Housing Finance in Emerging Markets


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Housing Finance in Emerging Markets

  1. 1. 1 The World Bank Group 1818 H Street N.W. (202) 473-1000 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Washington, D.C. 20433 Cable Address: INTBAFRAD INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A. Cable Address: INDEVAS INTERNATIONAL FINANCE CORPORATION Global Conference on Housing Finance in Emerging Markets March 15-17, 2006 H Auditorium, World Bank, Washington, DC http://www.financelearning.org/housing2006/ Speaker Biographies Asare Akuffo Managing Director HFC, Ghana Mr. Asare Akuffo is currently the Managing Director of HFC Bank (Ghana) Limited (formerly Home Finance Company Limited). He has worked with the company since inception in 199O. He previously served in the positions of Financial Controller and Finance Director. Before joining the Company, he was an Investment Manager at Social Security & National Insurance Trust (SSNIT), the national pension fund of Ghana. He is a Graduate of the University of Ghana Business School and a Chartered Accountant by profession. At HFC, he was a key member of the pioneer management team that successfully implemented the US$24 million housing finance component of the International Development Association (IDA) financed Urban II project (1990 - 1996). As Finance Director, he successfully managed the issue of a total of US$18 million 5-year mortgage bonds listed on the Ghana Stock Exchange. He was also responsible for the company's funds management subsidiary, which managed 3 mutual funds. He led the team that prepared the bank for the commencement of universal banking business in November, 2003. Wolfgang Amann Institute for Real Estate, Construction and Housing, Austria Dr. Amann works at the Institute for Real Estate, Construction and Housing, Austria; he also serves as a lecturer at the course of graduate studies for Real Estate Economy, Vienna, and at Centre for Architecture, Construction and Environment at Donau-University, Krems. He is handling numerous research and consultant projects in real estate, social housing and construction. Dr. Amman has authored more than 130 scientific publications, serves as an expert consultant for the Austrian Parliament; and has spoken at numerous international conferences. From 1989-1991, Dr. Amann served as consultant for EXPO Vienna ’95, in its preparation of the urban competition for the expected World Exhibition 1995. From 1989-1996 he wrote as a freelance journalist for different special interest magazines in real estate. From 1991-1994 he worked at the “Synthesis” Research Institute, Vienna, as head of housing and urban research unit; and in 1994 they founded the “Bureau Amann Research” for projects in housing research and urbanism. He became Managing Director of FGW FGW – Research Institute for Housing, Building and Planning, Vienna (association, www.fgw.at) in 1997, and the institution changed its name to I..IBW IBW – Institute for Real Estate, Construction and Housing Ltd. In 2005. Guillermo Babatz Director General Sociedad Hipotecaria Federal, Mexico Guillermo Babatz has been the Director General (CEO) of Sociedad Hipotecaria Federal (SHF) since December of 2002. SHF is a government owned financial institution with the mandate to foster the development of primary and secondary mortgage markets through the issuance of credit and guarantees. Prior to his work with SHF, Babatz served as General Director of Securities and Insurance Markets with the Ministry of Finance and Public Credit, Mexico from December of 2000 to November of 2002. There he was responsible for the regulation of Insurance and Securities markets, and of the privatization of AHISA, a life insurance company. Babatz also worked as the Director of Domestic Debt Management with the Ministry from February 1998 to November of 2000, where he was responsible for the issuance and management of domestic government debt.
  2. 2. 2 Babatz holds a Ph.D. in Economics from Harvard University. In addition he received his BA in Economics from the Instituto Technológico Autónomo de México where he graduated Suma cum laude. Babatz went on to also lecture courses at the Instituto Tecnológico Autónomo de México. He has earned two Banamex National Economics Awards in the Research and BA Dissertation categories. Walter Bayly Chief Financial Officer Banco de Credito, Peru Walter Bayly joined Banco de Credito BCP in May 1993, and he has been the Chief Financial Officer at Credicorp since April 2004. He is responsible for the finance and risk management departments at the company, as well as BCP's subsidiaries. Prior to becoming CFO, Mr. Bayly managed several departments within the company, including Corporate Finance, Corporate Banking, Systems and Technology as well as Investment Banking. From 1990 to 1993, Mr. Bayly worked at the Casa de Bolsa de Mexico as Vice President. From 1980 to 1990 he was employed by Citibank, in the Lima, New York, Mexico City and Caracas offices, mainly in the Corporate Finance and Syndicated Loans areas. Walter Bayly graduated from Universidad del Pacifico with a degree in Business Administration. He holds a Masters in Finance from the Arthur D. Little School of Management Education Institute in Cambridge, Massachusetts. Roger Blood Senior Associate Mercer Management Consulting Inc. Mr. Blood provides consulting services mainly relating to mortgage default insurance in the U.S. and internationally. Since 1990, Mr. Blood has served as Senior Associate at Mercer Management Consulting. Previously, Mr. Blood served as Senior Vice President - Risk Management for a U.S.-based mortgage insurance firm. His responsibilities included product development, underwriting and claims management, pricing, and related regulatory matters. Mr. Blood has worked with MICA, the U.S. mortgage insurance industry trade association, since its founding in 1973. He also served on the Fannie Mae Advisory Board, Southeast Region. As a consultant, Mr. Blood has performed mortgage default insurance-related assignments for government and private clients in Argentina, Canada, the Dominican Republic, India, Israel, Kenya, Mexico, New Zealand, Poland, Thailand, Russia, the United Kingdom and the U.S. Mr. Blood holds an MBA degree from Wharton. He has published articles on mortgage risk and insurance and has co-authored a book entitled The Private Insurance of Home Mortgages. Michael Bookstaber Senior Financial Specialist International Finance Corporation Michael Bookstaber is a Senior Housing Finance Specialist at the International Finance Corporation (IFC), part of the World Bank Group. Mr. Bookstaber joined IFC in September 1998. He has been involved in mortgage-related transactions in Latin America Region as well as housing finance projects in Russia, Ukraine, Kazakhstan, Korea, and, currently, in Sub-Saharan Africa. Prior to joining IFC, Mr. Bookstaber worked at Fannie Mae for eight years. During that time, he worked primarily in the single family guaranty business, and in the Office of the Vice-Chairman. Previously, Mr. Bookstaber has worked as an investment banker at Alex. Brown & Sons in Baltimore, doing mortgage- backed securitization deals for both the residential and commercial sectors. He also has consulting experience in mortgage loan portfolio, mortgage servicing portfolio and general corporate valuation assignments, and thrift/bank M&A. International experience includes tenure in the mortgage-banking department at the Bank of Israel. Early in his career, Mr. Bookstaber worked at the former FSLIC, the then insurance agency and regulator for the savings and loan industry. He earned a BA from Yeshiva University in mathematics, and an MS in operations research at New York University, New York. He holds the Chartered Financial Analyst (CFA) designation. Wladyslaw Jan Brzeski Senior Urban Specialist, ECSIE World Bank W. Jan Brzeski is Senior Urban Specialist at the World Bank. He has worked with housing finance reforms since their beginning in Poland in early 1990s and continued to be involved in various areas of housing, land and real estate reforms in his home country and other transition countries. He acted as senior advisor to Poland's reformist government, acted as deputy mayor of Krakow, started think a tank for development of
  3. 3. 3 mortgage finance, and another for development of real estate markets. He tought housing, land and real estate economics at several universities, and published and participated at numerous conferences. Prior to joining the Bank he was senior advisor to Lithuania's government on development of national housing strategy. His latest co-authored report at the Bank is: "Rental Choice and Housing Policy Realignment in Transition: Post-privatization Challenges in the ECA Region". Robert M. Buckley Lead Economist, TUDUR World Bank Robert Buckley is Housing Advisor at the World Bank. He has worked in more than 45 countries, helping to develop projects and undertaking studies. Robert has published widely; some recent studies are: Thirty Years of World Bank Shelter Lending: What Have We Learned (2006), The World Bank Annual Review of Development Effectiveness (1999), Housing Finance in Developing Countries (1997) ; some recent articles: "Mortgage Credit Risk in EU Countries: Constraints on Exploiting the Single Currency Market," European Journal of Law and Economics, (2006); and "Housing Policy in Developing Countries: Conjectures and Refutations," World Bank Research Observer (2005). Prior to joining the World Bank, Robert taught at the Wharton School, and Syracuse University, and also worked at the United States Department of Housing and Urban Development, where he was Chief Economist. Cesare Calari Vice President, Financial Sector World Bank Cesare Calari is the Vice President of the Financial Sector at the World Bank and head of the Financial Sector Network. Prior to joining the Bank in 2001, he held a number of appointments at the International Finance Corporation since 1982, including Director of the Africa Region and Director of the Global Financial Markets Group. In this capacity, he was responsible for coordinating the IFC's investment and advisory operations in financial markets and institutions worldwide and served as a member of the IFC's Corporate Investment Committee. Mr. Calari has served on several corporate boards including Moneda Asset Management in Chile, Zivnostenska Banka in the Czech Republic, Nomura in Hungary, and International Bank in Poland. He has experience in law practice, and holds degrees in Law and Economics from the University of Bologna and Johns Hopkins University. Manuel Campos Spoor Chief Executive Officer Hipotecaria Su Casita, S.V. Manuel Campos is Vice President and co-founder of Su Casita, one of Mexico's leading mortgage banks. Su Casita, Mexico's second largest Sofol, was established in 1994. Mr. Campos has said that "the goal of the SOFOL industry is to make financing available to every Mexican family that wants to buy a home." "Our challenge--he added--is to build the bridge between capital markets and homebuyers." Mr. Campos is a graduate of the Sloan School of Business at the Massachusetts Institute of Technology. Mauricio Cardenas Director Fundación para la Educación Superior y el Desarrollo (Fedesarollo), Colombia Mauricio Cárdenas is currently Director of Fundación para la Educación Superior y el Desarrollo (Fedesarollo) in Colombia. Previously, he was President of Titularizadora Colombiana, an IFC- sponsored initiative in order to develop Colombia's secondary mortgage market. Between 1998 and 2000 he was Minister of Transportation and Director of National Planning of the Republic of Colombia. He also served as Minister of Economic Development in 1994 and as General Manager of the Empresa de Energía de Bogotá in 1993. He also has an extensive academic career associated with Fedesarrollo (Colombia's leading think-tank), where he has held a variety of positions including Executive Director between 1996 and 1998. Since 1992 he has taught at the Universidad de los Andes, where he earned his master and undergraduate degrees. Mr. Cardenas holds a Ph.D. degree in Economics from the University of California, Berkeley. Loic Chiquier Lead Housing Finance Specialist, Operations and Policy Department World Bank Loic Chiquier is the Lead Housing Finance Specialist in the Financial Sector Operations and Policy Department of the World Bank. Mr. Chiquier has extensive experience in housing and urban policy issues, development of primary and secondary mortgage markets, reform of housing finance institutions, low- income housing policy instruments, mortgage credit guarantees, legal and regulatory environment, etc. His
  4. 4. 4 country work experience includes Algeria, Brazil, Colombia, Egypt, Iran, Ivory Coast, Jordan, Mexico, Morocco, Nigeria, Peru, Ukraine, and Russia. Prior to joining the World Bank, Mr. Chiquier worked as Advisor for Housing Finance Reforms to the Government of Poland, and as Head of Crédit Foncier International (subsidiary of a French bank providing international technical assistance) and director for Eastern Europe of this bank. Mr. Chiquier holds degrees from Ecole Polytechnique, France; DEA of Macro-economic Analysis and Policy from Ecole Normale Supérieure; and Master Degrees in Finance from Ecole Nationale des Ponts et Chaussees in International Relations from the Institut des Sciences Politiques de Paris. Adrian Coles Secretary-General, International Union of Housing Finance, and Director-General UK Building Societies Association A graduate of both Nottingham and Sheffield Universities with degrees in Economics, Adrian Coles joined the Building Societies Association in 1979 as an Economist. After various appointments he became Director-General in 1993. Mr Coles has extensive experience of analysing housing and mortgage market trends in the UK, and other countries, and in his current role is responsible for leading the BSA's 30 staff in representing the views of the UK's 63 building societies (customer-owned mortgage lending and deposit- taking institutions) to the government, regulators, the central bank, Parliament and the media. He frequently addresses seminars and conferences, both in the UK and overseas, on housing, savings, mortgages and mutuality, and has often appeared on radio and television. Mr. Coles takes a keen interest in international developments and is Secretary General of the International Union for Housing Finance, and a member of the Executive Committee of the European Mortgage Federation. The International Union is a 50-country, 150-member organisation of mortgage lenders dedicated to information exchange and the spread of good practice. It publishes two journals on a regular basis, maintains a web site, and organises a World Congress - attracting 300+ delegates - every two years. Mr. Coles has undertaken a number of roles in the social housing sector, and was Chairman of a large housing association (a not-for-profit provider of subsidised lower income housing) in the early 1990s, and a member of the board of the Housing Ombudsman (which resolves complaints from housing association tenants about their landlords) between 2001 and 2004. Between 1994 and 2004 Mr Coles was on the board of the Money Advice Trust, a charity seeking to ensure that those who had difficulty in repaying their loans had access to free and confidential advice. Between 2003 and 2005 Mr Coles lead a review of corporate governance standards in the UK's co-operative sector. Cas Coovadia Managing Director Banking Association, S.A. Cas obtained his B.Com from the University College - Durban in 1971. He completed the Housing Finance Course with the Wharton Real Estate Centre at the University of Pennsylvania. He also completed the Effective Directors Programme with the Kagiso School of Leadership. He has contributed to numerous articles and publications on housing finance, civil society, local government and the role of civic organisations in governance. Cas became involved in anti-apartheid politics in the early 1980's. He was very active in the civic movement, starting in Laudium, Pretoria in 1980. He was the leading force in the establishment of the White Blocks Residents Association in Laudium during 1980. This was the first organized civic body in the country and mobilized low-income people around their day-to-day issues. Cas subsequently was instrumental in the formation of the Civic Association of Johannesburg, which was the trailblazer in negotiations around the restructuring of local government in the early 1990's. The Civic Association of Johannesburg, which included the Soweto Civic Association, Alexandra Civic Organisation, Lenasia Civic Association and others, was the central party from the Mass Democratic Movement in negotiations around the restructuring of the Johannesburg Metropolitan Council. Cas was General Secretary of the Civic Association of Johannesburg and led the negotiations. Cas was also instrumental in the formation of the South African National Civic Organisation and was its Vice-President. Cas played a critical role in the United Democratic Front (UDF) and was leading its Johannesburg Area Committee. He also played a critical role in the defiance campaign during the mid 1980's. Cas served 4 periods of detention at Modderbee Prison in Benoni, Pretoria Central Prison, John Vorster Square and Diepkloof Prison. His longest period of detention was 7 months. Cas is currently the Managing Director at the Banking Association South Africa. Cas is responsible, at a strategic and policy level, for Low Income Housing, Micro Finance, SMME Finance, Organised Business, as well as lobbying and Government interaction. Cas also manages the SADC Banking Association, made up of the national associations of banks from SADC countries. He is responsible for the activities of three General Managers in the areas of market conduct and local government. Cas has played a
  5. 5. 5 central role in the negotiations leading to the signing of the Financial Services Charter and is playing a critical role in the implementation of agreements reached in the Charter. Cristina Costa Head of Capital Markets European Mortgage Federation Ms. Costa serves as Head of Capital Market Development within the European Mortgage Federation. In this position, she is responsible for research and analysis of the evolution, securitization, market development, and obligations, within the European union and of each country member. Ms. Costa specializes in the statutory framework and capital markets in the European Union. Before rejoining the Federation in the spring 2003, she worked for the investment bank Dresdner Kleinwort Wasserstein in London. Ms. Costa holds a degree in Economics from Georgetown University (Washington DC), and of a Masters in Finance from the university SDA Bocconi of Milan. Ibrahim Mahmoud Daher Managing Director Jordan Mortgage Refinance Corporation Mr. Daher serves as Managing Director of the Jordan Mortgage Refinance Corporation. In this context, he also serves as Representative of the Central Bank of Jordan in JMRC's Board of Directors; member in the Board of Directors of the Housing and Urban Development Corporation (Governmental Institution). JMRC is the only Company in the country working in the secondary mortgage market: it refinances mortgage loans lent by the banks, and issues bonds in the capital market. Mr. Daher has more than 30 years’ experience in banking. Prior to accepting his current position, Mr. Daher served as a Branch Manager for nearly 8 years; as Executive Manager in the fields of Housing Finance for nearly (12) years, and credit risk for nearly (2) years. Mr. Daher was honored by his Majesty King Hussein of Jordan in 1989 with the Independence Medal- 3rd category. He holds a higher diploma in Education, and a Bachelors of Science in Business Administration. Franck Daphnis President Development Innovations Group Franck Daphnis is currently the President and CEO of the Development Innovations Group (DIG). He is an experienced and recognized leader in microfinance, housing finance, and urban development. He has helped to create and has overseen microfinance and housing finance porgrams in more than twenty countries around the world, and has worked extensively in Central and South America, the Caribbean, the Middle East, Eastern Europe, Africa and in Asia. Mr. Daphnis has authored and edited several publications on housing microfinance, including Housing Microfinance: A Guide to Practice (Kumarian Press, January 2004.) Pierre David Directeur Exécutif Canadian Mortgage and Housing Corporation Pierre David is Executive Director of CMHC International, Canada Mortgage and Housing Corporation's division in charge of international activities, and is a member of its Management Committee. Incorporated in 1946, CMHC is a Crown corporation that helps Canadians find safe and affordable housing by providing them with products and services on housing finance, research and the development of housing policy. Mr. David has worked on the international stage for over 30 years. In the past five years, he has played an instrumental role in the development of several projects related to the housing industry in China, India, Thailand, United Kingdom, Central America, Eastern Europe, Algeria, Egypt, Palestine and Mali. Prior to joining the ranks of CMHC, Mr. David held several positions in Canada and abroad for the Canadian International Development Agency (CIDA). He was Director General of the Industrial Cooperation Program, which supports efforts by the Canadian private sector in emerging and developing countries. He was also Counsellor and Consul as well as Regional Director for West Africa at the Canadian Embassy in Abidjan, Ivory Coast, from 1987 to 1990. Mr. David holds a Bachelor's degree in Business Administration and an MBA in International Administration from the École des hautes études commerciales de Montréal and is on the Executive Committee of the International Union of Housing Finance.
  6. 6. 6 Juan P. De Mollein Director & Team Leader, Latin America/Emerging Markets Structured Finance Standard & Poor's Juan P. De Mollein is a Director and Team Leader in the Latin American/Emerging Markets Group of the Structured Finance Department at Standard & Poor's. Juan is based in New York and supervises a team of credit and financial analysts based in Mexico City, Buenos Aires and Sao Paulo. He is the regional responsible for business development, client and analytical management for Latin American markets. Juan is the product specialist for RMBS, ABS, and Servicer Evaluations and in addition, he manages client's relationship in the EEMEA region (Eastern Europe, Middle East and Africa), being actively involved in developing infrastructure and identifying and screening new business opportunities. Juan's responsibilities also include publishing rating criteria and research articles, and speak at industry conferences and seminars. Juan participates in work teams that are in charge of the creation and development of new financial products, such as pre-rating services, and he is a member of Standard & Poor's Customer Service Councils. Before joining Standard & Poor's in New York, Juan worked for six years in the office of Standard & Poor's in Buenos Aires as lead structured finance analyst for South American transactions. Previously, he worked at Risk Annalysis, an Argentine Rating Agency, and for the government of Argentina at the Secretary of Economics. Juan holds a Bachelors of Arts degree in Economics (graduated Cum Laude) from Universidad Catolica Argentina (Buenos Aires, Argentina) and a Masters in Finance, Emphasis in Capital Markets, from Universidad del CEMA (Buenos Aires, Argentina). Juan is fluent in English, Portuguese and Spanish. Douglas Diamond Independent Consultant Dr. Diamond has spent 17 years as a full-time independent consultant specializing in housing and housing finance issues in developing countries. He has worked in all parts of the world, including extensively in European countries transitioning from communism, including Armenia, Estonia, Hungary, Kazakhstan, Lithuania, Poland, Russia, Slovakia, and Ukraine; in Africa (Ghana, South Africa, Tanzania); Asia (India, Indonesia, Pakistan, Sri Lanka, Mongolia, Vietnam); the Middle East (Egypt, Israel, Jordan, Saudi Arabia, Gaza/West Bank), Latin America (Brazil, Chile, Suriname) and the Caribbean (Barbados). His expertise derives from this wide range of experience in developing countries and from long involvement in all aspects of U.S. housing research, including as a policy analyst at HUD and professor of Economics. He holds a Ph.D. in Economics from the University of Chicago. His E-mail address is DDiam3228@aol.com. Kenroy Dowers Principal Financial Specialist, and Head of Housing Finance International Finance Corporation Hans-Joachim Dübel Housing Finance Specialist FINPOLCONSULT.DE Achim is an independent international consultant based in Berlin and founder of the financial sector policy think tank Finpolconsult.de. In this function, he provides economic analysis and advice on the legal, regulatory, fiscal and social aspects of global financial sector development, with a special focus on mortgage finance. His clients include international organisations, governments, trade associations and the private sector. Achim has also broad international work experience in Europe, North America, Transition countries, Latin America, Asia and Africa. Achim was on the staff of the Financial Sector Development Department of the World Bank in Washington, DC, as a senior financial economist from 1998 to 2000. In this position he advised emerging economies on mortgage and capital market policy issues. From 1991 to 1998, he worked for empirica, an economic think-tank based in Bonn and Berlin, as a senior economist focussing on mortgage finance, housing and urban development policy, regional economic development, and evaluating large commercial real estate investment projects. Achim has been an advisor for the Association of German Mortgage Banks (now Pfandbrief Banks) on international regulatory affairs since 1993. In this function he undertook in 1995 the first econometric model based commercial credit risk analysis outside the U.S. that contributed to the change in regulatory approach in banking towards risk-based capital requirements. In 1997, he published the first internationally comparative analysis of mortgage prepayment risk. In 2003, Achim co-authored the Mercer, Oliver, Wyman study on Financial Integration in the EU for the European Mortgage Federation. He has also been advising in 2005 on the London Economics Study for the EU Commission on the efficiency of European mortgage markets.
  7. 7. 7 Achim holds a diploma degree in economics from the University of Bonn and a post-graduate degree from the German Development Institute, Berlin. He also studied in Buenos Aires/Argentina. Douglas G. Duncan Senior Vice President, Research and Business Development, and Chief Economist Mortgage Bankers Association Douglas G. Duncan is Senior Vice President/Chief Economist at the Mortgage Bankers Association (MBA). As leader of MBA's Research and Business Development Group, Duncan is responsible for providing economic and policy analysis services in the areas of real estate finance, legislative and regulatory proposals and industry trends for MBA and its members. He also oversees the Education products and services of the Association as well as its Industry Technology committees and standards efforts. He has oversight responsibility for the Research Institute for Housing America, the Mortgage Industry Standards Maintenance Organization, the Secure Identity Standards Accreditation Corporation, and Lenders Technology Corporation. Since joining MBA in 1992, Duncan has served as director and senior director of MBA's research group. During his tenure in these positions, Duncan broadened and deepened MBA's understanding of mortgage market and mortgage company data for purposes of policy analysis and industry economic analysis including company performance benchmarking. Duncan also oversees mortgage industry technology initiatives and standards development including the development of data standards, electronic mortgages and secured electronic transactions technology. Prior to joining MBA, Duncan, served as a LEGIS fellow with the U.S. House of Representatives Committee on Banking, Finance, and Urban Affairs. Duncan received his doctorate from Texas A&M University, B.S. and M.S. degrees from North Dakota State University, and A.A. from Fergus Falls Community College. Debra Erb Director, Housing Programs Overseas Private Investment Corporation, USA Debra Erb is Director of Housing Programs for the Overseas Private Investment Corporation, a U.S. government corporation focused on supporting U.S. investment in developing markets. In this capacity, she is responsible for program development, investor development and marketing, as well as credit structuring and analysis for housing sector projects. Ms. Erb has over 20 years' direct experience in mortgage lending in the U.S. plus 8 years of international housing finance experience. Her international experience includes President of Mortgage Finance International, a boutique consulting company that worked with all aspects of mortgage finance in emerging markets. She was also President of Societas - International Institute for Real Estate Finance, a non-profit organization based in Washington D.C. Ms. Erb served at the Mortgage Bankers Association of America as Senior Director - MBA International, responsible for international membership development and liaison between international and U.S. mortgage banking companies and organizations. In addition, she managed MBA's international conference operations and the International Mortgage Institute. Ms. Erb has managed or worked on projects in Indonesia, Dominican Republic, Honduras, Nicaragua, Algeria, Mexico, Brazil, Russia, Poland and China. She holds a Master's Degree in Public Administration (International Non-Profit Management) from George Mason University, and a B.A. in International Business Communications from the same university. Clarisa Estol President Banco Hipotecario, Argentina Clarisa Estol is the Chairwoman of Banco Hipotecario S.A. (BH) since May 2003. Previously she was Executive Director of BH since its privatisation in 1999. During her management, the bank completed an exchange offer concluding the Bank's voluntary debt restructuring of approximately US$ 1.2 billion of liabilities. At present she is also Director of Quantum Dolphin, Cresud - one of the top agricultural companies in Argentina and the only one quoting on the Buenos Aires Stock Exchange and in the Nasdaq -, Director of ADEBA (Association of Argentina Banks), ABAPPRA (Association of Argentina Privates Banks) and IDEA. Prior to that, Mrs Estol was Managing Director of Dolphin Fund Management; since 1994, and CFO of IRSA (a leading real estate company in Argentina) and Cresud. She has a degree (Hons) in Economics at the University of Buenos Aires and a Master of Science in Management from the Massachusetts Institute of Technology (MIT), USA.
  8. 8. 8 Prof. Richard K. Green Oliver T. Carr Jr. Chair in Real Estate and Finance, and Associate Dean for Graduate Business Programs George Washington University Richard K. Green, Ph.D., joined The George Washington University School of Business in 2004 as the Oliver T. Carr, Jr., Chair of Real Estate Finance. He pursues an active research agenda and teaches graduate-level courses. His research addresses housing markets, housing policy, tax policy, and home ownership issues. He is a member of two academic journal editorial boards, and a reviewer for several others. Prior to his tenure at GW, Dr. Green taught real estate finance and economics courses for 12 years at the University of Wisconsin-Madison, where he was the Wangard Faculty Scholar and Chair of Real Estate and Urban Land Economics. In 1995, Dr. Green was honored as "Teacher of the Year" by the University of Wisconsin Graduate Business Association. Dr. Green earned his Ph.D. and M.S. in economics from the University of Wisconsin-Madison. He earned his A.B. in economics from Harvard University. Sanjeev Gupta Chief Executive Officer Aflife/Sanlam Investment Management, Emerging Markets Mr. Sanjeev Gupta is the Managing Director –Emerging Markets for Sanlam Investment Management (SIM), which is the Investment Management arm of SANLAM, one of South Africa`s largest & premier financial services group. Sanjeev has spent the last 15 years in the African region and has in depth experience in setting up and managing businesses in emerging and pre-emerging economies within the African region, initially as an Audit and Business Services Manager with PWC, and then in various roles within the current group. He has developed a deep knowledge of the issues surrounding domestic savings in the region and the related difficulties in finding viable investment opportunities in order to deliver on return expectations. Sanjeev is a Member of the SIM Executive Committee and of the various Boards of the subsidiary companies of the group in the region as well as Member of the Board and the Advisory Committee of Kingdom Zephyr-one of Africa`s largest Private Equity Funds supported & funded by the IFC, FMO & the Kingdom Group among others. He is based in Johanesburg, South Africa and his key focus areas currently includes driving aggressively an expansion into the Africa Region & India of the Group’s fund management business and seeking business partners and strategic alliances as appropriate Sanjeev is 39 years old and grew up in India. He is a Fellow of the Indian Institute of Chartered Accountants and a Member of the Investment Analysts Society of South Africa. During his professional career Sanjeev has spent a great deal of time liasing with various Global DFIs, global fund managers and private equity players. This enables him to provide a rare insight into the working of the life, pensions and savings industry in Africa and how best to harness these forces that are being unleashed as a result of increasing reforms and market driven economics in the developing world. He has traveled extensively in Africa, Europe, USA and of course India and presented papers in related topics across these regions. Alberto Gutiérrez Bernal President Titularizadora Colombiana Mr. Gutierrez is the President of TITULARIZADORA COLOMBIANA, an organization specialized in the securitization of home mortgage loans in the Colombian market. In its 5 years of operation, Titularizadora has become the Latin-American regional leader in mortgage securitization having introduced innovative products such as the securitization of non-performing loans. Before Titularizadora, Mr. Gutierrez worked for 12 years in Banco Colmena, as President. Banco Colmena has been one of the leading banks in home financing in Colombia, having focused its business mainly in the lower income family's mortgage market. Following, Mr. Gutierrez became President and Partner of Finac, a consulting firm specialized in the development of models for the analysis and evaluation of mortgage loan risk. Mr. Gutierrez is a Civil Engineer with a Masters in Business Administration from the Universidad de los Andes in Bogotá, where he currently acts as President of the Board of Directors. Britt Gwinner Lead Specialist/Market Risk Management, FINCF World Bank Britt Gwinner has worked in two area for the World Bank: the development of mortgage finance for World Bank client countries; and on risk management and financial policies for the Bank's own balance sheet. His country experience includes Colombia, Mexico, and Russia. Prior to joining the Bank in 1998, Mr. Gwinner developed prudential capital rules and models for OFHEO, the regulator of Fannie Mae and Freddie Mac, and the Federal Housing FInance Board, the regulator of the Home Loan Bank System. Mr. Gwinner has also worked as a consultant for Fortune 500 companies and the U.S. Government, on financial management
  9. 9. 9 and financial systems. Mr. Gwinner has an MBA in finance and a Masters in Public Policy from the University of Chicago, and a B.A. in Political Science and Economics from The George Washington University. Olivier Hassler Senior Housing Finance Specialist, Financial Sector Operations and Policy Department World Bank Olivier Hassler joined the World Bank in 2001 as a Senior Housing Finance Specialist, and has conducted missions in Algeria, Tunisia, Jordan, West Bank/ Gaza, Ivory Coast, Bolivia, Chile, Pakistan and Bangladesh. Previously, Mr. Hassler worked for many years at Crédit Foncier, a French financial institution specialized in mortgage finance, loans to local Authorities, and project finance. He was mainly in charge of the funding, capital markets operation and assets/liabilities management of the Company, the first issuer of mortgage bonds in France. He also had responsibilities in regulatory issues and in real estate portfolio management. Mr. Hassler holds a Master's degree in Economics and the Diploma of the Institut d'Etudes Politiques de Paris. Marja C. Hoek-Smit Director, International Housing Program Wharton School, University of Pennsylvania Marja Hoek-Smit is the Director of the International Housing Finance Program of the Wharton School Zell/Lurie Real Estate Center, and an Adjunct Associate Professor in the Wharton Real Estate Department and Department of City and Regional Planning of the University of Pennsylvania. Her work focuses on housing and housing finance policies, particularly for low-income groups, housing demand and affordability analysis, the development of monitoring and evaluation systems for urban housing programs, and training in housing finance, housing market development, and urban development. She has consulted with clients including the World Bank, International Monetary Fund, USAID, the United Nations, the Inter-American Development Bank, and directly for several governments and private financial institutions. Recent consulting activities include the development of a comprehensive housing strategy and subsidy system for the Government of Indonesia, urban housing market studies in Thailand, South Africa, Botswana and Tanzania, the development of participatory approaches for urban and housing development for the governments of Sri Lanka, Indonesia, and South Africa, and the analysis and/or design of alternative housing finance and subsidy programs for the governments of Brazil, Mexico, Indonesia, Barbados, Trinidad & Tobago, and Suriname. She has also prepared national strategies for housing finance training for the governments of Pakistan and India. Drs. Hoek-Smit is on the editorial board of Housing Finance International and a member of the Working Group on Housing Research of the World Bank. She has made numerous presentations to academic and professional organizations and has published widely. She completed her doctoral degree at the University of Amsterdam in 1971. Prior to teaching at the University of Pennsylvania, she taught at the University of Nairobi, Kenya. Jeffrey Jaffee Mortgage Programme Director Citi Financial Jeff Jaffee is the Mortgage Programme Director for the Citigroup Consumer Group in Europe, the Middle East and Africa (EMEA). He has been with Citigroup and predecessor companies for 22 years. Prior to relocating to London, he served as the National CRA/ Fair Lending Director for Citigroup in the United States where he was responsible for managing regulatory compliance with the Community reinvestment Act and Fair Lending laws. He was also responsible for managing Citigroup's relationships with various community groups interested in community development, mortgage results and lending practices. He was the Mortgage Sales Director for Citibank Florida and the Mid-Atlantic States, a mortgage sales manager in Chicago and Atlanta, and a financial center manager in Florida. Jeff also managed a project to help automate the mortgage sales process in the U.S. mortgage business for Citimortgage. Jeff is a 1982 graduate of Georgetown University where he majored in government. Renu S. Karnad Executive Director Housing Development Finance Corporation, and First Deputy President of the Executive Committee, International Union for Housing Finance Ms. Renu S. Karnad the Executive Director of the Corporation, is a graduate in law and holds a Master’s degree in economics from Delhi University. She has been employed with the Corporation since 1978 and was appointed as the Executive Director of the Corporation in 2000. She is responsible for overseeing all aspects of lending operations of HDFC.
  10. 10. 10 Eric Klopfer Vice President, Strategic Development and Regulatory Affairs GE Mortgage Insurance Mr. N. Kokularupan Chief Executive Officer Cagamas Berhad, Malaysia Mr. N. Kokularupan, Malaysian is the Chief Executive Officer of Cagamas Berhad, the National Mortgage Corporation in Malaysia. He is also a Director of Cagamas MBS Berhad, a wholly-owned subsidiary of Cagamas Berhad. He joined Bank Negara Malaysia (the Central Bank of Malaysia) upon graduation and held various positions in the Economics Department and the Banking Department (now known as Investment Operations and Financial Markets Department). In 1982 he joined Malaysia Building Society Berhad as Manager, Special Projects and was promoted as Senior Manager in 1983. In 1987 when Cagamas was set up, he joined the Company as Deputy Manager (Mortgage Operations). Since then he was promoted to the post of Manager (Mortgage Operations), Assistant General Manager (which was re-designated as Deputy Chief Executive Officer) before assuming the post of Chief Executive Officer in 2001. He has more than 20 years' of experience in the mortgage and finance industry. He attended various courses with respect to the securitsation, such as the Assets Securitisation at IMC, Singapore and Fannie Mae, USA and International Housing Finance at The World Bank, Washington DC. He was a member of the Asset-Backed Securities Committee in Securities Commission from 2000 to 2002. Mr. Kokularupan also acted as a short-term Consultant of the IFC to present papers on Cagamas' Model in Bangladesh and Pakistan in 2002. Mr. N. Kokularupan graduated with a Bachelor of Economics with a Second Upper Honours Degree from the University of Malaya in 1974. Jyrki Koskelo Director, Global Financial Markets International Finance Corporation Jyrki Koskelo, a national of Finland, is currently the Director for IFC's Global Financial Markets Department, a position he has held since April 2004. In this position he has been responsible for significant expansion of IFC's business in housing finance, microfinance, insurance and banking. He has also launched successful implementation of IFC's trade finance program, sustainability finance and SME financing, particularly in frontier markets. Prior to his tenor in the Global Financial Markets Department he served as Director of Special Operations, where he had prime responsibility for managing the restructuring and recovery operations of IFC during the Asia, Argentina and Russian crises. Jyrki has had an extended career at the IFC with varied experiences across sectors including manufacturing, infrastructure and extractive industries. He has also worked at the global level and held specific responsibilities in Central and Southern Europe where he served as Country Anchor for Poland, Estonia, Latvia and Lithuania. Prior to joining IFC, he spent more than 10 years in Senior Management positions in the private sector, including Managing Director of Georeda Ltd. in Saudi Arabia, a large engineering company with six branch offices, and Vice President of Finance of Geo-Hydro, Inc. in Rockville, Maryland, a high technology company he co-founded. Jyrki holds a Master of Science degree in International Management/Finance from Sloan School of Management/MIT and a Master of Science degree in Civil Engineering from the Technical University of Helsinki, Finland. Michael Lea Cardiff Economic Consulting Dr. Michael Lea works at Cardiff Economic Consulting, a firm specializing in the analysis of housing finance markets and institutions worldwide. Formerly, he worked as President of Countrywide International Consulting Services, LLC., ("CICS") a firm specialized in the analysis of and provision of technical assistance to primary and secondary mortgage market institutions worldwide. Prior to joining Countrywide on January 1, 2000, Dr. Lea was President of Cardiff Consulting Services. He has over 15 years of international experience in 22 countries spanning 5 continents. He has provided advice on the creation of market-based housing finance institutions and systems as a consultant to the European Commission, Inter- American Development Bank, the World Bank Group and the U.S. Agency for International Development. Dr. Lea has provided consulting services for government-sponsored enterprises, trade groups, regulatory agencies and major private sector financial institutions in Europe and the U.S. His products include business plans, financial planning and models, feasibility and implementation studies for the creation, privatization
  11. 11. 11 and restructuring of financial institutions, analyses of primary and secondary mortgage and major studies of European and North American systems of commercial and residential property finance. Dr. Lea has a unique combination of research experience, senior operational responsibility in a major financial institution and high level participation in public policy formulation. He was Senior Vice President of Finance and Capital Markets at Imperial Corporation of America from 1987 to 1991. In this capacity he was responsible for the corporate finance, portfolio management and strategic planning functions of a $12 billion diversified financial institution and managed a staff of 40 professionals. Dr. Lea was Chief Economist at the Federal Home Loan Mortgage Corporation (Freddie Mac) from 1983 to 1987 with responsibilities for all primary and secondary mortgage market analysis and forecasting. He has also served as a staff member for the President's Commission on Housing and was a Brookings Institution economic policy fellow at the U.S. Department of Housing and Urban Development. Dr. Lea is an internationally known authority on housing and mortgage finance. He has published over 70 articles and book chapters, organized several conferences and made numerous presentations to government agencies, multi-lateral institutions, trade groups and academic and professional organizations. He has served on the faculties of Cornell University, the University of California, San Diego and the University of Pennsylvania, Wharton International Housing Program. He received his Ph.D. in economics from the University of North Carolina, Chapel Hill. Gary Miller Director, International Legal and Regulatory Affairs Genworth Financial, Inc. Gary Miller is Senior Vice President and Director of International Legal and Regulatory Affairs for Genworth's International Operations. He is based in Raleigh, North Carolina. Gary oversees government relations and legal activities in Europe, Canada, Australia, Japan and Mexico, and throughout Asia. Mr. Miller began his career in 1974 as Campaign Director for Congressman Elizabeth Holtzman, in Brooklyn, NY, and from 1975 to 1982, he held Associate Attorney positions with New York law firms of Thacher, Proffitt & Wood, and Schwartz, Klink & Schreiber. From 1982 to 1985, he was a Partner of Lehnardt & Miller, also in New York. From August 1985 until September, 2004, Mr. Miller served as Director, Senior Vice President and General Counsel of GE Mortgage Insurance Corporation in Raleigh, NC, where he directed and oversaw all legal affairs of GE Mortgage Holdings and its subsidiaries, provided advice on legislative matters, and participated in formulation of policy positions. Mr. Miller also handled contractual, acquisition-related and litigation matters where the companies were involved. Mr. Miller received his Juris Doctorate in 1978 from the New York University School of Law, and his Bachelor of Arts in 1973 from Colgate University, Hamilton, NY. Juan E. Montes General Manager Securitizadora Security GMAC-RFC, Chile Since 2003, Mr. Montes serves as the General Manager of Securitizadora Security GMAC-RFC S.A., one of the leading MBS issuers in Chile. Grupo Security is a diversified financial holding company and administrator of businesses that promote an extensive range of financial services in the areas of banking, investments and insurance. Securitizadora Security was established in 1997 as a subsidiary of Grupo Security. This business unit emerged from the vision that shows securitization, relatively a new business in Chile, as an effective complement to the variety of necessary financial tools to satisfy the needs of the clients of Grupo Security. Thus, the offering of services of securitization complements other services offered by the group such as the banking services, brokerage, Mutual funds’ administration, financial and investment advisory services. In January 2006, GMAC-RFC acquired a stake in Securitizadora Security and the name was changed to Securitizadora Security GMAC-RFC. Before taking his current position, Mr. Montes worked in CNA Insurance Company, where he served as International Business and Development Manager of the Chilean branch, managing more than US$ 400 m. in assets. He also played a key role in the sale effort of the CNA to Consorcio nacional de Seguros. Prior to that position, (1998-2000), Mr. Montes was based in Chicago, working as Assistant Vice- President of the CNA Life Operations. From 1994-1998 he was the Finance manager of the CNA Chilean branch, in charge of both the investment area and the actuarial area of the company. His earlier work included positions at Euroamérica Compañía de Seguros de Chile, and at the Asociación de Bancos, Cieplan. Mr. Montes holds a degree in Engineering from Universidad Católica de Chile.
  12. 12. 12 Lauren Moser Senior Managing Director ShoreBank Advisory Services International Tahir M. Naseem Director, Real Estate Structured Finance Unicorn Investment Bank, B.S.C. Tahir M. Naseem, a lawyer by profession, is responsible for all structured real estate finance transactions at UIB. Prior to joining the Bank, Mr. Naseem worked with Guidance Investments in the U.S., where he led efforts to develop Shari'ah-compliant mortgage-backed securities investment instruments for Islamic capital markets. He has also worked as a legal and regulatory consultant for the U.S.-based International Finance Corporation (IFC), where he completed a feasibility study to ascertain the need for a secondary mortgage market facility in Pakistan. As Manager of Commercial and Multi-family Real Estate Finance for the Mortgage Bankers Association of America, Mr. Naseem worked alongside mortgage providers and investment banks to tackle issues relating to real estate finance and securitization, promoting best practice at an industry level and advocating for members on the legislative and regulatory front in Washington, DC. While at ABN AMRO in the U.S., Mr. Naseem served as a trustee for capital markets investors, and was involved in closing over US$1 billion commercial mortgage-backed securities transactions. Mr. Naseem has a BA in Political Science and a JD (Juris Doctorate) from DePaul University, Illinois. Chris Nordeen President, International Business Group GMAC-RFC Christopher Nordeen leads the company's international business that engages in securitization, mortgage lending, servicing and investment activities in the UK, Holland, Germany, Spain, Mexico and Canada. Nordeen drives the strategic planning process for the international business which includes determining which markets to pursue and how. Nordeen also serves on the ResCap Executive Board, which is responsible for determining the company's overall strategic direction. Nordeen was chairman of RFC Mortgage Services Limited, until its integration with Private Label in July 2000. Since joining GMAC-RFC (now ResCap) in 1990 as vice president of special ventures, Nordeen has held a number of senior positions, including managing director responsible for securitization and managing director of the company's broker- dealer operation. Previously, Nordeen worked for Drexel Burnham Lambert, Dallas, Texas, and Mortgage Guaranty Insurance Corporation, Houston, Texas, and Milwaukee, Wisconsin. David Porteous Managing Director Recap International / Affordable Housing Institute Dr. David Porteous heads Bankable Frontier Associates, a Boston-based consulting firm which specializes in policy and strategy around extended access to financial services for a range of public and private sector clients. He works in association with affordable housing transaction house, Recap International, and the affiliated non-profit housing group Affordable Housing Institute. Prior to relocating from South Africa to Boston, he was active in leadership roles within the housing and development finance sector of South Africa from private, public, NGO and public-private partnership perspectives. Dr. Porteous' work has taken him from a major consulting firm (Deloitte), to the establishment of new public sector wholesale development finance intermediaries (National Housing Finance Corporation and the public private partnership Gateway Home Loans); to South Africa's largest microfinance banking group (African Bank Investments); and finally, to NGO FinMark Trust, which he set up in 2002 with DFID funding as a pro-poor market catalyst in the financial sector of southern Africa. He has recently written Banking on Change (DoubleStorey 2004), a book which chronicles and analyses changes in the retail financial sector of South Africa in the decade since democracy; and "Making Financial Markets Work for the Poor", a conceptual outline of an approach to this issue (available via www.finmarktrust.org.za). Khan Prachuabmoh President Government Housing Bank of Thailand Mr. Prachuabmoh serves as President, Director of Government Housing Bank of Thailand. He has many years’ experience in banking, including: Executive Vice President, DBS Thai Danu Bank PCL; Director and Senior Executive Vice President, DBS Thai Danu Bank Public Company Limited; and at Wells Fargo Bank, San Fransisco.
  13. 13. 13 He has taken several advanced banking courses, including “Advanced Management Course for Bankers,” at The Wharton Business School, University of Pennsylvania; Pacific Rim Banking School, University of Washington, Seattle USA; Bankers' Club Seminar, Bayerische Vereinsbank, Germany; and “The Art of Negotiating Course,” The Negotiation Institute Inc. New York, USA. He has also taken training from Barclays Bank and National Westminster Bank, London; and Chemical Bank and Manufactures Hanover Trust, New York, USA. Mr. Prachuabmoh holds several honorary positions as well, including: Chairman, Honorary Advisory Board, Foundation for the Blind in Thailand under the Royal Patronage of H.M. the Queen; and Chairman and Treasurer, Fund Mobilization Committee, Rajprachasamasai Foundation under the Royal Patronage of H.M. the King; and Director, Rajprachasamasai School Foundation under the Royal Patronage of H.M. the King. He graduated in Class 8 from National Defense College, and holds a Masters with Honours in Economics and Political Science from the University of Dundee, Scotland, United Kingdom. Vincent Rague Chief Investment Officer International Finance Corporation Nicholas Reade Chief Executive Officer Rio Bravo Securitizadora Nicholas Reade is a CEO of Rio Bravo Securitizadora S.A. Previously he was Executive Vice President of Banco Brascan SA, in charge of corporate and Investment Banking. Prior to joining Brascan, Nick was a Managing Director of Bear Stearns, responsible for the operations in Brazil and Director of SG Warburg, where he founded and led the development of operations in Mercosul. During his tenure at Banco Brascan, Bear Stearns and SG Warburg, he was directly responsible for all advisory and capital market assignments undertaken by those firms in Brazil. Mr. Reade began his career as an investment analyst at Banco Bozano Simonsen, leaving as Manager Corporate Finance to join Citicorp Leasing International as the first Director of the Brazilian subsidiary, which he established. Then he developed one of the first private equity firms in Brazil, Brasilpar, where he was the Managing Director. From there he became Group Representative in Brazil for Midland Bank plc and Samuel Montagu & Co. Mr. Reade holds a B.A. and M.A. in Economics form Cambridge University, and post graduate courses in Capital Markets at the Fundação Getulio Vargas, and NYU (for which he received a scholarship from USAID), as well as Harvard University (Advanced Management Program). Friedemann Roy Senior Project Manager Bankakademie International Dr. Roy works for Bankakademie International, Frankfurt, as Senior Project Manager and is responsible for projects in banking and housing finance. His scope of work includes all aspects of the housing finance process. From 2002 -2004, he was employed at the Association of Private Bausparkassen in Berlin as Manager International Relations. Main responsibilities encompassed involvement in consulting projects, development of an internationalisation strategy for the bausparkassen industry, economic analysis of central and eastern European countries (including Russia and CIS countries). Previously, Dr. Roy worked for Commerzbank AG in Paris, London and Frankfurt, in the department for International Bank Relations with special focus on central and eastern Europe. His PhD is on banking and legal aspects in Poland, Czech Republic and Hungary in relation to the enlargement process of the European Union. In addition, he works as an editor for the "Housing Finance International" Journal which is published by the International Union for Housing Finance (IUHF). Dr. Roy worked on the assessment and design of contractual savings schemes for housing (CSSH) in numerous countries (Ukraine, Belarus, Serbia, Russia, Iran, South Africa etc.). For example, he developed in a feasibility study on Armenia a CSSH model including risk assessment, scenario simulations and demand estimations. In Ukraine, he advised on regulatory and institutional features of CSSH systems and recommendations on subsidy elements. In South Africa, he assessed the potential demand for saving products and savings behaviour of low-income households, as well as macroeconomic developments influencing disposable incomes of the poorer population strata. He also evaluates alternative savings product features in terms of market acceptance, transaction cost, and potential take up by low-income households and development impact. Ayman Sejiny Adviser to the Chairman Dar Al Arkan Real Estate Co.
  14. 14. 14 Carlos Serrano Executive Vice-president of Credit, Mortgage Insurance, and Financial Guarantee Sociedad Hipotecaria Federal, Mexico Carlos Serrano works as Executive Vice-President of Credit, Mortgage Insurance and Financial Guarantees in Sociedad Hipotecaria Federal: Mexico's Housing Finance Agency. Previously, he was Director General of Analysis, Statistics and Methodologies of Supervision at the National Banking and Securities Commission in Mexico and before that he was a staff member at the World Bank. He has taught courses in Economics and Finance at Instituto Tecnológico Autónomo de México. He also taught economics courses at Berkeley. In 1999, he won the first place in the National prize in Economics research in Mexico. He holds a PhD in Economics from the University of California, Berkeley. In addition, he holds a B.S. in Economics from Instituto Tecnológico Autónomo de México (ITAM) in Mexico City. Jean-Christophe Steven Area Managing Director Switzerland, South Mediterranean and Africa UCB Mr Steven is the Area Managing Director for Switzerland, South Mediterranean and Africa at UCB, a 100% owned housing finance affiliate of the BNP Paribas Group, where his main activity is the Corporate Development of the Company, especially outside Europe. He has been with the BNP Paribas Group for over 20 years where he served, inter alia, as Global Head of Private Banking risks, Country Manager for Australia and New Zealand and Inspection Team Head. Mr Steven international experience includes assignments in Greece, the United States, Australia, Switzerland and Singapore. He graduated from the Sorbonne University and the Institut d'Etudes Politiques, both in Paris. Claude Taffin Director of Economic and Financial Studies l'Union Sociale pour l'Habitat, France Claude Taffin is director of Economic and Financial Studies at "l'Union Sociale pour l'Habitat", the association of French social renters. He previously occupied a similar position at Credit Foncier, a mortgage bank. He was first a statistician in charge of housing at the National Institute of Statistics and Economic Studies (INSEE). He has also been a statistician at the United Nations Headquarters and an advisor to the Ministry of Housing. In parallel, he is the managing editor of "L'Observateur de l'immobilier", a review specialized in housing economy and finance and teaches housing economy at University Paris XII and Essec. As a consultant for the World Bank, he worked in Iran, Ivory coast, Jordan and Morocco. Claude Taffin graduated at Ecole Polytechnique and Ecole Nationale de la Statistique et de l'Administration Economique.