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4 46 74 40 68 This Month FROM OUR DESK . . . . . . . . . . . . . . . . . . . . . 2 DS JOURNAL Fairholme CEO: 'Common Sense Solution Will Prevail' in Battle Over GSE Profits President Obama Unveils Budget, GSE Serious Delinquency Rate is Lowest Since Start of Conservatorships, Judge to Bank of America: Hold Off Paying Investors in RMBS Settlement, Watt: Risks Facing FHFA are 'Certain to Escalate' as Conservatorships Continue . . . . . . . . . 7 ASK THE ECONOMIST . . . . . . . . . . . . . . . .40 COUNSEL'S CORNER . . . . . . . . . . . . . . . .44 FIVE MINUTES WITH ANDREW BON SALLE . . . . . . . . . . . . . . . .46 STATE OF AFFAIRS Impactful local market information at your fingertips . . . . . . . . . . . . . . . . . . . . .78 COVER STORY THE RISE OF JULIÁN CASTRO: THE HUD SECRETARY IN HIS OWN WORDS e meteoric rise of the sitting HUD Secretary has many speculating about his future. In this exclusive interview with DS News Assistant Editor Brian Honea, the man many are calling the "VP in waiting" discusses politics, the future of housing, and new opportunities that await him. By Brian Honea. . . . . . . . . . . . . . . . . . . .60 SUCCESS FORMULA THE NEXT BIG THING Ten-X aims to take real estate to the next level. By Scott Morgan . . . . . . . . . . . . . . . . . .68 INDUSTRY INSIGHT DISPARATE IMPACT: THE UNEVEN COMPLIANCE BURDEN ON SMALL AND MID-SIZED SERVICERS "Too small to comply" may soon become a big issue in our industry. By Maria Moskver . . . . . . . . . . . . . . . .74 Contributors BRIAN HONEA'S writing and editing career spans 15 years across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, e Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland. SCOTT MORGAN is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He's been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. MARIA MOSKVER is the Chief Compliance Officer at WALZ, with over 16 years of experience in the consumer finance industry— including loss mitigation, bankruptcy and operations—bringing extensive knowledge of TILA, RESPA, FCRA, FDCPA, Dodd-Frank and other regulatory issues. Correction: e February 2016 issue of DS News inadvertently placed the wrong biographical information for Lawrence Zielke, author of the article "Tackling Title." We regret the error. A corrected biography for Mr. Zielke follows. LARRY ZIELKE is the Managing Partner of the Minnesota Law Firm of Shapiro & Zielke, LLP, and President of First Financial Title Agency of Minnesota, Inc. Said affiliated companies are part of the LOGSNetwork. Zielke has practiced law for 31 years, of which the last 25 have been spent in the Default Services industry. He has been a guest lecturer on Minnesota Foreclosure Law at various CLE's and industry events. 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. M A R C H 2 0 1 6 C o n t e n t s D S N E W S . C O M 60 THE RISE OF JULIÁN CASTRO: THE HUD SECRETARY IN HIS OWN WORDS

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