This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2018 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossary - Spanish / English
Language Translation Disclosure
Mary Pat Fox, Manager
Ms. Fox has over 20 years experience in the field of executive compensation at IBM, Willis Towers Watson, ADP, the Department of Treasury and Federal Housing Finance Agency (FHFA).
Ted Wartell, Manager
Expertise: affordable housing, federal housing
programs, financial regulation, mortgage finance. Four years managing the
Office of Housing and Community Investment since its creation. Prior to FHFA,
served as the Director of Regulatory Affairs at the Office of Comptroller of
the Currency. He also served as chief of
staff for Community Lending at Fannie Mae. Served as Director of the Office of
Policy at the U.S. Small Business Administration and as a budget analyst for
affordable housing programs at the U.S. Office of Management and Budget. M.P.P., University of Chicago and B.A.,
Rona Richardson, Administrative Office Manager
Expertise: office administration, new technology implementation, federal records management and other federal administrative protocols. Ten years at FHFA, having been transferred with the rest of HUD's Enterprise mission oversight staff, with which she had worked for eight years in the GSE offices. While at HUD she was recognized for her work on special projects involving HUD's Community Builders program, databases, reorganizations and procurement within the Office of Personnel. She carries out all administrative duties for OHCI and is OHCI's Records Management Liaison.
Paul Manchester, Principal Economist
Expertise: affordable housing economics. Taught economics at university level for 7 years; Senior Economist, Joint Economic Committee of Congress (JEC), 11 years; Financial Economist, Office of Thrift Supervision (OTS), 1.5 years; Senior Economist, Director of Financial Institutions Regulation Division (mission regulation of Fannie Mae & Freddie Mac), Office of Policy Development & Research (PD&R), Department of Housing & Urban Development (HUD), 1991-2008. Organized numerous Congressional hearings, prepared many studies & research reports, gave various presentations while at JEC, OTS, HUD.B.A., Mathematics & Economics, Yale U; Ph.D., Economics, U. of Minnesota.
Padmasini Raman, Team Lead, Senior Policy Analyst
Expertise: U.S. housing finance and mortgage markets, Government Sponsored Entities and the FHA, mortgage market economic trends, modeling and policy. Over three years as the Team Lead for the Enterprise Housing Goals team at FHFA. Four years as Senior Economist in the Division of Housing Finance within the Office of Policy Development and Research at HUD as the subject matter expert for underwriting, origination and servicing policy related to FHA forward and reverse mortgages. Before that, Padma spent over ten years in various roles at Fannie Mae, developing and overseeing the development of economic analysis, reports and policy related to collateral and credit risk. She also served as a product manager interacting with Fannie Mae's partners. Ph.D. in Economics, Rutgers University.
Ken Lam, Senior Economist
Expertise: Mortgage market modelling and forecasting, Default/prepayment models, loan modifications, underwriting standards, and program evaluation. Seven years at FHFA in OPAR and OHCI. Prior to FHFA, Ken spent thirteen years at the consulting firm Abt Associates, where he conducted research on Home Equity Conversion Mortgages (HECM) and FHA's American Dream Downpayment Initiative (ADDI). MPP in public policy and econometrics, University of Minnesota.
Omena E. Ubogu, Senior Policy Analyst
Expertise: Quantitative analysis, data management and modeling. Joined FHFA in September 2018. Twelve years in real estate research and forecasting at CoStar Group. M.A. in Applied Economics, University of Michigan.
Jeannie Shattuck Lemons, Senior Policy Analyst
Expertise: Federal affordable housing and community development policy, research, communications, policy analysis. Three years at FHFA in OHCI. More than 5 years on the policy team at Enterprise Community Partners. MA in Public Policy, Duke University; BA in Government/Political Science, Franklin & Marshall College.
Jim Gray, Program Manager
Expertise: Affordable housing finance, government sponsored enterprises, housing policy, community development financial institutions, shared equity homeownership, and counterparty risk. Over three years as program manager for the Duty to Serve Program. Six years as manager of Counterparty Policy in the Office of Housing and Regulatory Policy (OHRP) where he led Duty to Serve Rulemaking, Lender Placed Insurance initiative and the revision and consolidation of the Enterprises' Private Mortgage Insurance Eligibility Requirements (PMIERs). Prior to FHFA, over ten years leading affordable housing programs at what is now Capital Impact Partners. Served as Senior Advisor to former FHA Commissioners Retsinas and Apgar. Law degree, Vanderbilt University and B.A., Hendrix College.
Matthew Douglas, Assistant Program Manager
Expertise: U.S. housing finance and mortgage markets, Government Sponsored Entities including FHA and Ginnie Mae, servicing and counterparty risk policy development. Over three years working on Duty to Serve, leading efforts related to scoring and rating. Prior to joining the Federal Housing Finance Agency, Douglas worked for the U.S. Department of Housing and Urban Development, in the division of Public and Indian Housing, the Federal Housing Administration and Ginnie Mae. He joined federal service when he was selected as a Presidential Management Fellow. J.D. and B.A. in Finance, University of Kentucky.
Tanya Winters, Senior Policy Analyst.
Expertise: Affordable housing finance programs, underwriting, multi-family, LIHTC, HUD mortgage insurance and subsidy programs, asset management, urban and rural markets, and historic preservation. Winters joined FHFA in February 2019. Prior to FHFA, she worked at the Department of Housing and Urban Development (HUD) in the Asset Management Division, Office of Multifamily Housing. Before HUD, Winters worked in various capacities in the field of community development including The Housing Assistance Council, NeighborWorks America, the National Trust for Historic Preservation, and the DC Housing Finance Agency. M.A. in Urban Studies, B.A. in Political Science and Legal Studies, State University of New York at Buffalo. Certified Historic Preservationist Specialist.
Arun Barman, Senior Economist
Expertise: Housing finance and mortgage markets, economic modeling and trends, metropolitan and regional housing market analysis, high-LTV refinance programs, affordable housing programs, data visualization, policy analysis, and program management. Barman has worked at FHFA for over five years in various roles, in OPAR, OFAMS and now leading data analytics and monitoring of the Duty to Serve program. Barman joined FHFA in February 2014 from Deloitte and Touche where he provided risk analysis for Ginnie Mae. He also worked as a Research Economist at the National Association of Realtors, and Economist at the Bureau of Labor Statistics and the Brookings Institution. Master's degree, London School of Economics. M.A., University of Toledo. B.A., U.C.L.A.
Geenae R. Rivera Soto, Policy Analyst
Government Sponsored Enterprises, project management, and program evaluation.
Rivera has worked for eight years at FHFA as a Diversity and Inclusion
Specialist in FHFA's Office of Minority and Women Inclusion and for the past
two years in Duty to Serve. She has served as program manager at MANA, A
National Latina Organization and for former Resident Commissioner Pedro
Pierluisi of Puerto Rico as a Legislative Correspondent. Master's degree
in City and Regional Planning, The Catholic University of America, Master's
degree in Public Administration, University of Dayton, and B.A. in Political
Science and Spanish, University of Dayton.
David Sanchez, Senior Policy Analyst
Prior to joining the Duty to Serve Program in 2019, David spent three years as a Policy Analyst in the Office of the Director, where he supported the Chief of Staff and Special Advisors on a number of servicing and origination-related issues, including the Agency's efforts to promote access to credit for borrowers with Limited English Proficiency. Before joining FHFA, he served as a Policy Analyst at the Center for American Progress. M.A. in Sociology, University of Cambridge, and a B.A. from Haverford College.
Rebacca Cohen, Senior Policy Analyst
Expertise: Affordable housing programs, state and local housing and land use policy, policy analysis, and program evaluation. Cohen joined FHFA in 2019. Prior to that she was an Associate at Abt Associates, where she worked on projects related to state and local affordable housing policy, homelessness, disaster response and recovery, and financial literacy and asset-building. Before Abt, Cohen was at the Bipartisan Policy Center (BPC), where she supported BPC's Housing Commission in developing recommendations for reform of the U.S. housing finance system; and the Center for Housing Policy. Cohen received a Master's degree in Urban and Regional Planning from the Humphrey School of Public Affairs at the University of Minnesota and a B.A. in Cultural Anthropology from Washington University in St. Louis.
Marcea Barringer, Senior Policy Analyst
Expertise: Affordable rental housing finance, low-moderate income homeownership, housing and community development policy analysis. Prior to joining FHFA, Marcea spent nine years at NeighborWorks America, including three as senior director for policy. She has over twenty years of experience in the affordable housing field, including as a technical assistance provider, CDFI lender, and Low Income Housing Tax Credit syndicator. M.P.A. and certificate in Urban and Regional Planning, Woodrow Wilson School, Princeton University; B.A. in Architectural Studies, Brown University.
Deattra Perkins, Senior Policy Analyst
Affordable housing and community development regulation, policy, data
analytics, research and FHLBank examinations. More than 14 years at
FHFA/FHFB as a Senior Policy Analyst. Five years as a Financial and
Program Analyst at the Department of the Treasury’s Community Development
Financial Institutions Fund. M.B.A., University of Iowa. B.B.A.
(Finance), Howard University.
Danielle Safran, Senior Economist
Expertise: Data analysis and data visualization, financial research, and technical writing. Responsible for the end-to-end production of the Low-Income Housing and Community Development Activities of the Federal Home Loan Banks report for the last seven consecutive years, including report writing and editing, all data analyzes and visualizations, and external presentation to report stakeholders. Data expertise in Federal Home Loan Bank housing programs. Additional Federal Home Loan Bank experience includes market risk board reporting, corporate and board governance, executive compensation, and speechwriting. Before FHFA, Danielle worked in middle-market mergers and acquisitions, as well as media and economic statistics. She holds an M.B.A. from the Robert H. Smith School of Business at the University of Maryland, and a B.A. in Economics, cum laude, from Harvard University.
Tiffani Moore, Senior Policy Analyst
Expertise: affordable housing and homelessness program regulatory and policy development, analysis and implementation; program monitoring and compliance. Joined FHFA in February 2017. Provides expert regulatory and policy development and analysis for the Federal Home Loan Banks' affordable housing and community investment programs. Prior to joining FHFA, Tiffani worked for 9 ½ years as a Senior Affordable Housing Specialist in the Office of Community Planning & Development at HUD, and administered the Housing Trust Fund. She was a subject matter expert on Community Housing Development Organizations, homelessness, and veterans' issues within the HOME Program. She previously served at HUD as Team Lead of the Continuum of Care Program Regulations and Policy Team, and a Community Planning and Development Representative in the Richmond, VA Field Office providing oversight for the CDBG, HOME, ADDI, ESG, Shelter Plus Care, and the Supportive Housing Program. Previously, she was a Planner for the Harris County, TX Community and Economic Development Department. MBA, University of Virginia; Master of Urban Planning with a concentration in community and economic development, University of Michigan; and BA in English, magna cum laude, Dillard University.
Eric Howard, Principal Policy Analyst
Expertise: Regulatory and policy development,
and implementation, equal employment opportunity, affirmative employment,
special emphasis programs, diversity outreach initiatives. Twelve years at FHFA
including 18 months with OHCI developing the proposed and final rules for the AHP. Previously at
FHFA Eric served as Deputy Director Office of Minority and Women Inclusion, and
EEO and Diversity Director. Eric spent
twelve years at the Farm Credit Administration as a senior policy analyst, EEO
Director, and commissioned examiner. MS, Human Resources Management and
Services, University of Maryland; BA in Finance, Oklahoma State University.
Ethan Handelman, Senior Policy Analyst
Expertise: Affordable housing policy, multifamily rental housing, affordable homeownership, subsidy programs, public-private partnerships, program design and housing finance. Started at FHFA in February 2018. Developed proposed rule for FHLBank Housing Goals and leads the project team. Prior to joining FHFA, he spent seven years as Vice President for Policy and Advocacy at the National Housing Conference (NHC), finishing his time as Acting CEO during a transition. Prior to NHC, he spent ten years at Recap Real Estate Advisors. As lead of the advisory practice he assisted public- and private-sector clients to understand and shape the affordable housing financial and policy environment. MA in International Relations, Harvard University, B.A. in Political Science, University of Michigan.
Michael Price, Senior Policy Analyst
Expertise: Manufactured housing, force-placed insurance, repurchase alternatives, charter acts, Duty to Serve, Enterprise & Federal Home Loan Bank housing goals and AHP. Started with FHFA in February 2009; previously served at Department of Housing & Urban Development overseeing the Enterprises. Projects have included developing regulations, monitoring compliance, developing executive briefing materials (talking points, Q&A, Backgrounders), analyzing legislation, instructing agency staff in securitization basics, and representing the agency at public speaking events. Law degree and bachelor's degree, University of Georgia. Member of the District of Columbia Bar and the State Bar of Georgia.
Robert B. Avery, Project Director
Avery is the overall director of the National Mortgage Database Project. He joined FHFA in that capacity after retiring as a Senior Economist from Board of Governors of the Federal Reserve System in the fall of 2012. Previously he had held positions as a Professor at Cornell University and as an Assistant Professor at Carnegie Mellon University. His work at the Federal Reserve focused on supervisory issues related to community affairs and bank supervision. He was a coauthor of a number of studies in these areas including the Federal Reserve’s Congressional Report on Disparate impact in Credit Scoring, and Federal Reserve Bulletin articles on the 2004 through 2011 Home Mortgage Disclosure Act data and revisions to the Community Reinvestment Act in 2005. He was also one of the founders of the tri-annual Survey of Consumer Finances and designed the loan sampling systems used for the Federal Reserve’s examinations of small bank safety and soundness and for large syndicated loans. He has a B.A. from the University of Pennsylvania and a Ph.D. from the University of Wisconsin-Madison.
Ian Keith, Senior Program Analyst
Keith is responsible for the data management and quality control of the National Mortgage Database. He specializes in SAS® software. He is an expert in Home Mortgage Disclosure Act data, Census tract demographic data, and FHFA’s Enterprise affordable housing goals. Prior to joining FHFA, he spent 17 years at the Department of Housing and Urban Development primarily with the Office of Policy Development and Research in the Financial Institutions Regulation Division before transferring to FHFA in 2009. He has a B.S. in Mathematics from the University of Wisconsin-Madison and an M.S. in Operations Research from the Naval Postgraduate School.
Ismail Mohamed, Senior Financial Analyst
Mohamed is responsible for overseeing the matching of administrative and other third-party data into the National Mortgage Database. He joined the National Mortgage Database team from the Department of Housing and Urban Development (HUD) where he had worked as a contractor for 13 years. He has over 20 years of solid technical expertise in statistical software, applications development, data analysis, and applied economic research. During his tenure with the Office of Policy Development and Research, Mohamed supported HUD’s mission regulation of Fannie Mae and Freddie Mac until that responsibility was transferred to FHFA. Afterward, he continued as lead architect and developer in vital HUD projects including the analyses of Federal Housing Administration, Home Mortgage Disclosure Act, Home Affordable Modification Program, Mortgage Loan Performance, and McDash data, and the development of HUD’s Housing Scorecard. He also led HUD’s implementation of the agency-wide SAS® Enterprise Business Intelligence System that supported over 300 HUD SAS users. Mohamed was author and coauthor in papers covering the practical implementation of time series, applications of neural networks, program planning and evaluation, and international development. He received a M.S. from the University of Maryland, and a M.S. and a Ph.D. from Iowa State University.
Saty Patrabansh, Manager / Supervisory Economist
Patrabansh manages the administration of the National Mortgage Database program at FHFA and bears overall responsibility for the National Survey of Mortgage Originations (NSMO) and American Survey of Mortgage Borrowers (ASMB). He specializes in researching home purchase and mortgage refinancing, including first-time homebuyers and rural borrowers; mortgage delinquency, foreclosure prevention and homeownership retention; and foreclosure and property disposition. Previously at FHFA, he was a Senior Economist in the Office of Policy Analysis and Research and worked on research and analysis related to HARP, REO disposition, and non-performing loans. Prior to joining FHFA, he was a Data Center Director and Project Director at Abt Associates, a government research and consulting firm. There he specialized in program evaluation and policy research, particularly in the areas of housing policy and housing finance for the Department of Housing and Urban Development (HUD), including studies of the Enterprises and FHA. He also led data and evaluation projects for HUD, the Census Bureau and Food and Nutrition Services. He holds an M.P.P. specializing in econometrics, finance, and evaluation from the University of Chicago and a B.A. in mathematics and economics from Grinnell College.
Jay Schultz, Senior Economist
Schultz is responsible for developing and implementing critical components of the National Mortgage Database, including imputations. He joined FHFA in 2009 when the housing goal responsibility was transferred from the Department of Housing and Urban Development (HUD), where he had worked in the Office of Policy Development and Research for 12 years and the Office of Fair Housing and Equal Opportunity for 2 years. His work at HUD focused on developing regulations and evaluating the performance of Fannie Mae and Freddie Mac toward the statutorily required housing goals. Prior to working for the Federal Government, he held the position of Chief Economist for the Missouri Department of Insurance where he headed the Statistics Section which is responsible for collecting and analyzing data on underwriting and losses paid for all lines of insurance. His research focuses on affordable housing and mortgage market issues as well as property insurance as it relates to affordable housing and community development. He has a B.S. in Economics from Michigan Technological University and a Ph.D. in Economics/Finance from the University of Missouri-Columbia.
Rebecca Sullivan, Economist
Sullivan supports data management and analysis of the National Mortgage Database, focusing primarily on the National Survey of Mortgage Originations. She graduated from the University of Maryland with a B.S. in economics, focusing on public policy and statistical modeling. She came to the NMDB team from her role as a research assistant at the University of Maryland. In that role, she managed databases consisting of economic, demographic, and voting data.
Nayantara Hensel, Ph.D., Associate Director
Dr. Nayantara Hensel has worked extensively on a variety of research and policy projects. She and her team have focused on the impact of economic factors on growth and risk in single family and multifamily housing markets at metropolitan, regional, and national levels (including underserved markets), as well as have analyzed Enterprise risk exposure in these areas. She has been involved in a number of policy initiatives, including leading the affordable housing goals team in developing the proposed rule for the Enterprises affordable housing goals for 2015-2017 and in playing a key role in the development of the actual rule. She previously served as the Chief Economist for the Department of the Navy where she provided economic guidance and forecasts on economic factors (interest rates, commodities and strategic materials, exchange rates, etc.) and played a significant role in defense industrial base issues (mergers and international supply chains and defense trade, etc.) and in the development of the Department of the Navy budget. She co-directed several teams in the acquisition policy development of the Better Buying Power Initiative. In the private sector, Dr. Hensel served as Senior Manager and chief economist for Ernst & Young’s litigation advisory group, where she played a significant leadership role in the Enron bankruptcy, as well as in other cases involving mutual funds, IPO’s, etc. She has taught at Harvard University, the Stern School of Business at New York University (NYU), the Naval Postgraduate School (where she headed the MBA Finance program), and National Defense University (where she developed and led the defense industrial base curriculum), and has also served as Research Fellow at NBER and as the Pentagon Scholar in Residence. Dr. Hensel was awarded the Department of Defense Joint Civilian Service Commendation Medal in 2013. She received her B.A., M.A., and Ph.D. from Harvard University, where she graduated magna cum laude and Phi Beta Kappa and specialized in economics and finance. Dr. Hensel authored
The Defense Industrial Base: Strategies for a Changing World (which has been published in hardback, paperback, and Kindle), as well as has written over 60 articles and research reports. She has published on efficiency in international banking, IPO pricing, defense mergers, and strategic materials in journals such as the
Review of Financial Economics, the
International Journal of Managerial Finance, Business Economics, the European Financial Management Journal, the
Journal of Financial Transformation, and Harvard Business School Working Knowledge, etc. She chaired the National Association for Business Economics (NABE) Outlook and Industry Forecasting Surveys and served on the Board of Directors for NABE and the National Economist Club (NEC). Dr. Hensel is an elected member of NBEIC, the Conference of Business Economists, and the Exchequer Club and has appeared on CNBC, PBS, Fox Business TV, Voice of America, and Reuters TV, as well as has conducted a variety of radio interviews on ABC, CBS, NPR, Wall Street Journal Radio, Bloomberg Radio, AP, etc.
Michael Groarke, Senior Policy Analyst, MBA
Michael Groarke has extensive experience in single family and multifamily housing markets, as well as in affordable housing. He has played an important role in teams focusing on housing research and policy development, and in the development of affordable housing goals for the Enterprises. He previously worked at HUD, with the CIA, and with several other government agencies and firms. He received his undergraduate degree in economics from Columbia University and his MBA from the business school at the College of William & Mary.
Alex N. Bogin, Ph.D., Senior Economist
Bogin is responsible for developing historically-based shocks to several key market risk factors including interest rates, implied volatility, and option-adjusted spreads. These risk factor shocks will be incorporated into a proposed revision to the market risk based capital rule for the Federal Home Loan Banks. Alex has expertise in urban economics, applied econometrics, and financial modeling. Recent publications include “Generating Historically-Based Stress Scenarios Using Parsimonious Factorization" 2013; “No Base Left Behind: The Impact of Military Base Closures on Educational Expenditures and Outcomes" 2013; and “Winning Pays: High School Football Championships and Property Values" 2013. Alex joined FHFA in 2012 after graduating from Syracuse University with a Ph.D. in Economics.
Rasheed Bracey, MBA, AMP, Financial AnalystRasheed joined FHFA as a financial analyst after graduating from Saint Louis University with an MBA in Finance and Strategy, in 2015. Rasheed assists OPAR in the areas of capital market analysis. Prior to FHFA, Rasheed worked at various organizations including Invest Atlanta, focusing on economic development and investment strategy.
Chi-Cheol Chung, Senior Financial Analyst
Chung is responsible for leading research on the housing affordability. Recently he published a research paper on a new home affordability estimate. At FHFA, he serves as an expert in data and modeling, credit and market risk assessment, risk-based capital framework and policy analysis including FHFA’s Neighborhood Stabilization Initiatives. Prior to FHFA, he worked at various organizations including Fannie Mae, Freddie Mac and Barclays, focusing on fixed income capital markets and market risk management. He received a business degree from the University of Virginia with concentration of finance, economics and marketing.
Will Doerner, Ph.D., Supervisory Economist
Doerner leads a team that focuses on topics like mortgage collateral and market trends. His group is responsible for House Price Index (HPI) production and related research. He has published over a dozen articles in academic journals on a range of topics like finance, housing, property taxation, and policing. Several papers have received “best paper” recognitions from professional organizations and publisher. He has received teaching awards for university courses that he designed and taught on housing markets and land use regulations. His work has been covered by major news outlets, trade associations, and think tanks. Will brings a combination of practical and academic experiences that include being appointed as a Commissioner for the Prince George's County Planning Board, serving on the Hyattsville Planning Committee, and working in property appraisal and valuation for both state and county agencies in Florida. He holds a Ph.D. in Economics (Florida State University), M.S. in Economics (Florida State University), and a B.S. in Mathematics-Economics and Urban Studies (Furman University).
Debra Fuller, ABD, Principal Financial Engineer/Economist
Fuller is a responsible for managing research projects from data collection, validation and loading into QRM, 3rd party vendor behavioral model and term structure and other assumptions set-up and validation, resolution of IT/vendor issues, including debugging and RAM and disk space issues, and validation and analysis of vendor and proprietary FHFA model results. Debra also is responsible for documentation of aforementioned processes and writing of white papers and presentations. She has expertise in SAS, default/prepayment modeling, market risk, credit risk, and project management. Published work includes “Economic Impact Analysis of the Port of Tampa," USDA white papers, FHFA Risk-based Capital Rule and an FHFA Countercyclical working paper. She has earned a BA International Relations/Spanish (University of South Florida), MS Economics (University of Florida), and was a Ph.D. Candidate ABD (University of Miami). Several FHFA awards, including the Director's Award for work on principal forgiveness.
William D. Larson, Ph.D., Senior Economist
Larson has established a diverse portfolio of high quality research, which includes publications in the Journal of Monetary Economics, Journal of Urban Economics, Real Estate Economics, and The Proceedings of the National Academy of Sciences since completing his Ph.D. in 2011 at the George Washington University. At FHFA, he serves as an expert in house price indices, urban and regional economics, and the economics of natural disasters. Prior to his arrival, he worked at the Washington Post in the Research and Analytics department, and at the Bureau of Economic Analysis in the Office of the Chief Statistician. He is an active member of the American Real Estate and Urban Economics Association, the Regional Science Association, and the Urban Economics Association.
Nataliya Y. Polkovnichenko, Ph.D., Senior Economist
Polkovnichenko conducts research on the effects of new capital requirements as applicable to the Federal Home Loan Banks. Recently she has been involved in the research project analyzing the effect of any regional aggregation bias in applying House Price Index shocks to countercyclical stress tests used to set credit risk based capital requirements. She has also worked on estimating prepayment model error, which is one of the potential inputs in the new risk based capital requirements for market risk. Before joining FHFA, she was a finance instructor at the University of Minnesota and a senior lecturer in finance at the University of Texas at Dallas. Nataliya received a Ph.D. in Business Administration with specialization in finance from the University of Minnesota and an M.S. degree in mathematics and mechanics from Moscow State University.
David Roderer, Senior Financial Analyst
Roderer is responsible for the Annual Guarantee Fee Report and the Monthly Interest Rate Survey. Over the last four years he has worked extensively on finding the appropriate level of guarantee fees. He has been with the FHFA and FHFB for 11 years in the Office of Policy Analysis & Research and the Division of Bank Regulation. Before that he worked for the OCC for ten years, in Economics and Compliance. He has a B.A. in Mathematics from Macalester College.
William Shen, M.R.P., Principal Policy Analyst
Shen focuses on housing finance policy and policy research. From 2012 to 2013, he was on detail assignment to the U.S. House Financial Services Committee, where he assisted with drafting housing finance reform bills. More recently, he has studied the single-family rental market, developed and reviewed credit risk transfer transactions, represented FHFA on the intergovernmental Financial Stability Oversight Council (FSOC), and provided technical assistance on proposed legislation and federal regulations. Before joining FHFA in 2012, he served at the Department of the Treasury and at the U. S. Senate's Congressional Oversight Panel for the TARP. Earlier, he spent five years at HUD, where he founded and led a new office charged with rehabilitating public housing authorities in federal receivership, and later served as the Senior Advisor to the President of Ginnie Mae. Prior to HUD, he worked in commercial real estate finance and development at the financial services firm Legg Mason. He holds a B.A. in government from University of Virginia and a Master of Regional Planning from the University of Pennsylvania, with a curriculum that combined training in urban planning at its School of Design and real estate finance at its Wharton School.
Jessica Shui, Ph.D., Economist
Shui joined FHFA as a junior Economist after graduating from the University of California at Berkeley with a Ph.D. in Economics in 2016. During her graduate study, she has worked on topics in behavior economics and real estate economics with applications in real estate brokerage service. Her recent research mainly focuses on the economic implications of real estate appraisals and geographic variations of add-on value of house hedonics.
Ron Sugarman, Principal Legislative Analyst
Sugarman has more than 30 years of experience in federal housing finance programs. His recent work has focused on Fannie Mae and Freddie Mac guarantee fee policy analysis, Dodd-Frank implementation (credit risk retention and swap margin rules), writing a working paper on the National Survey of Mortgage Originations, writing part of the Enterprise capital rule, and international coordination. Prior to joining OFHEO (one of FHFA's predecessor agencies), he worked at HUD on the FHA and Ginnie Mae programs. He earned his B.A. in Quantitative Studies at Johns Hopkins University.
Date last updated: May 30, 2019
© 2019 Federal Housing Finance Agency