2010 Policy Summit

2010 Policy Summit Presenters' Bios

Nancy Andrews is president and CEO of the Low Income Investment Fund, a $600 million community development financial institution. She serves on community development and environmental committees and on the boards of the Housing Partnership Network and the Center for Housing Policy Advisory Council, among others. Her 30 years in community development include positions as deputy director of the Ford Foundation’s Office of Program-Related Investments and chief financial officer of the International Water Management Institute. She consulted for the Department of Housing and Urban Development and the Department of Treasury during the Clinton Administration. Ms. Andrews received an MS in urban planning with a concentration in real estate finance from Columbia University.

William Apgar is the senior advisor for mortgage finance in the Office of the Secretary at the U.S. Department of Housing and Urban Development (HUD). In this role, he is involved in implementation of the Obama Administration’s program to help homeowners facing foreclosure, Making Home Affordable. Dr. Apgar is also a lecturer at the Kennedy School of Government at Harvard and a senior scholar at Harvard’s Joint Center for Housing Studies, where he has taught courses on urban policy and conducted research on housing, community and economic development, housing finance, and capital markets. Mr. Apgar previously served as assistant secretary for Housing/Federal Housing Commissioner at HUD. He graduated from Williams College and holds a PhD in economics from Harvard University.

Itzhak Ben-David is an assistant professor of finance at the Fisher College of Business at the Ohio State University. His research focuses on household finance (real estate, financial counseling) and limited arbitrage in financial markets. Dr. Ben-David holds a BSc and MSc in industrial engineering from Tel-Aviv University, a BA in accounting also from Tel-Aviv University, an MSc in finance from the London Business School, and an MBA and PhD in finance from the University of Chicago.

Jay Brinkmann is chief economist and senior vice president of Research and Economics for the Mortgage Bankers Association (MBA), where his responsibilities include economic forecasting, mortgage industry analysis, the benchmarking of industry profitability, and analysis of legislative and regulatory issues.  Immediately prior to MBA, he worked in Fannie Mae’s portfolio strategy group. A native of New Orleans, Dr. Brinkmann began his career as a Capitol Hill press secretary and served as the deputy chief of staff to a governor of Louisiana. He has worked in commercial banking and was on the business school faculty at the University of Houston, where he specialized in financial institution regulation. Dr. Brinkmann holds a PhD in finance from Purdue University and an MBA from Tulane University.

Andrew Caplin is a professor of economics at New York University and the co-director of NYU’s Center for Experimental Social Science. He serves as co-editor of the Oxford University Press series “Methods of Modern Economics,” on the Steering Committee of the Health and Retirement Survey, and as a Fellow of the Econometric Society. Dr. Caplin’s research covers macroeconomic theory, microeconomic theory, household finance, and even neuroeconomics. He has written extensively on defects in the U.S. residential real estate finance market, and his proposed reforms involve liberating markets for sharing of equity. In addition to continuing to research and promote these markets, he is currently researching house valuation and default rates, focusing in particular on FHA-insured mortgages. He received his BA from Cambridge University, his PhD from Yale, and has had previous academic appointments at Harvard, Princeton, and Columbia Universities.

Ruth Clevenger is vice president and community affairs officer in the Community Development Department of the Federal Reserve Bank of Cleveland. Her responsibilities include strategic oversight and coordination of the department’s work on a range of consumer credit, community reinvestment, and asset-building issues with the Bank’s Research, Policy, and Supervision departments and with other Federal Reserve offices. She also directs research, outreach, and public programs that promote fair and equal access to credit in the Fourth Federal Reserve District. Prior to joining the Reserve Bank, Ms. Clevenger was a Community Reinvestment Act (CRA) officer at KeyCorp in Cleveland. After earning her bachelor’s degree in social welfare from George Mason University, she did graduate work in journalism at West Virginia University. 

Kristen B. Crossney is an assistant professor of geography and planning at West Chester University of Pennsylvania. Dr. Crossney’s research encompasses many facets of housing, in particular, housing and mortgage inequalities, and community development issues. Her work has been published in the Professional Geographer and Housing Policy Debate, among others, and she recently presented a paper on the cost and loan terms of brokered mortgages at the Anatomy of the Subprime Mortgage Crisis: Empirical Studies of Loan Document Data symposium at Valparaiso University’s School of Law. She holds a PhD in planning and public policy from Rutgers, the State University of New Jersey.

Yuliya Demyanyk, a senior research economist at the Federal Reserve Bank of Cleveland, focuses on analysis of the subprime mortgage market, the roles that financial intermediation and banking regulation play in the U.S. economy, and analysis of financial integration in the United States and the European Union. Before joining the Cleveland Fed, Dr. Demyanyk was an economist in the Banking Supervision and Regulation Department at the Federal Reserve Bank of St. Louis. She has taught at Washington University in St. Louis and at the University of Houston. She has a PhD in economics from the University of Houston, an MA in economics from the Kyiv-Mohyla Academy, Economic Education and Research Consortium (EERC), Ukraine, and an MA in physics from the National University of Odessa, Ukraine.

Emre Ergungor serves as a senior research economist in the Research Department of the Federal Reserve Bank of Cleveland. His research focuses on financial intermediation and information economics. Born in Istanbul, Turkey, Dr. Ergungor earned his bachelor’s degree in mechanical engineering from Bogazici University and his MBA from Koc University, both in Istanbul. He earned his PhD in finance from the University of Michigan in 2000 and joined the bank in September of the same year.

David Erickson is director of the Center for Community Development Investments at the Federal Reserve Bank of San Francisco, where he focuses on community development finance, affordable housing, economic development, and institutional changes that benefit low-income communities. He also edits the Federal Reserve journal Community Development Investment Review. After earning his undergraduate degree from Dartmouth College and his master’s degree in public policy from the Goldman School of Public Policy at Berkeley, Dr. Erickson received his PhD in history from the University of California, Berkeley, with a focus on economic history and public policy. His book on the history of community development, The Housing Policy Revolution: Networks and Neighborhoods, was published in 2009.

Allen Fishbein currently serves as assistant director for policy analysis and consumer education and research with the Division of Consumer and Community Affairs of the Board of Governors of the Federal Reserve System.  Prior to the joining the Federal Reserve in 2008, Mr. Fishbein was director for housing and credit policy with the Consumer Federation of America.  His background includes an appointment with the U.S. Department of Housing and Urban Development as senior advisor for government-sponsored housing enterprises.  A former general counsel for the Center for Community Change, Mr. Fishbein also contributed to the final report of the joint HUD/Treasury Department sponsored National Predatory Mortgage Lending Task Force.  Mr. Fishbein holds a Juris Doctor degree from the Antioch School of Law.  He is a member of the District of Columbia Bar, where he was once honored as “Consumer Lawyer of the Year.” 

Cynthia Flaherty is the director of homeownership at the Ohio Housing Finance Agency. She joined the staff in April 2007 as director of special projects and was the chief staff person for the Governor’s Foreclosure Prevention Task Force. In April 2008 she was appointed to her current position. She is responsible for the OHFA’s homeownership programs and for administration of federal grants for foreclosure prevention and housing counseling. Previously, she was the director of the Fannie Mae Community Business Center for Central and Southern Ohio. Ms. Flaherty has served as vice president for Corporate Community Relations at Ohio Capital Corporation for Housing, at the Ohio Department of Development, Ohio United Way, and the National Low Income Housing Coalition.  She has a bachelor’s degree from Beloit College and a master of community planning from the University of Cincinnati.

Michael Gedal is a doctoral candidate at New York University’s Wagner Graduate School of Public Service, where he also lectures on microeconomics, and the Housing Partnership Research Fellow at the Furman Center for Real Estate and Urban Policy. Mr. Gedal’s dissertation examines the relationship between building regulations, land values, and redevelopment in New York City.  At the Furman Center, Mr. Gedal’s current research focuses on mortgage default risk and the determinants of land values.  He has worked previously with two consultancies, Abt Associates and National Economic Research Associates. He holds a master’s in public administration from New York University and a bachelor’s degree in economics from Emory University. 

Michal Grinstein-Weiss is an assistant professor at the School of Social Work at University of North Carolina at Chapel Hill.  Before coming to North Carolina, Dr. Grinstein-Weiss was a postdoctoral fellow at the Center for Social Development at Washington University in St. Louis, where she played a key role in the research on the American Dream Demonstration, the first large-scale test of individual development accounts (IDAs).  Currently, she serves as the principal investigator for the fourth wave of data collection from the American Dream Demonstration, “Testing Long-Term Impacts of Individual Development Account and Asset Building on Social and Economic Well-Being.”  Dr. Grinstein-Weiss is also consulting the Israeli government on developing a universal Child Development Account (CDA) policy. She received a master’s degree in economics from the University of Missouri, St. Louis, and her PhD in social work at George Warren Brown School of Social Work at Washington University in St. Louis.

Diana Hancock is deputy associate director in the Research and Statistics Division at the Board of Governors of the Federal Reserve System.  In her role, she oversees programs that provide economic and statistical analyses related to policy issues in banking and finance, macro-financial risks, credit availability, and consumer wealth.  Since 2002, she has been a Research Task Force member, Basel Committee on Banking Supervision. Ms. Hancock has published articles on many topics, including those that examine the impacts of capital adequacy regulations, monetary policy and FDIC insurance premiums on commercial bank lending, investments, liability mix, and profitability.  She is also the author of A Theory of Production for the Financial Firm.  Ms. Hancock holds a PhD in economics from the University of British Columbia.

Daniel Hartley is a research economist in the Research Department of the Federal Reserve Bank of Cleveland. He is primarily interested in urban/regional economics and labor economics, and his current work focuses on crime, public housing, and neighborhood housing market dynamics. Dr. Hartley has a bachelor’s in electrical engineering and a master of engineering degree from the Massachusetts Institute of Technology, an MBA in economics and finance from the University of Chicago, and a PhD from the University of California, Berkeley.

Tom Heinemann is the director of Intergovernmental and Industry Affairs in the Department of Treasury's Homeownership Preservation Office (HPO), which administers the Making Home Affordable programs.  Mr. Heinemann has a background in housing and local government, having worked for the National Association of REALTORS, a mortgage insurance firm, and the government of the District of Columbia.  Mr. Heinemann holds master’s Degree in public policy from Georgetown University.

Andrew Jakabovics is the associate director for Housing and Economics at the Center for American Progress. He works on housing, household debt, higher education, and other issues related to sustaining and growing the middle class. Mr. Jakabovics has appeared much in the media, most recently for his research on the effects of the current mortgage crisis and potential policy solutions. Previously, Mr. Jakabovics served as the research chief of staff for the MIT Center for Real Estate’s Housing Affordability Initiative. In 2004, he founded a grassroots organization, Kiruv for Kerry, which conducted outreach to the Orthodox Jewish community and connected policy issues with Jewish principles. Mr. Jakabovics holds a BA in Urban Studies from Columbia University and an MCP from the Massachusetts Institute of Technology, where he is currently pursuing his doctorate.

Michael Johnson is associate professor and chair of the Department of Public Policy and Public Affairs at University of Massachusetts Boston. He also directs the department’s Public Policy PhD program.
Dr. Johnson’s primary mission is to design, apply, and evaluate methods for organizations serving disadvantaged and vulnerable populations to develop programs and policies that jointly optimize economic efficiency, beneficial population outcomes, and social equity. His work has appeared in a variety of journals, edited volumes, and proceedings, and he has also co-edited two books. Dr. Johnson received his BS from Morehouse College, MS in electrical engineering from Georgia Institute of Technology, MS in operations research from University of California, Berkeley, and his PhD in operations research from Northwestern University.

Judith Kennedy is the president and CEO of the National Association of Affordable Housing Lenders (NAAHL). Prior to joining NAAHL, Ms. Kennedy managed Government Relations at Sallie Mae and Freddie Mac. Her federal government service has included staff positions for members of the Senate and House Banking Committees; a White House Commission on Housing; and the U.S. Department of Housing and Urban Development (HUD). Ms. Kennedy presently serves on the Minority Depository Institutions Advisory Committee, the boards of the Center for Community Lending and of the National Housing Conference, and as an adviser to the Red Capital Group Hurricane Katrina Fund. She was awarded a Congressional Fellowship by the American Political Science Association and holds an MBA from the University of Pittsburgh and a BS from Duquesne University.

Patrick Lawler is chief economist and associate director for Policy Analysis and Research at the Federal Housing Finance Agency (FHFA), formerly Office of Federal Housing Enterprise Oversight (OFHEO). He supervises the production of FHFA’s House Price Index, as well as internal and external analyses on a variety of topics relevant to FHFA. Before joining OFHEO in 1994, Mr. Lawler served for six years as chief economist for the Senate Banking Committee where he worked on several key banking and housing finance statutes, including FIRREA, FDICIA, and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, which established the current regulatory framework for Fannie Mae and Freddie Mac. He also served on the staffs of the Federal Reserve Board and the Federal Reserve Bank of Dallas.

Preston Lee is the senior director of Corporate Relations and Housing Outreach for Freddie Mac. Prior to joining Freddie Mac in 2001, Mr. Lee served as the senior advisor and counselor to the assistant secretary for community planning and development at the U.S. Department of Housing and Urban Development (HUD). Mr. Lee began his career in Washington serving as a legislative assistant to U.S. Senator H. John Heinz III (R-PA) and later as the minority staff director of the DC Subcommittee of the U.S. Senate Government Affairs Committee before joining the staff of U.S. Senator Christopher J. Dodd (D-CT) as legislative counsel. Mr. Lee holds a BA in political science from George Williams College, a master of public affairs from the LBJ School of Public Affairs at the University of Texas at Austin, and a Juris Doctor from the Tulane University School of Law.

Andreas Lehnert is an assistant director in the Division of Research and Statistics at the Federal Reserve Board in Washington, DC. His research focuses on household credit choices, consumption, and financial distress, including default, foreclosure, and bankruptcy. In 2006 he was a visiting scholar at the Urban Institute in Washington, DC. Dr. Lehnert earned an MSc, Economics from the London School of Economics and a PhD in economics from the University of Chicago, where he was also a research affiliate at the Joint Center for Poverty Research. 

Mark McDermot is vice president of the central region of Enterprise Community Partners, Inc., where he also coordinates its national homeownership program. Mr. McDermott came to Enterprise with 15 years of experience in external and internal operations of citywide housing development, management, and training organizations. He spent time as executive director of the Cleveland Housing Network and served as research associate in community housing programs for the Center for Neighborhood Development at Cleveland State University and as executive director of the Citizens to Bring Broadway Back. After earning his bachelor’s degree in English from Borromeo College of Ohio, he earned a master’s degree in urban planning, design, and development from Cleveland State University.

Robert Mooney is deputy director of the FDIC’s Division of Supervision and Consumer Protection in Washington, DC.  He directs the national community affairs, consumer affairs, and deposit insurance outreach programs. Mr. Mooney has served as senior advisor to the FDIC Chairman on consumer protection matters and has directed the FDIC’s national compliance, CRA, and fair lending examination and policy development programs. Before joining the FDIC, Mr. Mooney served as regional vice president and director for retail banking of a multi-state financial institution, director of mergers and acquisitions, and vice president for employee relations. The Massachusetts State Senate awarded him its Commendation for his work in community development and equal opportunity. Mr. Mooney received his undergraduate degree from Brandeis University.

Wayne Passmore is an associate director in the Research and Statistics Division at the Board of Governors of the Federal Reserve System, where he oversees work related to the systemic risks of financial intermediation. His current research focuses on systemic risk, securitization, government-sponsored enterprises, contingent capital, and the role of financial institutions and markets in monetary policy transmission. Prior to joining the Federal Reserve Board staff, Dr. Passmore was an assistant vice president in financial management at the Federal Home Loan Bank of San Francisco. He began his career as an economist with the Federal Reserve Bank of New York. He received a BA from Grinnell College and a PhD in economics from the University of Michigan.

Andrey D. Pavlov specializes in real estate finance at Simon Fraser University, Vancouver, BC, where he is associate professor of finance. His research is on mortgage-backed securities pricing and commercial and residential market risk management. He has also worked on the modeling of aggressive lending practices, risk management for publicly traded real estate companies, mortgage and equity securitization, and mortgage default risk modeling using non-parametric methods and spatial statistics. A fellow of the Zinman Real Estate Center at UCLA, Dr. Pavlov was invited to join the editorial board of the Journal of Real Estate Finance and Economics in 2005, and he has recently consulted for the U.S. Department of Housing and Urban Development, the Canadian Mortgage and Housing Corporation, major mortgage lenders, banks, insurers, and hedge funds. He earned his PhD from the Anderson School at the University of California, Los Angeles.

Alex J. Pollock has been a resident fellow at American Enterprise Institute (AEI) since 2004, focusing on financial policy issues, including financial cycles, government sponsored enterprises, housing finance, banking, retirement finance, corporate governance, and accounting standards. He has written and spoken extensively on the housing bubble, the financial crisis, and the ensuing political responses. Previously, he spent 35 years in banking, including serving as president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991–2004, while also writing numerous articles on financial systems and management. Mr. Pollock is a director of CME Group and the Great Lakes Higher Education Corporation; a past-president of the International Union for Housing Finance; and chairman of the board of the Great Books Foundation. He is a graduate of Williams College, the University of Chicago, and Princeton University.

Francisca G.-C. Richter is a research economist in the Community Development Office of the Federal Reserve Bank of Cleveland. She develops and directs the applied research activities of the group, which focuses on issues impacting access to credit and capital in low- and moderate-income communities. She also coordinates applied research seminars on diverse topics including consumer finance, social interactions, and program evaluation. Prior to joining the Federal Reserve in 2007, Dr. Richter taught intermediate microeconomics, multivariate analysis, and research methods in finance at Cleveland State University. A native of Peru, she earned an undergraduate degree in mathematical statistics from the Universidad Católica del Perú and a master of science degree in statistics and a PhD in agricultural economics, both from Oklahoma State University.

Benson (Buzz) Roberts is senior vice president for Policy and Program Development at the Local Initiatives Support Corporation (LISC).  LISC is the nation’s largest nonprofit investor in low-income community development, operating through 30 local offices and a national rural community program. Mr. Roberts directs LISC’s activities in public policy and research and assessment.  He was involved in the creation of such federal policies as the Low Income Housing Tax Credit, the New Markets Tax Credit, and the HOME housing development program. Mr. Roberts is a board member of the National Association of Affordable Housing Lenders, the National Housing Conference, and the New Markets Tax Credit Coalition. He is a regular contributor to Novogradac Journal of Tax Credit Housing, an advisor to Affordable Housing Finance and NMTC Monthly Report, and the co-author of several books and articles on affordable housing and community development.

Marietta Rodriguez is the national director of NeighborWorks® America’s Homeownership Programs and Lending. In this role, she leads the national homeownership effort for the NeighborWorks network, which includes foreclosure prevention, residential lending, and community development financial institutions development. Formerly a homeownership specialist, Ms. Rodriguez’s work focused on the development and design of the national Section 8 homeownership program.  She also has specialized experience in assisting organizations in homeownership programming and partnership development. Previously, Ms. Rodriguez was the director of training and community relations for Neighborhood Housing Services of Santa Fe. She has a BA in international relations and Spanish from Lake Forest College.

Sarah Rosen Wartell is executive vice president of the Center for American Progress, which she helped to found in 2003. She co-authored its original business plan and managed the organization through rapid growth. In the last few years, she has also guided the Center’s economic policy team, editing the Center’s multi-part economic strategy for the nation entitled “Progressive Growth.” She also built a program in housing finance. Ms. Rosen Wartell previously served as deputy assistant to the President for Economic Policy and Deputy Director of the National Economic Council in the Clinton Administration. She also was a deputy assistant secretary at the Federal Housing Administration in the Department of Housing and Urban Development and served as a consultant to the Millennial Housing Commission. She is a graduate of the Yale Law School and Princeton University.

Dale Roskom is first vice president and chief operating officer at the Federal Reserve Bank of Cleveland. He is responsible for the Bank’s financial services, which include cash processing, check clearing, electronic payments, and savings bond processing. He also oversees related support functions, such as information technology services, financial management, human resources, protection, and facilities. Prior to joining the Bank in 2010, Mr. Roskom led his own firm. From 2006 to 2008, he was an executive vice president at National City Corporation, where he was appointed chief risk and credit officer in 2007. Before joining National City, Mr. Roskom spent time at Barclaycard UK, First USA Bank (Chase Card Services), the Australia and New Zealand Banking Group in Melbourne, and First Bank System (now U.S. Bancorp). Mr. Roskom holds a bachelor’s degree in accounting and a master’s degree in finance from the University of Wisconsin-Madison. 

Anthony B. Sanders is professor of finance in the School of Management at George Mason University, where he is the Distinguished Professor of Real Estate Finance. He also serves as associate editor for several leading journals. He has taught at several other universities and has served as director and head of Asset-Backed and Mortgage-Backed Securities Research at Deutsche Bank in New York City. Professor Sanders’s research and teaching focuses on financial institutions and capital markets with particular emphasis on real estate finance and investment. Recently, he has given presentations to the European Central Bank in Frankfurt, Exane BNP Paribas in Paris and Geneva, and the Bank of Japan on the subject of the housing bubble and commercial real estate in the U.S. and the mortgage market. Professor Sanders has testified in the U.S. Senate and U.S. House of Representatives on the U.S. real estate asset and debt markets.

Thomas Shapiro is director of the Institute on Assets and Social Policy, the Heller School for Social Policy and Management, Brandeis University, where he also is the Pokross Professor of Law and Social Policy.  His primary interest is in racial inequality, poverty, and public policy.  He is a leader in the asset development field with a particular focus on closing the racial wealth gap. Dr. Shapiro was a Commissioner on the Massachusetts Asset Development Commission. His book, The Hidden Cost of Being African American: How Wealth Perpetuates inequality, was widely reviewed, including in the Washington Post and Boston Globe.  With Dr. Melvin Oliver, he wrote the award-winning Black Wealth/White Wealth.

Shane Sherlund is a senior economist in the Household and Real Estate Finance section of the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. Dr. Sherlund’s recent work includes “The Rise in Mortgage Defaults,” co-authored with Christopher Mayer and Karen Pence; “Making Sense of the Subprime Crisis,” co-authored with Kristopher Gerardi, Andreas Lehnert, and Paul Willen; and “GSEs, Mortgage Rates, and Secondary Market Activites,” co-authored with Andreas Lehnert and Wayne Passmore. Dr. Sherlund’s research focuses on mortgage markets, the housing government-sponsored enterprises, homeownership, and household choice. He holds a PhD from the University of Wisconsin-Madison.

Kristin Siglin is vice president and senior policy advisor at Enterprise, where she is responsible for practical research to analyze, document, and create new policies to support the financing of affordable housing in diverse, thriving communities. Ms. Siglin previously served as the director of policy at the Millennial Housing Commission, a congressionally mandated, 22-member bipartisan commission responsible for issuing a report on federal housing policy, and held various staff positions in the U.S. Congress, including the Senate Committee on Banking, Housing and Urban Affairs, where she worked on the housing authorizations bills in 1990 and 1992 and was responsible for the Subcommittee on Consumer and Regulatory Affairs. She also worked for Senator Christopher S. Bond of Missouri and Congressman James Leach of Iowa. Ms. Siglin graduated magna cum laude from Brown University with a degree in history.

Mark Sniderman is executive vice president and chief policy officer at the Federal Reserve Bank of Cleveland, which he joined as an economist in 1976. He is responsible for guiding the Bank’s economic research and community development efforts. While on leave from the Bank, Dr. Sniderman served as senior economist for economic policy analysis for the U.S. Senate Budget Committee in Washington, DC. Before joining the Federal Reserve, Dr. Sniderman held teaching and research positions as a graduate student at the University of Wisconsin at Madison. He is a past president of the Cleveland Association for Business Economics. A native of Youngstown, Ohio, Dr. Sniderman earned a bachelor's degree from Case Western Reserve University and master’s and doctoral degrees in economics from the University of Wisconsin at Madison.

Steve Swidler is the J. Stanley Mackin Professor of Finance at Auburn University.  Previously, Dr. Swidler taught at the University of Texas at Arlington, Southern Methodist University, the University of Wisconsin-Milwaukee, and Rice University.  He has also held international visiting appointments at Victoria University in New Zealand, the Oslo School of Business in Norway, Tilburg University in the Netherlands, and the University of Vaasa in Finland.  In addition to his academic experience, Dr. Swidler has worked in the Risk Analysis Division at the Office of the Comptroller of the Currency and at Lexecon, an economic consulting group.  His teaching and research interests include investments, financial engineering, and risk management, and he has published in a number of professional journals. He obtained his undergraduate degree from Oberlin College and received his PhD in Economics from Brown University. 

Mary Townley has been the director of the Homeownership Division with the Michigan State Housing Development Authority for the past three years. The Homeownership Division oversees purchase transactions with lenders across the state; asset accumulations programs; the down payment assistance program; habitat for humanity; employer assisted housing programs; and the counseling network that assists with foreclosure prevention and homebuyer education. Ms. Townley has more than 30 years of experience in the mortgage industry. Her experience spans retail, wholesale, and correspondent mortgage lending across the United States, with the heaviest exposure within mortgage operations.

Virginie Traclet is principal researcher in the Financial Markets Department of the Bank of Canada. Her responsibilities include the analysis of financial market developments and their impact on the stability and efficiency of the Canadian financial system and the development of indicators to assess risks in the financial system. Dr. Traclet was actively involved in the development of the Bank of Canada’s liquidity facilities during the financial crisis. In addition to contributing to the Bank of Canada Financial System Review, Dr. Traclet also works on topics related to monetary policy and has presented her work at numerous conferences. She completed a PhD in economics at the University of Rennes 1 (France), where she also held a research and teaching assistant position.

David Turcotte is a research professor in the Department of Regional Economic and Social Development at University of Massachusetts Lowell, where he teaches courses on community conflict resolution and housing development and land use. He also serves as director of the Institute for Housing Sustainability, senior program manager at the Center for Family, Work, and Community, and co-editor of the Merrimack Valley Housing Report. Dr. Turcotte directs a healthy homes demonstration program and conducts research on regional housing needs and innovative approaches to developing more affordable and sustainable housing. Past president of the Coalition for a Better Acre, a community development corporation, Dr. Turcotte has over 25 years of community development experience.  He holds a master’s degree in community economic development and a doctor of science degree from the University of Massachusetts Lowell.

David Wessel is economics editor of the Wall Street Journal and writes the "Capital” column, a weekly look at the economy and the forces that shape living standards around the world. He also appears frequently on National Public Radio and WETA’s Washington Week. His book, In Fed We Trust: Ben Bernanke’s War on the Great Panic, was selected as one of the "100 Notable Books of 2009" by the New York Times. He previously worked for the Boston Globe, the Hartford Courant, and Middletown Press. A graduate of Haverford College, he was Knight Bagehot Fellow in Business & Economics Journalism at Columbia University. David has shared two Pulitzer Prizes, one for Boston Globe stories on the persistence of racism in Boston and the other for stories in the Wall Street Journal on corporate wrongdoing.

Paul Willen is a senior economist and policy advisor in the Research Department of the Federal Reserve Bank of Boston. Dr. Willen’s research focuses on household financial management; recently he has spent much of his time studying mortgage markets. His research appears in the Review of Economics and Statistics, Economic Theory, and many other journals. Specifically, Dr. Willen’s research on the origins of the subprime crisis has appeared in scholarly journals and has been cited in virtually every major newspaper in the United States. Prior to joining the Boston Fed in 2004, he was on the faculty at Princeton and the University of Chicago. He has also been a visiting member of the faculty at MIT in each of the last three years. Dr. Willen did his undergraduate work at Williams College and got his PhD from Yale University.