Mr. Craft has spent his entire career focused on mortgage-backed securities and securitized products. He was most recently the Head of Securitized Product Sales at Baird where he built out a fully bolstered sales and trading division, hiring over 25 salespeople, and adding multiple new trading and banking businesses. Mr. Craft began his career at Merrill Lynch as a Non-Agency and Subprime RMBS trader through the 2008 financial crisis. After the Bank of America acquisition, he traded the ABX and CMBX credit default swap indices mapping Subprime and Commercial mortgages. After transitioning to Securitized Product sales, he was recruited to join Royal Bank of Canada after becoming a top producer across Bank of America's Global Fixed Income division. Mr. Craft earned a BS in Finance &Management from Georgetown University in Washington, DC.
Freddie Machas put its finger on the scale of an emerging loan market that has previously been the domain of private-label securities.
HEIs have been around for many years, but they've recently become attractive to big investors seeking to take the product mainstream.