Richard W.

Ellson
1403 Van Page Blvd
Raleigh, NC 27607

914-262-9251

E-mail:
ellcon2016@outlook.com
Website:
www.ellsonconsulting.com

Background I earned a Ph. D. in Economics in 1977. I have broad experience in

Summary MBS, ABS, and Structured Products; domestically and internationally.
My experience includes head of MBS/ABS research at two major Wall
Street banks, head of trading at a major insurance company, senior
portfolio manager at a top ten U. S. bank, and structured finance

Experience
February 2016: Ellson Consulting, LLC: Raleigh, NC
Founder and Principal
 Focus on residential mortgage loans and non-agency RMBS
 Assess credit risk and value legacy residential mortgage loans
 Litigation experience
 Stone v JPM/Bear Stearns; FINRA Arbitration; testifying expert
representing JPM/Bear Stearns (while employed at ADCo)
 SEC v Wing Chau/Harding; US District Court of NY; testifying expert
representing the SEC (while employed at ADCo)
 US District Court of CT v Shapiro et al; consulting and testifying expert
representing Tyler Peters; did not testify as defense counsel chose
not to mount a defense
 Lehman et al v Trustees; US Bankruptcy Court of Southern District of
NY; consultant and testifying expert
 Addressed inquiries from the SEC and FINRA on trading practices

August 2016 (on-going): North Carolina State University: Raleigh, NC

Adjunct Associate Professor in the Finance Mathematics Program
 Teaching graduate level course in Portfolio Management
 Executive Board member of the FRM program

August 2007 to October 2015: Andrew Davidson & Company (ADCo)

and Vectors Research Management: New York, NY
Director—Enhanced Solutions Group (Andrew Davidson & Company—
AD&Co)
 Manager of the Raleigh NC Satellite Office
 Project manager for LoanKinetics, a residential whole loan analytics
and valuation platform. Elements include credit performance,
 valuation, loan loss analysis/ALLL, and CCAR
 Managed the portfolio credit (OTTI) and Level 3 pricing analysis
consulting service to major banks, federal agencies, credit unions, and
insurance companies using proprietary AD&Co analytics
 Worked directly with clients’ auditors when appropriate
 Litigation experience on CDOs and Credit MBS Hedge Funds

Portfolio Manager/Trader—Credit Strategies (Vectors Research Mgmt)

 Responsibilities include: trading Sub-prime and Alt-A floating rate
MBS/ABS including Option ARMs.

June 2005 to July 2007: Washington Mutual; New York, NY

Senior Vice President
Senior manager for prime single-family mortgage loan portfolio ($100
billion).
 Responsibilities included: internal warehouse transfers; external
pool purchases ($6 billion); quarterly NPA sales to dealers; pricing of
portfolio loan products (lot loans, custom construction, super jumbos,
etc.); portfolio analysis and projections of expected and realized
returns, losses, and relative value; and directed portfolio loan sales
when possible to improve risk profile and portfolio returns ($20 billion).
 Purchased and managed a $500 mm whole loan CMO portfolio
composed of investment grade subordinate securities.
 Managed a group of 6 analysts and portfolio managers; 3 in the
Seattle headquarters and 3 in New York

April 2003 to June 2005; Amherst Securities Group; Greenwich, CT

Senior Vice President
 Freedom Certificates: a $ 1 billion-dollar shelf registration for the
execution of ITRs (institution to retail structured finance). Completed
the shelf registration, had the program rated by three rating
agencies, conducted marketing/distribution meetings, and completed
one transaction: USAutos 2004-1.
 Managed the non-agency MBS research effort

January 1999 to February 2003 HypoVereinsbank New York, New

York
Director of Structured Fixed Income Products
Originally hired to work on ABS/CMBS transactions. My position broadened
into a variety of ABS classes (domestic, European, and Latin American),
CLNs (credit linked notes), and synthetic structured transactions.
Responsible for evaluating and pricing asset-backed structures for ABCP
conduits.
Assessed credit markets for opportunities to engage in repackaging of
ABS/CMBS for distribution in Europe and Asia
 Completed Provide-A 2001-1 PLC. This is the first synthetic German
RMBS transaction with a KfW “wrap;” deal size of Euro 1 billion
 Created an SPV, Lilienthal Capital Corporation in November 2001, for
the funding of aircraft leases with the objective of a term structure take-out
—$225 million was funded in 2002.
 Created GRIP 1999-F1, the first re-securitization of Future Flow
transactions.
 Completed MAED 1999-C1, Euro 297 million, a repackaging of 11 U. S.
dollar denominated CMBS tranches, issued through a SPV in Jersey as a
Euro-denominated security with fixed and floating rate tranches, and a
soft bullet final maturity. Distributed exclusively in Europe. Responsibilities
included creating marketing material/research and making presentations
to sales force in Europe and institutional investors; primary contact with
the rating agencies; and assisting on hedging/swap strategies.

January 1997 to December 1998 UBS, New York, NY

Director—MBS Research and Asset Finance
I was responsible for building a MBS research and analytics team. Following
the UBS/Swiss Bank merger, the MBS department was eliminated. I was
retained to continue my work on structured products.
 Managed and developed proprietary prepayment and Option Adjusted
Spread (OAS) models. Developed trading strategies in the pass-through
sector by formulating innovative price-spread analytics.
 Completed Aeltus CBO II, a $600 mm market value transaction—
Responsible for portfolio strategy, marketing/sales, rating agencies, and
legal issues
 Worked on the development of Shared Appreciation Mortgages (SAMS)
for the U. S. market. Completed housing price index-linked notes for the
UK market. The U. S. SAMS project was launched but no transactions
resulted.

July 1995 to December 1996; Hartford Investment Mgmt Company;

Hartford, CT
Senior Vice President and Director of Trading
As head of the trading desk, I was involved in investment grade corporate
bonds, MBS/ABS/CMBS, the Treasury market, and derivatives.
 Managed the investment grade trading desk with responsibility for over
$40 billion in fixed income assets with a staff of nine professionals.
Personally, responsible for trading MBS/CMOs, CMBS, and some ABS.
Had proprietary trading responsibilities for below investment grade MBS
($50 mm and MBS derivatives ($150 mm).
 Provided strategies to ROR and insurance related portfolio managers.
 Participated on investment strategy and investment systems
committees.

January 1994 to July 1995 CS First Boston; New York, NY

Director of MBS Research and Strategy
I built a research department that was responsible for models, databases,
and market research. I had extensive client contact and publications.
 Managed and contributed directly to the development of analytics,
models, and databases for the MBS department. Achieved the objective
of consistency across fixed income users; trading, research, and sales
  Created strategies in model portfolios, specific trade recommendations,
publications, and contributed to proprietary trades. Developed and
fostered client relationships
 Managed a staff of 25

December 1990 to January 1994; Donaldson, Lufkin, and Jenrette; New

York, NY
Senior Vice President
I was the second ranking member of the department. The head of our
department was ranked #1 by Institutional Investor.

 Provided portfolio analysis and strategies for money managers,

insurance companies, and banks.
 MBS modeling included prepayment models, portfolio systems, and
MBS default models. MBS credit research included whole loan CMOs,
B/C credit mortgages, and CMBS

January 1986 to December 1990; Bear Stearns and Company; New York,
NY
Associate Director and Co-head of MBS Research
 Created all prepayment models and developed investment strategies
that were presented to clients
 Risk management and hedging strategies on the trading desk
 Involved in the international securitization of MBS and ABS

August 1979 to January 1986; University of South Carolina; Columbia,

SC 29208
 Associate Professor of Economics with tenure
 Associate Director in the Division of Research

August 1977 to August 1979 The National Association of Home Builders,

Washington,DC

 Developed proprietary urban development models of urban/regional

economies to negotiate land development strategies between
developers and planning agencies
 Lobbied on housing related issues at the federal level

Education Ph. D. Economics, University of Florida, 1977

M. A. Economics, University of Florida 1975
B. A. Economics and International Relations, Bucknell University, 1973