Investing in Fixed Income Securities, Understanding the Bond Market, published by John Wiley & Sons, Inc.
Expert was engaged by a large multi-billion dollar hedge fund to conduct a due diligence and write a report on the potential investment in or acquisition of a smaller hedge fund. Expert met with senior management of the smaller hedge fund as well as their traders, risk management, operations, and other personnel to evaluate the quality of the company and the effectiveness of their governance and controls. Expert also provided feedback to management and wrote a detailed report. The larger hedge fund made a substantial investment in the smaller fund. Expert was asked to provide current valuations of several risky CDO investments by an investor. After conducting his analysis, Expert provided current valuations that were acceptable to the investor's accounting firm. Expert was asked by a mortgage originator involved in litigation to assist in the discovery process and provide guidance to counsel.
Education
| Year | Degree | Subject | Institution |
|---|---|---|---|
| Year: 1982 | Degree: MBA | Subject: Finance | Institution: Washington University |
| Year: 1980 | Degree: BA | Subject: Government and International Relations | Institution: University of Notre Dame |
Work History
| Years | Employer | Title | Department |
|---|---|---|---|
| Years: 2011 to Present | Employer: Undisclosed | Title: President | Department: Undisclosed |
Responsibilities:Expert provides expert witness services in the structured finance market and has worked on cases involving mortgage backed securities, CDOs, commercial mortgage backed securities, and asset backed securities. Expert has testified via deposition and calculated damages on most of these cases. Expert also takes on consulting assignments including asset valuation, due diligence, and document reviews. |
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| Years | Employer | Title | Department |
| Years: 2010 to 2011 | Employer: Undisclosed | Title: MD, Head of SF Analytics and Strategy | Department: Undisclosed |
Responsibilities:Expert was head of the group responsible for providing analysis of Structured Finance products (ABS, MBS, CMBS, and CDOs) within the Fixed Income Division of BTIG, a FINRA registered broker-dealer. Expert set the strategy of the Structured Finance Group and disseminated it to the firm’s clients. Expert’s responsibilities also included selling bonds to institutional investors. |
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| Years | Employer | Title | Department |
| Years: 2008 to 2010 | Employer: Undisclosed | Title: Chief Risk Officer, Portfolio Manager | Department: Undisclosed |
Responsibilities:Expert was the Chief Risk Officer of Huxley Capital Management. In this capacity he was responsible for managing all risk exposures for the company, its investors, and affiliated portfolio managers. Expert also co-managed Huxley’s TALF investment fund as well as formulating the firm’s macro view of the markets and economy. |
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| Years | Employer | Title | Department |
| Years: 2005 to 2008 | Employer: Undisclosed | Title: MD, Chief Credit Officer, Portfolio Manager, Chief Investment Officer | Department: Undisclosed |
Responsibilities:Member of several GSC Investment Committees including Structured Finance CDOs, GSC Capital Corp.(REIT), Eliot Bridge (long/short structured finance hedge fund), High Yield Real Estate (Commercial Mortgage Loans), Corporate Credit Group (leveraged loans), GSC Investment Corp. (Closed End Management Investment Company, ticker: GNV), and Pendulum (distressed structured finance hedge fund). Expert made investment decisions and co-managed several structured finance vehicles including 13 CDOs, 2 hedge funds, and a REIT. Expert was the Chief Investment Officer of the REIT. He provided macro investment views to multiple investment units of the firm. He provided leadership for credit risk and analysis in ABS, MBS, and CDOs, as well as Approving buy/sell decisions in ABS, MBS, CMBS, CDOs, commercial real estate, and leveraged loans in both cash and synthetic (CDS) markets. Expert also coordinated research for all structured finance related products. In 2006 and 2007, Expert was on the Board of Directors of LownHome Financial, a mortgage originator. |
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| Years | Employer | Title | Department |
| Years: 1991 to 2004 | Employer: Merrill Lynch | Title: Undisclosed | Department: Research |
Responsibilities:Expert was responsible for research related to ABS, RE ABS, ABCP, CDOs, and at various times for CMBS and non-agency MBS (all credit-related Structured Finance). Position involved significant interaction with Institutional investors, sales, trading, and origination. He published the monthly ABStract, Structured Credit Brief, CDO Surveillance, and various product and relative value publications.Expert was a member of the Institutional Investor All-American Fixed Income Research Team for 13 consecutive years, every year from its inception in 1992 through 2004. Ranked first or second 10 times for ABS Strategy/Research and also ranked in various years for Real Estate ABS Research, ABS Prepayments, and Collateralized Debt Obligations (CDOs). |
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| Years | Employer | Title | Department |
| Years: 1987 to 1991 | Employer: Undisclosed | Title: Senior Analyst | Department: Undisclosed |
Responsibilities:Expert managed client relationships with investment bankers and issuers for ABS and MBS transactions. He was involved in all aspects of analyzing and rating new deals: structuring, negotiating deal parameters, analyzing legal aspects, and establishing credit enhancement levels. He chaired rating committees for MBS and ABS deals in 1990-1991. Expert managed and trained the analysts in the ABS and MBS groups. |
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| Years | Employer | Title | Department |
| Years: 1984 to 1987 | Employer: Citicorp Investment Bank, Citicorp Homeowners, Citicorp Acceptance Company | Title: Undisclosed | Department: Investment Bank, Mortgages |
Responsibilities:At Investment bank, Expert evaluated economics of proposed securities product structures. He was a member of deal teams for automobile and credit card securitizations, helped structure new transactions, analyzed proposed securitizations, and worked on deal documents. At Citicorp Homeowners, Expert managed pricing function for first-lien mortgage portfolio products. He conceptualized and implemented treasury forecasting models to manage liquidity and interest rate risk. He also made, posted, and executed two-way prices to other Citicorp business units. At Citicorp Acceptance, Expert prepared treasury reports and analyses for the Division. His special projects included analytical work on the sale/securitization of automobile receivables. |
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International Experience
| Years | Country / Region | Summary |
|---|---|---|
| Years: 1991 to 2004 | Country / Region: Europe, Asia, Australia | Summary: While employed by Merrill Lynch, Expert headed Global Structured Finance and had employees in New York, London, Tokyo, and Hong Kong. He was responsible for structured finance research in North and South America, Europe, the Middle East, Asia, and Australia. Expert traveled extensively, particularly in Europe, Asia, and Australia |
| Years: 2008 to 2010 | Country / Region: Europe and Middle East | Summary: While at Huxley Capital Management, Expert traveled to Europe and the Middle East to meet with investors. Most of Expert's travel overseas focused on London, Dubai, and Abu Dhabi |
Career Accomplishments
| Licenses / Certifications |
|---|
| FINRA Securities Licenses: Series 7 Series 24 Series 63 |
| Professional Appointments |
|---|
| Board member of American Securitization Forum and member of the investors committee. Also on Editiorial Board for The American Securitization Journal. |
| Awards / Recognition |
|---|
| Expert was a member of Institutional Investor All-American Fixed Income Research Team for 13 consecutive years, every year from its inception in 1992 through 2004. he was ranked first or second 10 times for ABS Strategy/Research and also ranked in various years for Real Estate ABS Research, ABS Prepayments, and Collateralized Debt Obligations (CDOs). |
| Publications and Patents Summary |
|---|
| Expert has written chapters and contributed to numerous books covering fixed income investments collaborating with Frank Fabozzi on several books, as well as Martin Fridson. Most recently Expert wrote the chapter on Asset Backed Securities and co-authored the chapter on Mortgage Backed Securities in Gary Strumeyer’s Investing in Fixed Income Securities, Understanding the Bond Market, published by John Wiley & Sons, Inc. While at Merrill Lynch, Expert wrote thousands of research reports related to ABS, MBS, CMBS, CDOs, credit, and prepayments among other topics. |
Additional Experience
| Expert Witness Experience |
|---|
| Over the past six years Expert has provided Expert Witness services on matters related to the Fixed Income Market, Structured Finance market, hedge funds, and patent infringement. He has provided assistance in case strategy, market expertise, research, expert reports and depositions. During his 14 years at Merrill Lynch he was periodically asked to provide information and research for litigation ML was engaged in. He also participated in depositions as an expert in Structured Finance and as a fact witness for ML (multiple cases over several years). Expert has given depositions on the following matters: Expert was the Expert for Plaintiff. This matter was related to a CDO Squared fund and the performance obligations of various parties to the transaction. The parties reached a settlement prior to going to trial. Expert is the expert for Plaintiff. The matter is related to a CDO fund, 2 hedge funds, mortgage backed securities, and the obligations and disclosures of various parties to the transaction. He was the expert. The matter was related to a CRE CDO where Barclays claimed that Events of Default had occurred and they asked the court to accelerate and liquidate the CDO. Expert was the expert for the plaintiff. Plaintiff claimed Western purchased unsuitable securities which were also inconsistent with the agreed to benchmark in a discretionary portfolio managed by the defendant. The parties reached a settlement. Expert is the expert for the Plaintiff. Plaintiff alleges Barclays improperly liquidated repo collateral following a margin call. This matter is ongoing. He has written expert reports on the above matters as well as the following: Expert wrote an expert report on behalf of defendant for the judge’s review prior to sentencing in criminal case regarding mortgage fraud and improper documentation. Expert was the expert for defendant. This matter was related to alleged patent infringement by BMW relative to auto leases and auto lease backed funds. His expert report focused on non-infringement and invalidity of the patent-in suit. He did not do a deposition for this case because the judge ruled the patent invalid just prior to his scheduled deposition. Expert is the expert for defendant. Plaintiff claims Merrill Lynch sold unsuitable securities to them. In April 2013 two of plaintiff’s three claims were dismissed in a summary judgment by the court. This matter is ongoing. |
| Training / Seminars |
|---|
| Expert taught courses on Securitization and CDOs (Collateralized Debt Obligations) for the American Securitization Forum. He has also given lectures related to asset backed securities, mortgage backed securities, and securitization at several universities. In addition, he participated in Bloomberg client seminars and forums on commercial mortgage backed securities and asset backed securities. |
| Marketing Experience |
|---|
| Expert has spoken at dozens of securitization industry seminars on topics including asset backed securities, mortgage backed securities, commercial mortgage backed securities, CDOs, prepayments, and credit risk. Expert has been recognized as a leader in his field by Institutional Investor magazine, which named him as a member of its All-American Fixed Income Research Team each year during 1992-2004 and also as a member of the First Team for ABS Strategy. Expert speaks frequently at industry conferences, is quoted regularly in the financial press, magazines, the Wall Street Journal, Bloomberg, Reuters, and other newswires. Expert is interviewed occasionally on television, usually on CNBC or Bloomberg TV, but he also has been interviewed on NBC, CBS, CNN, and Reuters TV. |
Fields of Expertise
finance, fixed income, fixed income securities, hedge fund, mortgage backed security, mortgage loan, mortgage, mortgage servicing, mortgage underwriting, mortgage lending, mortgage fraud, residential mortgage, residential housing, loan underwriting, home equity loan, home equity line of credit, bond, valuation, securities valuation, securities finance, auto loan, direct auto loan, automotive financing, credit card, federal student loan, timeshare, investment banking, international relations, real estate appraisal, securities fraud, line of credit, title insurance, risk management