Amherst Securities LP

Sean Dobson, Chief Executive Officer and Chairman of the Board, has been the head mortgage analyst and trader at Amherst Securities since he joined the firm in 2000. Mr. Dobson is widely recognized as one of the leading strategists in the industry and an expert in all facets of the mortgage business including loans, RMBS and related derivatives. He has led the development of Amherst's loan level diagnostic system (ALIAS) that is widely recognized for its predictive analytics. In 2006, he made a vocal announcement predicting the coming meltdown in the mortgage markets based on research produced using these tools; and he created Amherst Derivatives Trading to offer analytical and intermediation services related to derivative strategies designed to take advantage of the market disruption. In August 2008, he successfully completed a $235mm capital raise led by Stonepoint Capital to expand the broker dealer and finance new initiatives in CMBS, advisory and asset management.

Mr. Dobson has over 20 years of experience in the mortgage industry, including previous senior management positions with Spires Financial and the MMAR Group, Inc. He currently serves as a board member of the American Securitization Forum (ASF) and his advice on mortgage policy matters is regularly sought by congressional leaders, housing policy leaders at the Treasury and other government agencies and senior administration officials at the White House.

Darla Bartkowiak, SVP-Chief Compliance Officer, has managed the compliance initiatives of the company since 2002. Ms. Bartkowiak has over 28 years of securities industry experience, including experience in trading, sales and back office operations. Prior to joining Amherst, Ms. Bartkowiak engaged in compliance consulting, and previously worked in compliance positions with the NASD in Dallas and Southwest Securities. Ms. Bartkowiak is an NASD Industry Arbitrator and currently holds six industry licenses. Ms. Bartkowiak graduated with honors from Amberton University with a B.S. in Human Relations and Business.
 
Steve Coale, Managing Director, joined Amherst in 1994 and currently oversees all aspects of Amherst’s Credit Union Division. Mr. Coale has worked with credit union investment portfolios since 1986, and currently works with over 60 credit union clients to deliver the range of advisory, transactional and administrative services Amherst provides to these clients. Steve holds a Bachelor of Science degree from the University of Montana, Missoula.
 
Alan Gilbert, CPA, CFA, Vice Chairman, helps manage the Capital Markets activities at Amherst Securities. Prior to joining Amherst as a founding partner in 1993, Mr. Gilbert headed the Latin American sales effort at CS First Boston, and previously worked in the Capital Markets team at Kidder Peabody. Mr. Gilbert earned an MBA from The Wharton School of the University of Pennsylvania, and a BSBA in Accounting, with honors, from Georgetown University.
 
Joe Walsh, President, co-manages the business and operations of the Amherst Companies. Mr. Walsh has been in the mortgage-backed securities business for almost 25 years. He previously served as a Managing Director in the private equity business at Fortress Investment Group specializing in financial institutions. Mr. Walsh also served for nine years as a Managing Director and Head of Mortgage and Asset-Backed Origination, Finance and Trading at RBS Greenwich Capital. Mr. Walsh earned his A.B. in Biology at Princeton University.