William A. Frey

About the Author and Editor

WILLIAM A. FREY is the Principal and CEO of Greenwich Financial Services (GFS). Bill began his career in the securitization industry on Wall Street in 1981 during the industry's infancy. After nearly fifteen years in various major firms, including Morgan Stanley, Smith Barney, and Bear Stearns, Bill founded GFS in 1995. At GFS, Bill structured and sold billions of dollars in MBS securities structured from various types of collateral. In 2003, recognizing that the US market was likely to undergo a substantial decline, Bill began evaluating MBS securitization opportunities in other countries. In 2005, GFS completed the first Russian securitization and then the first securitization of mortgage certificates in 2006. Both transactions won acclaim and industry awards.

Recently, Bill has emerged as the most vocal advocate for bondholder rights in the U.S. MBS market. The central theme of Bill's bondholder advocacy is that the legislative response to the current financial crisis and lack of support for the underlying contracts supporting MBS transactions will massively increase bondholder losses and devastate American credibility in the world financial markets. Bill has long argued that America's ability to re-establish a private mortgage finance system is critical to the recovery of the housing market and the resumption of overall economic growth. His work in helping mortgage investors enforce their contracts with banks has shown him to be one of the few members of the financial community with the courage to stand up to the nation's largest financial institutions and tackle this nation's mortgage problems.

Bill received his B.A from Cornell University and his M.B.A. from Carnegie Mellon University.

ISAAC GRADMAN is an attorney who was involved in some of the earliest litigation arising from the subprime mortgage crisis. He authors the law blog, The Subprime Shakeout and is the managing member of IMG Enterprises, an MBS consulting firm. Isaac received his B.A. in Political and Social Thought with Highest Distinction from UVA, where he was a Jefferson Scholar, an Echols Scholar and a member of the Raven Honor Society, and received his J.D. cum laude from N.Y.U. School of Law, where he was a Dean's Scholar. Isaac also clerked for two years for the Hon. Joan Lenard in the United States District Court in the Southern District of Florida.