Philadelphia, PA (PRWEB) November 15, 2009
Mr. DeSeve currently serves as Special Advisor to President Obama for American Recovery and Reinvestment Act implementation. He reports directly to Vice President Joseph Biden as an Assistant and acts as a Senior Adviser to the Director of the Office of Management and Budget, Peter Orszag.
Mr. DeSeve has also held senior posts at all three levels of American government. At the federal level he was:
San Bruno, CA (Vocus/PRWEB) February 09, 2011
The financial crisis of 2008, the worst shock to the global financial system since the Great Depression, pushed lawmakers to enact sweeping reforms in an attempt to prevent such a devastating disruption to the economy from happening again. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed by congress in July 2010, has far-reaching regulatory changes that will be felt not only banks and Wall Street, but also average Americans. Larry Krause, a Peninsula financial advice expert and president of Tessara Financial Advisors, Inc., explains some of the ways the new legislation aimed at lenders, banks and ratings agencies affect the average person.
The Dodd-Frank Act changes rules governing credit and lending practices of mortgage lenders in order to better protect borrowers from predatory lending. Lenders are now required to verify that borrowers can reasonably be expected to be able to repay the entire loan amount, including taxes and fees. While these rules may limit the size of the mortgage you qualify for, theyre intended to prevent you from being steered into a loan thats not suitable for you, says Bay Area money manager Larry Krause. Lenders now cannot refinance existing mortgages unless doing so would benefit the borrower. The Dodd-Frank Act also limits balloon payments and prepayment penalties.
One major provision of the Dodd-Frank Act that affects average citizens is the creation of the Bureau of Consumer Financial Protection, a federal regulatory agency that oversees consumer financial products and services. In addition to regulating consumer products such as mortgages and student loans, the Bureau tracks complaints, ensures equal opportunity to credit, and promotes financial literacy among consumers.
Changes to banking rules and regulations will also be felt by consumers. The temporary increase in the Federal Deposit Insurance Corporation (FDIC) guarantee on bank deposits to $ 250,000 is now permanent. This increase in protection means that if you and your spouse each have separate deposit accounts as well as a single joint account at a single bank, the two of you could qualify for as much as $ 1 million worth of total FDIC protection for those accounts, according to Krause.
Banks are also now required to hold larger amounts in reserve, and retain at least a 5% stake in any potentially risky securitized loans they make. They face new limits on proprietary trading and derivative swaps. These measures aim to prevent future bank bailouts that come at the expense of taxpayers.
Lack of transparency from credit rating agencies is often cited as one of the causes of the financial crisis. The Dodd-Frank Act addresses this in several ways: Free access to credit scores is now available for those whose credit score led to them being turned down for a credit card, house or job.
Credit ratings agencies are also now be subject to Securities and Exchange Commission (SEC) oversight, and can face fines for faulty ratings. The new Office of the Investor Advocate within the SEC was created to help individual investors with resolutions to problems. This gives investors greater confidence in their investments, as does the provision that allows investors to sue the ratings agencies for issuing knowingly flawed ratings.
The expansive Dodd-Frank Act covers many other areas, from SEC registration of hedge funds to whistleblower protection and incentives to guidelines for orderly liquidation in the event of bank failure. Not all provisions of the Dodd-Frank Act will be implemented or felt by average consumers right away. Thats why its important to have someone help you monitor those regulations as they evolve and evaluate just how they might affect you, says Krause. Dont hesitate to seek expert advice.
For more information about the new financial reform legislation, or any other services from Tessara Financial Advisors, call (800) 331-5843 or visit their website at http://www.tessaraadvisors.com.
About Tessara Financial Advisors, Inc.
Tessara Financial Advisors, Inc. is a Registered Bay Area Investment Advice firm that specializes in providing the entire spectrum of wealth management services, including financial planning, retirement planning, life and long-term care insurance analysis, tax planning, estate planning, charitable giving, asset protection planning and forming strategic alliances. Their goal is to build long term relationships with clients and their advisors that are mutually beneficial and built on the highest level of integrity, trust and service.
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(PRWEB) July 27, 2011
The Collingwood Group announced today that it has retained Manoj K. Singh as a Special Advisor, working with the Collingwood Group to bring his unique expertise in risk management along with his senior level experience on Wall Street. In his new role, Dr. Singh will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.
Dr. Singh has a lengthy and strong background in Financial Services. Most recently Senior Vice President of Pricing and Securitization (Single Family) and, before that, Senior Vice President, Head of Market Risk Management for Freddie Mac, he worked closely with the credit guarantee business, managed the profitability of the Single-Family Credit Guarantee business, identified key drivers of credit risk, and developed recommendations for the corporate costing models, creating strategies to expand and improve Freddie Macs mortgage securities funding alternatives and overseeing its cash execution program. His primary responsibilities included pricing the guarantee fees under Freddie Macs Mortgage Backed Securities Program and the issuance of pass-thru as well as structured securities. In addition to Single-Family Sourcing, Dr. Singh worked closely with Credit Management, Investments & Capital Markets, Credit and Counterparty Risk Management, and Operations.
Prior to joining Freddie Mac, Dr. Singh held executive-level positions with Bear, Stearns & Co (Senior Managing Director, FAST Group), Lehman Brothers, Inc. (Senior Vice President, Risk Management), and Wasserstein Perella Capital Management (Vice President, R&D). His thirteen years of experience with Wall Street provided him with the knowledge to help investors pursue mortgage and real estate assets while enabling them to identify the true risks and value of their targets. His career started in academia, as Assistant Professor of Finance at Boston College.
We are delighted to welcome Manoj to The Collingwood Group team, said Tim Rood, a Partner with The Collingwood Group The Collingwood Group announced today that it has retained Manoj K. Singh as a Special Advisor, working with the Collingwood Group to bring his unique expertise in risk management along with his senior level experience on Wall Street. In his new role, Dr. Singh will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.
Dr. Singh has a lengthy and strong background in Financial Services. Most recently Senior Vice President of Pricing and Securitization (Single Family) and, before that, Senior Vice President, Head of Market Risk Management for Freddie Mac, he worked closely with the credit guarantee business, managed the profitability of the Single-Family Credit Guarantee business, identified key drivers of credit risk, and developed recommendations for the corporate costing models, creating strategies to expand and improve Freddie Macs mortgage securities funding alternatives and overseeing its cash execution program. His primary responsibilities included pricing the guarantee fees under Freddie Macs Mortgage Backed Securities Program and the issuance of pass-thru as well as structured securities. In addition to Single-Family Sourcing, Dr. Singh worked closely with Credit Management, Investments & Capital Markets, Credit and Counterparty Risk Management, and Operations.
Prior to joining Freddie Mac, Dr. Singh held executive-level positions with Bear, Stearns & Co (Senior Managing Director, FAST Group), Lehman Brothers, Inc. (Senior Vice President, Risk Management), and Wasserstein Perella Capital Management (Vice President, R&D). His thirteen years of experience with Wall Street provided him with the knowledge to help investors pursue mortgage and real estate assets while enabling them to identify the true risks and value of their targets. His career started in academia, as Assistant Professor of Finance at Boston College.
We are delighted to welcome Manoj to The Collingwood Group team, said Tim Rood, a Partner with The Collingwood Group. We have advised our clients that the watershed moment of asset sales is upon us and his unique expertise will be invaluable to our private equity and hedge fund clients looking to buy or sell mortgage and real estate assets”.
Brian Montgomery, Vice Chairman of The Collingwood Group, agrees. Manoj brings a unique set of skills to our company and our clients that will further enhance our competencies in providing an integrated mix of high level business advisory services. His involvement with our firm will supplement our already wide range of proficiencies in assisting our financial services clientele.
Dr. Singh received his Bachelors Degree from the Indian Institute of Technology in Kanpur, and both his Masters of Science Degree and his Ph.D. from Purdue University. His has published numerous research publications, and is a frequent presenter at industry conferences. He has refereed journals such as Management Science, Journal of Financial and Quantitative Analysis, Journal of the American Real Estate and Urban Economics Association, and Journal of Financial Research, and was a book reviewer for the Journal of Finance. He and his family live in McLean, Virginia.
About The Collingwood Group
The Collingwood Group (http://www.collingwoodllc.com) is a Washington, DC-based business advisory firm focused on growing clients businesses, promoting revenue growth and increasing investment returns. The firm is led by Joe Murin, former President and CEO of Ginnie Mae, and Brian Montgomery, former Assistant Secretary for Housing and Federal Housing Commissioner. Both played major roles in the federal governments efforts to address the nations financial crisis and restore stability and liquidity to financial markets. The firms expertise spans all aspects of Agency, non-Agency and FHA/VA housing financing programs; Ginnie Mae securitization activities; domestic and international secondary market activities and issues; primary and special servicing; full asset lifecycle vendor and talent management; and all elements of portfolio due diligence, acquisition, property management and asset disposition.
Contact:
Debra Kaufmann
The Collingwood Group
dkaufmann(at)collingwoodllc(dot)com
o: 202.626.9724
m: 301.252.3582
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Washington, DC (PRWEB) October 18, 2011
The Collingwood Group announced today that it has retained Ray Romano as Senior Advisor, working with the Collingwood Group to bring his unique expertise and executive leadership in the areas of risk management for consumer and multi-family mortgage products. Romano is a mortgage finance industry veteran with more than 26 years of wide-ranging experience in the areas of credit risk, operations risk, mortgage servicing, financial management, strategic planning, and capital markets. In his new role, Romano will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.
Romano has a lengthy and distinguished background in Financial Services. Most recently he served as executive vice president and chief credit officer at Freddie Mac. Prior to joining Freddie Mac, where he began as senior vice president of Credit Risk Oversight, Romano held executive level positions with Washington Mutual (SVP chief credit and risk management officer Home Loans Group), North American Mortgage Company (SVP chief credit & compliance officer, Mortgage Banking), and Dime Savings Bank of New York, FSB (VP director of Underwriting Operations). Early in his career, he was assistant manager of CitiCorps North American Investment Bank in New York and Assistant Supervisor, Residential Lending Operations with The Dime Savings Bank of New York, FSB.
Ray brings strong leadership and valued expertise in an area that is highly needed in todays mortgage market, said Brian Montgomery, vice chairman of The Collingwood Group. His involvement with our firm will supplement our already wide range of proficiencies in assisting our financial services clientele.
Tim Rood, a partner with The Collingwood Group, agrees. We are delighted to welcome Ray to The Collingwood Group team. His vast experience in risk and credit management will help us to even further enhance the benefits that The Collingwood Group brings to our clients.
Romano received his Bachelors Degree in finance and economics from Long Island University.
About The Collingwood Group
The Collingwood Group (http://www.collingwoodllc.com) is a Washington, DC-based business advisory firm focused on growing clients businesses, promoting revenue growth and increasing investment returns. The firm is led by Joe Murin, former President and CEO of Ginnie Mae, and Brian Montgomery, former Assistant Secretary for Housing and Federal Housing Commissioner. Both played major roles in the federal governments efforts to address the nations financial crisis and restore stability and liquidity to financial markets. The firms expertise spans all aspects of Agency, non-Agency and FHA/VA housing financing programs; Ginnie Mae securitization activities; domestic and international secondary market activities and issues; primary and special servicing; full asset lifecycle vendor and talent management; and all elements of portfolio due diligence, acquisition, property management and asset disposition.
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