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4 49 This Month FROM OUR DESK . . . . . . . . . . . . . . . . . . . . . 2 DS JOURNAL FHFA Announces Extension of HARP Until the End of 2016, Freddie Mac's Net Income Nearly Doubles in Q1 Up to $524 Million, First Quarter Sees Solid Year-Over-Year Revenue Increases for Wells Fargo, Chase, Judge Finds Nomura Liable For Selling Toxic Mortgage-backed Securities . . . . . . . . 7 FIVE MINUTES WITH DAVID LOWMAN e industry veteran and Head of Single-Family Business at Freddie Mac clues us in on market realities . . . . . .20 MOVERS & SHAKERS . . . . . . . . . . . . . . . .30 STATE OF AFFAIRS e State of Affairs section provides impactful local market information at your fingertips . . . . . . . . . . . . . . . . . . . . .73 COVER STORY THE BUREAU EFFECT: THE NEW DEFAULT PROCESS Teaming with homeowners is paramount to providing first-rate default management service. By Vincent Spoto . . . . . . . . . . . . . . . . . .60 INDUSTRY INSIGHT THE CASE FOR POSITIVE FIELD SERVICE MANAGEMENT It's time to change the industry reality. By Michael Breese . . . . . . . . . . . . . . . . .66 INDUSTRY INSIGHT THEIR HANDS ARE TIED e definition of "value" puts appraisers at a disadvantage. By Michael Floyd . . . . . . . . . . . . . . . . .70 Contributors VINCENT SPOTO has more than 25 years of experience in the mortgage banking and financial services sector and has held senior management roles with JPMorgan Chase, Citigroup, and Credit Suisse. Currently a founding partner and managing director of RRMS Advisors, Spoto provides advisory and consulting services relating to servicer surveillance, risk management, compliance monitoring, default management, and asset disposition. His firm also provides expert witness and discovery litigation support services. Spoto holds a bachelor's degree from Queens College of CUNY, an MBA in finance from Saint John's University, and a second graduate degree in accounting, also from Saint John's University. MICHEAL BREESE is the CEO and Co-founder of the HomeStar Family of Companies. As CEO, Breese is highly involved in the daily operations of HomeStar. He plays an active role in mentoring his team with his knowledge of the industry and hands-on experience in the housing and construction industries. As an investor, Breese has developed successful, innovative strategies for buying, selling and managing properties utilizing a variety of disposition strategies and has amassed over twelve years in the industry, managing single-family and multi-family assets. Prior to HomeStar, Breese served as Vice President of Collection Operations for GMAC, where he oversaw 1,000+ staff in multiple regions for almost a decade. MICHAEL FLOYD is Chief Appraiser, SVP of Compliance at StreetLinks. A practicing appraiser for nearly 20 years, Mike currently holds a Certified Residential Appraiser license from the State of Indiana. As StreetLinks' Chief Appraiser, Mike created and implemented the company's extensive quality control and appraisal risk analysis procedures, which proved to be instrumental in enabling StreetLinks to become an industry leader. Today, as StreetLinks' Chief Appraiser and SVP of Compliance, Mike focuses on product quality, continuing vendor and internal education, consistent client communication, compliance with industry standards and AMC-specific legislation, and new product development. Join the Conversation Do you have a suggestion, story idea, or feedback you'd like to share with DS News readers? Help shape our next issue and e-mail Editor@DSNews.com. J U N E 2 0 1 5 C o n t e n t s D S N E W S . C O M 70 20 66 60 Teaming with homeowners is paramount to providing first-rate default management service. THE BUREAU EFFECT: THE NEW DEFAULT PROCESS MOST VALUABLE PLAYERS The Best in Property Valuation

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