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Episode 4

Steve and Aaron Discuss National Disasters

Listen in as your hosts Steve Guggenmos – head of Freddie Mac Multifamily Research and Modeling – and Aaron Dunn – head of Multifamily Investor Relations talk about the recent hurricanes and other natural disasters with guests from Freddie Mac Multifamily -- Alex Chang, vice president of Underwriting, and Roy Chun, director of Asset Management.

This podcast was recorded on November 27, 2017 - prior to the breakout of wildfires in Southern California.

Podcast Chapters

Chapter 1: 0:00 – 9:03 – The Effect of Recent Hurricanes & Other Natural Disasters

Chapter 2: 9:03 – 21:24 – Protecting Investors & Mitigating Losses

Chapter 3: 21:24 – 27:15 – Credit Policy & Servicing Standards





Steve Guggenmos, Vice President of Research and Modeling

Steve Guggenmos
Vice President, Research and Modeling

Steve leads multifamily related research at Freddie Mac. In this role he performs research related to national and market-specific multifamily conditions. His team supports the multifamily business by developing models and quantitative approaches that determine risk-based capital allocations. The models capture loan level risks and also the benefits of the diversification and structural credit support for pools of multifamily mortgages, supporting the core business strategies of Freddie Mac Multifamily.

Steve Guggenmos
Vice President, Research and Modeling
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Alex Chang, Vice President of Underwriting

Alex Chang
Vice President, Underwriting

Alex leads the risk distribution and credit group responsible for providing an underwriting bridge between origination and capital markets activities at Freddie Mac Multifamily and for managing the credit policy governing all origination activity. He has helped build a strong credit culture and develop the infrastructure around asset-level due diligence for the K-Deal program from its earliest days. Alex has worked in commercial real estate underwriting, securitization and credit risk management since 2004.

Alex Chang
Vice President, Underwriting
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Aaron Dunn, Director Multifamily Capital Markets

Aaron Dunn
Director, Multifamily Capital Markets

Aaron manages fixed income and real estate investors who participate in our securitization program. In addition to K Certificates, he leads the creation of mortgage backed securities supporting student housing, independent and assisted living facilities, small balance apartments, MHCs and workforce housing.

Before Freddie Mac, Aaron was managing director of Commercial Capital Markets for Redwood Trust. He holds a B.A. in economics from the University of Chicago and an MBA from Northwestern University.

Aaron Dunn
Senior Director, Capital Markets
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Roy Chun, Director Multifamily Capital Markets

Roy Chun
Senior Director, Asset Management

Roy Chun is responsible for managing the surveillance functions on Freddie Mac’s multifamily loan and guarantee obligations. In addition, he helps manage Freddie Mac’s Master Servicing responsibilities and oversees the team that is responsible for maintaining the guidance on all aspects of physical risk, including property condition assessments, environmental and seismic risk. Prior to joining Freddie Mac in 2011, he directed S&P’s global structured finance surveillance efforts for FDIC and worked as head of S&P’s North American CMBS surveillance.

Roy Chun
Senior Director, Asset Management
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