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U.S. Securities and Exchange Commission

Panelists for Credit Ratings Roundtable, May 14, 2013

Panel 1



Arthur Bolden has more than 15 years of experience in structured finance banking, capital markets and risk management. Mr. Bolden has served in investment banking, credit enhancement, bond rating, and regulatory supervision roles. He has published credit research and designed successful credit analytics platforms. His product expertise includes municipal bonds, mortgage backed securities (MBS), commercial mortgage backed securities (CMBS), collateralized mortgage obligations (REMICs and CMOs), rates derivatives, credit derivatives, whole loans and credit receivables. This professional experience is vertically integrated, including most segments of the commercial and retail credit origination pipelines, funding processes and life cycles. Mr. Bolden currently provides risk-consulting services to banking institutions and financial services clients.


Securities Specialist
Better Markets Inc.

Stephen Hall joined Better Markets in January of 2011 as the Securities Specialist. He has extensive experience in securities and commodities regulation in the federal government, private practice, and the nonprofit sector.

In 2010, he served as Senior Counsel to the Committee on Financial Services of the U.S. House of Representatives. During the conference on the Dodd-Frank Wall Street Reform and Consumer Protection Act, he worked on the titles dealing with securities and derivatives. He also handled other legislative initiatives, including corporate governance, limited offering exemptions, the Freedom of Information Act, and the Securities Investor Protection Act.

From 2001 through 2009, Mr. Hall was counsel to the North American Securities Administrators Association, Inc. (NASAA), the association of state securities regulators. He supported all aspects of NASAA’s mission, including regulatory analysis, appellate advocacy, and enforcement. His written work included more than 15 amicus briefs addressing a wide range of investor protection issues arising under state and federal securities law, including four briefs filed in the U.S. Supreme Court. He also advised NASAA on corporate governance and transactional matters.

During the 1990s, he worked in private practice, handling civil litigation in the areas of real estate, banking, and insurance. He also represented local banks in documenting and closing commercial real estate loans. Mr. Hall began his legal career at the Commodity Futures Trading Commission, where he became Senior Trial Attorney and Associate Director of Enforcement. At the CFTC, he specialized in bringing injunctive actions in federal court against fraudulent commodity sales operations.

Mr. Hall is a graduate of the University of Michigan and he received his law degree from Georgetown University.


Managing Director

Sanjeev Handa is Managing Director at TIAA-CREF where he has worked since 1988. In his current role, which he assumed in 2011, he oversees TIAA's real estate fixed income portfolio, which includes commercial mortgages, CMBS and real estate debt funds. From 2006 to 2011, Mr. Handa was head of public fixed income where he oversaw the public fixed income assets of TIAA-CREF, and from 1998-2006, he was head of asset backed securities.

During his tenure at TIAA-CREF, Mr. Handa has had additional responsibilities, including oversight over TIAA-CREF's securities lending programs. He began his career as a corporate bond analyst and emerging market analyst.

Mr. Handa has an MBA from the University of Michigan and undergraduate degrees from New York University and The Cooper Union for the Advancement of Science and Art.


Chief Executive Officer
Redwood Trust Inc.

Martin Hughes has served as Chief Executive Officer since May 2010 and as a director since January 2011. Mr. Hughes served as President from January 2009 to January 2012, Co-Chief Operating Officer from November 2007 to May 2010, and Chief Financial Officer from 2006 to April 2010Mr. Hughes has 20 years of senior management experience in the financial services industry. From 2000 to 2004, Mr. Hughes was the President and Chief Financial Officer for Paymap Inc. In addition, Mr. Hughes served as Chief Financial Officer for Redwood from 1998 to 1999. Mr. Hughes also served as Chief Financial Officer for North American Mortgage Company from 1992 to 1998. Prior to 1992, Mr. Hughes was employed for eight years at an investment banking firm and for four years at Deloitte & Touche.

Mr. Hughes has a B.S. in accounting from Villanova University.


Chairman of the Board
Structured Finance Industry Group (SFIG)

Reginald Imamura is Chairman of the Board of the Structured Finance Industry Group (SFIG), a member-based advocacy group focused on improving and strengthening the structured finance and securitization market. SFIG members represent all sectors of the securitization market including issuers, investors, financial intermediaries, law firms, accounting firms, technology firms, rating agencies, servicers, and trustees.

Mr. Imamura also leads Financial Services Advisory & Banking (FSAB) at the PNC Financial Services Group. FSAB provides advisory and banking services to U.S. financial services companies through an integrated platform combining industry-specialist corporate finance bankers and PNC’s Asset-Backed Securities Group. FSAB advises clients on complex strategic decisions and transactions in the financial services industry.

Mr. Imamura joined PNC in 2004 and has been head of the Asset-Backed Finance Group since 2007. Mr. Imamura led the formation of FSAB in 2009 to integrate PNC’s strategic insights and technical expertise across financial services in light of extensive regulatory reforms and restructuring of capital markets affecting the financial services industry.

Before joining PNC, Mr. Imamura was a Managing Partner and co-founder of i3 CAPITAL PARTNERS LLC, an advisory firm specializing in asset-backed securities. Previously, Mr. Imamura was a Managing Director in the Asset Securitization Division of Wachovia Securities, where he managed a $3 billion portfolio of subordinate asset-backed securities and was Head of ABS Investment Banking for consumer financial services companies nationally.

Mr. Imamura holds a B.S. in business administration from the University of North Carolina at Chapel Hill.


Chairman and Chief Executive Officer
Kroll Bond Rating Agency Inc.

Jules Kroll is the founder and the Chairman and CEO of Kroll Bond Rating Agency Inc. In 1972, he established Kroll Associates Inc., a professional services firm dedicated to mitigating risk. By employing former prosecutors, law enforcement officials, journalists, and academics using sophisticated fact-finding techniques to address decision-makers’ needs for accurate information, Mr. Kroll established investigations and risk consulting as valuable corporate services.

In the early 1990s, Mr. Kroll firm became known for its success in searching for assets hidden by Jean-Claude Duvalier, Ferdinand and Imelda Marcos, and Saddam Hussein. Since 1997, his vision of providing clients with a full spectrum of risk consulting services propelled the firm’s growth, in particular, its acquisition of employee screening, forensic accounting, data recovery, and corporate advisory and restructuring firms. This vision was fully realized in July 2004 when Kroll was acquired by Marsh & McLennan Companies for $1.9 billion.

The recipient of numerous awards throughout his career, Mr. Kroll was named “Entrepreneur of the Year” by Cornell University in 2003 and was honored with the U.S. Entrepreneurial Award by British American Business Inc. in 2002. He was the recipient of The John Carroll Award from Georgetown University in 2009.

Mr. Kroll received a B.A. degree from Cornell University in 1963 and an LL.B degree from Georgetown University Law Center in 1966. He was admitted to the New York Bar in 1967 and began his career as an Assistant District Attorney in Manhattan.

He currently serves as Chairman of the John Jay College of Criminal Justice Foundation. He is a former member of the Board of Regents of Georgetown University and Board of Trustees of Cornell University and also served as the Chairman of the Georgetown Law Center Board of Visitors.


Standard & Poor’s Ratings Services

Douglas Peterson was named President of Standard & Poor’s Ratings Services, the global credit rating agency and division of The McGraw-Hill Companies, in 2011.

Previously, Mr. Peterson was the Chief Operating Officer of Citibank, N.A., Citigroup’s principal banking entity that operates in more than 100 countries. He was with Citigroup for 26 years.

Until the beginning of 2010, he was the CEO of Citigroup, Japan. Mr. Peterson was the Chief Auditor of Citigroup from 2001 to 2004 after he had led the enterprise-wide project to integrate internal audit teams after the merger of Citicorp and Travelers. In prior roles, he served as Country Manager in Costa Rica and Uruguay and as a corporate banker in Argentina and New York.

Mr. Peterson received his undergraduate degree in mathematics and history at Claremont McKenna College and his MBA from the Wharton School at the University of Pennsylvania.

Mr. Peterson has previously served on the boards of the American Chambers of Commerce in Costa Rica, Uruguay, and Japan, and the International Bankers Association of Japan. He currently serves on the Federal Deposit Insurance Corporation’s Systemic Resolution Advisory Committee, the Institute of International Finance’s Market Monitoring Group, the Boards of Advisors of Wharton Financial Institutions Center and the Kravis Leadership Institute, and the Board of Trustees of Claremont McKenna College.


Chief Economic Consultant
Patton Boggs LLP

David Raboy is the Chief Economic Consultant at Patton Boggs LLP. He specializes in commercial and trade policy, international tax issues such as transfer pricing, and international financial matters. He also assists clients on antitrust issues, mergers and acquisitions, and strategic and business planning in both domestic and international markets.

Dr. Raboy has assisted clients on several planned mergers, including providing commercial and antitrust advice. He has also conducted several transfer pricing studies for multinational clients, both in the tax and customs valuation areas.

Dr. Raboy is the author of many professional journal articles and books concerning trade, tax and antitrust issues and has testified before many congressional committees on these topics.

Before joining the firm, Dr. Raboy was the legislative director to Sen. William V. Roth (R-Del.). Earlier in his career, he was the executive director of the Institute for Research on the Economics of Taxation and Associate Director of Tax Analysis at the National Association of Manufacturers.


Professor of Constitutional Law
University of Pennsylvania Law School

Kermit Roosevelt is a professor of constitutional law at the University of Pennsylvania Law School. His work has appeared in the Columbia, Michigan, Virginia, and Texas law reviews, among others. Before joining Penn Law in 2002, he practiced appellate litigation with the Chicago office of Mayer Brown and clerked for Judge Stephen F. Williams on the D.C. Circuit and Justice David H. Souter on the U.S. Supreme Court.

Panel 2


Executive Director
American Securitization Forum

Tom Deutsch is the Executive Director of the American Securitization Forum, Inc. (ASF), and has served in various ASF positions since 2004. Mr. Deutsch oversees the ASF professional staff and works with ASF's broad membership to develop consensus and advocate on legal, regulatory, accounting and legislative matters, such as industry-wide mortgage servicing standards. He also develops and implements various aspects of member education initiatives, such as the annual ASF industry conference, ASF Weekly Reports, Sunset Seminars, and the Securitization Institute. He was named by Institutional Investor Magazine as a Rising Star of both Fixed Income and Securitization in 2008. Mr. Deutsch has testified before Congress over a dozen times on various aspects of the residential mortgage and structured finance markets.

Mr. Deutsch previously served as an Associate in the Capital Markets Department of Cadwalader, Wickersham & Taft LLP, where he represented issuers and underwriters in various structured finance offerings, including residential mortgage-backed securitizations and asset-backed securitizations. He also served as an Associate at McKee Nelson LLP, where he focused on residential mortgage-backed securitizations. In addition, Mr. Deutsch was an Annenberg Legal Fellow at the Federal Communications Commission and interned for Senators Bob Dole and Nancy Landon Kassebaum on Capitol Hill.

Mr. Deutsch received his J.D. from the University of Pennsylvania and is a member of the New York Bar. He also earned a Master of Science in Regulation from the London School of Economics and Political Science in addition to a Bachelor of Science in Business Administration with Honors and a Bachelor of Arts magna cum laude from Washington University in St. Louis.


Managing Director
Fitch Ratings

Kevin Duignan is the global head of Fitch’s Structured Finance and Covered Bond rating groups. The structured finance areas include asset backed (ABS), residential mortgage backed (RMBS), commercial mortgage backed (CMBS) and Structured Credit securities ratings. In his role, Kevin is responsible for managing the global staffs, overseeing all rating related functions including criteria, research, and analytical development, and interacting with a variety of market participants, particularly investors.

Kevin’s previous responsibilities at Fitch over the past 19 years include heading the U.S. structured finance effort, heading global corporate communications and leading the U.S. ABS group.

Before joining Fitch in 1993, Kevin was a manager and credit analyst in Citibank’s treasury credit department and Citibank’s mortgage conduit area.

Kevin received a B.S. in management from Tulane University.


Sullivan & Cromwell LLP

Stephen Ehrenberg is a Partner in Sullivan & Cromwell LLP’s Litigation Group. He represents global and U.S. companies and financial institutions in securities, commodities, and futures litigation, regulatory enforcement matters and corporate internal investigations. Mr. Ehrenberg has recently represented corporate and individual clients before the Department of Justice, the Securities and Exchange Commission, the Commodity Futures Trading Commission, FINRA, the U.S. Congress and numerous state attorneys general. Mr. Ehrenberg has represented Moody’s Corporation and Moody’s Investors Service, Inc. in a variety of litigation and regulatory matters.


Managing Director
Morningstar Credit Ratings, LLC

Joseph Petro is a managing director for Morningstar Credit Ratings, LLC, an NRSRO and the structured credit research and ratings subsidiary of Morningstar, Inc. He is responsible for managing the subsidiary’s marketing and business development initiatives. Over the last five years, Mr. Petro played a key role in developing the unit’s NRSRO strategy and evolving the business from a research and analytics provider to an NRSRO with a significant presence in structured finance ratings.

Mr. Petro has more than 20 years of experience in financial information services. Before Morningstar, Inc.’s 2010 acquisition of Realpoint, LLC, now known as Morningstar Credit Ratings, LLC, he was managing director and principal at Realpoint, a provider of commercial mortgage-backed securities (CMBS) analytical services to investors. Mr. Petro joined the Realpoint division of Capmark Investments LP, formerly GMAC Institutional Advisors LLC, in 2001. Before that, he was a founding employee and director of sales and marketing for Commercial Real Estate Direct, a provider of online information services for the commercial real estate markets. Mr. Petro also held senior sales positions at FAME Information Services and Dow Jones Telerate.

Mr. Petro holds a bachelor’s degree in business administration and finance from Seton Hall University’s W. Paul Stillman School of Business.


Senior Vice President, Director of Risk Management-Fixed Income

John Schiavetta joined AllianceBernstein in 2008 as Director of Risk Management-Fixed Income. His responsibilities include the independent investment risk management oversight of the firm’s fixed income portfolios. In addition, Mr. Schiavetta serves as Chairman of the firm’s Valuation Committee and Chairman of the firm’s Counterparty and Credit Risk Committee.

Before AllianceBernstein, Mr. Schiavetta was with Fitch Ratings for 15 years in a variety of structured finance roles, last serving as Group Managing Director, global head of structured credit ratings. Prior to Fitch, Mr. Schiavetta was a Director with CDA Investment Technologies, a pension consulting firm. Mr. Schiavetta began his career with the Dreyfus Corporation. He has over 30 years investment industry experience.

Mr. Schiavetta has a B.A. in economics from Bates College and is a Chartered Financial Analyst.


Manager, Capital Markets
CNH Global NV

Julie Schlueter joined CNH (Case New Holland) in 2008, and is responsible for issuance of structured products and unsecured bonds for CNH Global and its finance subsidiary, CNH Capital. CNH is a global manufacturer of agricultural and construction equipment; it currently finances over $18 billion of equipment purchases, and has issued more than $35 billion in asset-backed securities since 1992. Ms. Schlueter's responsibilities include the structured products in the U.S. and Canada.

Ms. Schlueter began working in the securitization field in 1986 at Duff & Phelps, Inc., an NRSRO based in Chicago, where she formed and managed its Asset-Backed Rating Group. She served as a Senior Vice President and was a member of the Rating Committee that approved ratings on companies in all industry sectors. During her ten years with the firm, she was responsible for ratings, policy development and monitoring for ABS of all non-mortgage related asset types, including autos, credit cards, student loans, equipment loans, and numerous esoteric asset classes. Her other related work experience includes positions at Merrill Lynch, CNA Insurance, and as an ABS investor at Phoenix Duff & Phelps. Ms. Schlueter has been an active participant in the industry, as a speaker at industry conferences and as an advocate for the equipment industry in response to government proposals regarding the asset-backed market.


Vice President for Legislative and Regulatory Policy
Commercial Real Estate (CRE) Finance Council

Martin Schuh is Vice President for Legislative and Regulatory Policy at the Commercial Real Estate (CRE) Finance Council, where he oversees and promotes the Council’s legislative and regulatory efforts with the administration, Congress, regulatory agencies and market participants.

Before joining the CRE Finance Council in August 2011, Mr. Schuh worked for Sen. Bob Corker (R-Tenn.), on legislative initiatives including Dodd-Frank Act and the Affordable Care Act. He also functioned as economic policy advisor on a number of other initiatives, including entitlement and budget reforms.

Prior to working in the Senate, Mr. Schuh worked as a Special Assistant at the Department of Health and Human Services under Secretary Mike Leavitt. While there, he coordinated among the various staff departments on a White House project to help uninsured Americans gain access to private health insurance and on the reauthorization of the Children’s Health Insurance Program.

He previously was a lobbyist and external affairs director for the federal contracting division of ACS (now Xerox) and Treasurer of CorSolutions Medical, a venture-backed disease management company, where he presided over four rounds of private equity financing.

Mr. Schuh holds an MBA from Illinois Institute of Technology and a Bachelor of Arts from DePaul University in Chicago.


Professor of Economics
New York University, Leonard N. Stern School of Business

Lawrence White is a Robert Kavesh Professor of Economics at New York University's Stern School of Business and Deputy Chair of the Economics Department at Stern. From 1986 to 1989 he was on leave to serve as a Board Member for the Federal Home Loan Bank Board, in which capacity he also served as a Board Member for Freddie Mac. From 1982 to 1983 he was on leave to serve as Director of the Economic Policy Office in the Antitrust Division of the U.S. Department of Justice. He is the General Editor of The Review of Industrial Organization and formerly Secretary-Treasurer of the Western Economic Association International.

Prof. White received a B.A. from Harvard University in 1964), a master’s degree from the London School of Economics in 1965, and a Ph.D. from Harvard University in 1969.

Prof. White served on the Senior Staff of the President's Council of Economic Advisers during 1978-1979, and he was Chairman of the Stern School's Department of Economics, 1990-1995.

Panel 3



Neil Baron consults on policies related to the mortgage/housing crisis and attends meetings with and for Lewis Ranieri of Ranieri Partners.

Additionally, Mr. Baron is on the board of directors for Assured Guaranty Ltd. He is currently on the Risk and Audit Committees and was previously Chairman of the Finance Committee and Chairman of the Nominating and Governance Committee.

Mr. Baron was part of a group that purchased Fitch Ratings in 1989. During his time at Fitch, he served as Vice Chairman and General Counsel. In the nine years he was at Fitch, the rating agency’s revenues grew from approximately $2.3M to nearly $100M.

Mr. Baron has published many articles including: Pay, Rating Practices Recipe for a New Crisis (American Banker, January 6, 2010); Private-sector incentives boost jobs (January 5, 2010); Getting the House in Order: A “To Do” List for Boards of Financial Services Firms (Directorship Magazine, March 10, 2009), Capitalize Homeowners, Not the Banks (Huffington Post, January 26, 2009), Viewpoint: Put the Focus Back on Ratings Accuracy (American Banker, January 9, 2009), and A Fix for the Economy, Not Just Ailing Banks (American Banker, October 17, 2008).

He has also advised the staff of then-Rep. Michael Oxley (R-Ohio) and then-Rep. Barney Frank (D-Mass.) on the proposed Rating Agency Duopoly Relief Act. He has lectured on all aspects of securitization at seminars and Business and Law Schools of Yale, Cardozo, Columbia, Duke, the Universities of Virginia and North Carolina, the Kellogg School, The Wharton School, and the School of Advanced International Studies at Johns Hopkins. More recently, Mr. Baron lectured at the New York University’s Stern School of Business and Dartmouth College’s Tuck Business School on the causes of and solutions to the financial crisis.

Mr. Baron has a B.S. from Hartwick College and a J.D. from Case Western Reserve University Law School. 


Head of Credit Rating Agency Unit
European Securities and Markets Authority (ESMA)

Félix Flinterman is a lawyer in the Netherlands with Master’s degrees from the University of Groningen and the University of Nottingham. Mr. Flinterman has been the head of the Credit Rating Agency (CRA) Unit of the European Securities and Markets Authority (ESMA) since October 2011. Before joining ESMA, he was the manager of the capital markets team at the Netherland Authority for the Financial Markets’ (AFM) policy department. Previously, he worked for the European Commission and the Dutch Central Bank. Mr. Flinterman started his career working at the international law firm Stibbe (Amsterdam).


Chairman and Chief Executive Officer
Rapid Ratings International Inc.

James Gellert is chairman and CEO of Rapid Ratings, an alternative rating, research and analytics firm that assesses the financial health of thousands of public and private companies worldwide. Mr. Gellert began his career in investment banking at Deutsche Bank, and then moved into the entrepreneurial world, where he led numerous technology and information companies. He has headed Rapid Ratings since 2007. Mr. Gellert is an advocate for rating industry reform and has testified to Congress four times on behalf of Rapid Ratings and in support of alternative methods of rating and increased industry competition.

Mr. Gellert is featured regularly in publications including the Wall Street Journal, Bloomberg and Reuters, and is a frequent guest on networks such as Bloomberg TV, Fox Business Network and CNBC.


Executive Director
Bertelsmann Foundation

Annette Heuser is executive director and founder of the Washington, D.C. office of the Bertelsmann Foundation, a private, nonpartisan operational foundation that promotes and strengthens trans-Atlantic cooperation. She established the Foundation’s Brussels office and served as its executive director from 2000 to 2006. From 1995 to 2000, she was director Europe/USA at the Bertelsmann Stiftung in Gütersloh, Germany, where she managed European and trans-Atlantic projects and activities.

In the corporate sector, Ms. Heuser served as vice president of international relations at Bertelsmann AG, and was editor of the Jahrbuch der Europäischen Integration, an annual publication that covers institutional and political developments in European integration.

Ms. Heuser studied political science, law and sociology at the University of Mainz. Her articles on trans-Atlantic relations and European affairs have appeared in U.S. and European publications, and she has appeared on numerous television news programs. Ms. Heuser is a member of the Atlantic Council Board of Directors and its Strategic Advisors Group. She is also a member of the European Council on Foreign Relations. She previously served on the World Economic Forum’s Global Agenda Council on the Future of the European Union and was vice chair of the Council on Foundation’s Global Philanthropy Committee for four years.


Public Sector Credit Solutions

Marc Joffe, a former Senior Director at Moody’s, is an advocate of transparent, model-based credit rating methodologies, and believes that open source software combined with open data can improve the quality of credit assessments by enabling greater collaboration among academics and practitioners.

Since leaving Moody’s in 2011, Mr. Joffe has focused on the application of credit modeling techniques to sovereign and municipal bonds. In conjunction with PF2 Securities Evaluations, his consulting group released an open source Public Sector Credit Framework (PSCF) in May 2012. This fully transparent tool, available on the GitHub open source software repository, rates government securities by performing a multiple year fiscal simulation.

Mr. Joffe used this tool to analyze the credit risk of Canada’s ten provinces for the Macdonald-Laurier Institute. His study, “Provincial Solvency and Federal Obligations,” was widely discussed in Canadian media and became a topic of debate in both the Alberta and Quebec parliaments. Mr. Joffe’s team also compiled a database of historical sovereign financial statistics with a research grant from National University of Singapore’s Risk Management Institute.

Mr. Joffe received an MBA from New York University in 1985. In 2012, he earned a Master’s in Public Administration from San Francisco State University, where his thesis, “Drivers of Municipal Bond Defaults During the Great Depression,” was a winner of the school’s graduate research competition.


Managing Director
Securities Industry and Financial Markets Association (SIFMA)

Christopher Killian is a Managing Director of SIFMA’s Securitization Group, serving to implement the industry’s public policy and market practice initiatives related to mortgage secondary markets, MBS, ABS, and other securitized products. The Securitization Group has a significant focus on Agency MBS markets and practices but also covers the broader range of policy issues that involve mortgage finance and securitization markets, including trading, legal, operations, and other policy and market practice issues.

Mr. Killian joined SIFMA in 2005 in what was then MBS and Securitized Products Division of the Bond Market Association. He previously worked in the Retail Securitization Accounting and Investor Reporting group at JPMorgan Chase.

Mr. Killian is a 1999 graduate of Franklin and Marshall College with Bachelor’s Degrees in Economics and Government. 


Chairman and Chief Executive Officer
HR Ratings de México, S.A. de C.V.

Alberto Ramos is a founder of HR Ratings and is currently the Chairman and CEO of the firm. He has held a number of management posts at financial institutions operating in Mexico, such as UBS, Credit Lyonnais Securities Asia (CLSA), ING Barings and Banamex. Before founding HR Ratings, Mr. Ramos set up B&R Consulting Group, a consultancy firm offering credit risk assessment to institutional investors.

Mr. Ramos has a Bachelor’s degree in economics from the Instituto Tecnologico Autonomo de Mexico (ITAM) and a postgraduate degree in advanced econometrics from the same institution, where he also used to be a lecturer in economics.


Vice President of Pricing, Costing and Capital Deployment
Freddie Mac

Mitchell Resnick is Vice President of Pricing, Costing and Capital Deployment at Freddie Mac. He heads pricing for all multifamily loan purchases, capital deployment and marketing for all securitizations including the K–deal program. In addition, he manages the relationships with securities investors and the broker-dealer community.

Before joining Freddie Mac in 2011, Mr. Resnick was a vice president in the Real Estate Finance Group at Goldman Sachs in New York, where he was responsible for the pricing and distribution of commercial real estate loans. During his 15-year career at Goldman, he also ran the Structured Products Syndicate Desk in London as well as the secondary CMBS trading book in New York. Earlier in his career, he was an underwriter and analyst for commercial real estate loans.

Mr. Resnick holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania.


Managing Director, Global Regulatory Affairs

Moody’s Investors Service Inc.

Farisa Zarin is the Managing Director for Moody’s Global Regulatory Affairs Department. Her responsibilities include Moody’s global interaction with policymakers and with securities, bank and insurance regulators. During her tenure at Moody’s, Ms. Zarin has held senior positions in the Credit Policy group and the Global Compliance group. She has also worked on an adjunct basis in the Moody’s Sovereign Risk Unit, focusing mainly on the legal ramifications of sovereign defaults. Before joining Moody’s, Ms. Zarin worked as an attorney at the United Nations Office of the Prosecutor, International War Crimes Courts, the U.S. Senate Judiciary Committee, and the American Bar Association’s Central and Eastern European Law Initiative.

Ms. Zarin received a B.A. in economics and psychology from Oberlin College, a J.D. from the University of Wisconsin, where was placed on the Dean’s List, and an LL.M. in comparative law from the Instituto Universitario Europeo. She is a recipient of a MacArthur Foundation Scholarship, was the 1997 Fulbright Committee’s nominee for the OSCE Fellowship, and the U.S. candidate for the NATO Fellowship.



Modified: 05/07/2013