Mortgage-Backed Securities

Frank J. Fabozzi is Professor in the Practice of Finance inthe School of Management at Yale University. Prior to joining theYale faculty, he was a Visiting Professor of Finance in the SloanSchool at MIT. He is a Fellow of the International Center forFinance at Yale University and on the Advisory Council for theDepartment of Operations Research and Financial Engineering atPrinceton University. Professor Fabozzi is the editor of theJournal of Portfolio Management and an associate editor ofthe Journal of Fixed Income. He earned a doctorate ineconomics from the City University of New York in 1972. In 2002 wasinducted into the Fixed Income Analysts Society's Hall ofFame and is the 2007 recipient of the C. Stewart Sheppard Awardgiven by the CFA Institute. He earned the designation of CharteredFinancial Analyst and Certified Public Accountant. He has authoredand edited numerous books in finance. Anand K. Bhattacharya is a Managing Director atCountrywide Securities Corporation (CSC), a wholly owned affiliateof Countrywide Financial Corporation. He joined CSC in 1999, wherehe is responsible for the management of fixed income research andstrategies. Immediately prior to joining Countrywide, he wasManaging Director responsible for capital markets, risk managementand portfolio management oversight at Imperial Credit IndustriesInc (ICII) from March 1998 to January 1999. Prior to his employmentat ICII, Dr. Bhattacharya held positions at Prudential SecuritiesInc. from 1990 to 1998 with the most recent position as ManagingDirector, Global Head of Fixed Income Research. His prioremployment includes positions in fixed income research and productmanagement at Merrill Lynch Capital Markets, Franklin SavingsAssociation and its subsidiaries and Security Pacific MerchantBank. Dr. Bhattacharya has written extensively in various facets offixed income analysis and portfolio management. He has authored orcoauthored over 65 publications in various academic andprofessional journals and industry handbooks. He holds a Ph.D. inFinance and Quantitative Methods from Arizona State University. William S. Berliner is Executive Vice President in chargeof the Mortgage Strategies group at Countrywide SecuritiesCorporation. In this capacity, he oversees the generation ofrelative value analysis and strategies, and writes and edits manyof the firm's reports and publications. He began his careerin the Government Operations Department of Bear, Stearns and Co. in1985. He moved to the Mortgage trading desk in 1987 as a clerk andjoined the CMO desk in 1989. He worked on the CMO desk at Bearuntil 1993, when he left to join Nikko Securities, where heeventually ran CMO trading. He joined Countrywide as a trader in1996 and moved to the Research Department in early 1998. Mr.Berliner has a BA in Interpersonal Communications from RutgersCollege and an MBA in Finance from the Rutgers Graduate School ofBusiness.