VITA NANCY E. WALLACE Ocean View Drive Haas School of Business

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1 VITA NANCY E. WALLACE Home: Office: 6053 Ocean View Drive Haas School of Business Oakland, CA University of California (510) Phone Berkeley, CA (510) FAX (510) Phone EDUCATION Ph.D. 1982, Urban and Regional Planning, The University of Michigan. Maîtrise, 1978, License, 1976, Urban Planning, Institut d'urbanisme, l'université de Paris VIII, Paris, France. Réunion de mathématiques, logique formelle et informatique, l'université de Paris, V. Certificate of Spoken French, Diploma of Written French (Honorable Mention), 1973 Alliance Française, Paris France. B.A. 1970, Political Science, The University of Michigan. EMPLOYMENT July 1986 to Present Professor, Real Estate and Finance Lisle and Roslyn Payne Chair in Real Estate and Capital Markets Chair, Real Estate Group, Co-Chair, Fisher Center for Real Estate and Urban Economics, Director, Real Estate and Financial Markets Laboratory, Walter A. Haas School of Business, University of California Berkeley, Berkeley, CA. Graduate Courses: Asset-Backed Securitization (MFE230M, Masters in Financial Engineering), Ph.D. Seminar in Real Estate (PHDBA289A), Real Estate Strategy (MBA 284), Real Estate Finance and Securitization (MBA 283), Introduction to Real Estate Investment Analysis (MBA280), Statistics (MBA 200S) Undergraduate Courses: Real Estate Finance (UGBA 183), Introduction to Real Estate Investment Analysis (UGBA 180). Other Professional Activities: Visiting Scholar: Stockholm School of Economics. (Fall 2005); Université de Cergy Pointoise, Centre de Recherche THEMA, France. ( ); San Francisco Federal Reserve Bank. (June, ); New York Federal Reserve Bank, (April, 2009). Visiting Professor: Graduate School of Business, Stanford University (January - June 1997); Institut d'etudes Politiques de Paris, Paris, France (May 1994, May 1995); Royal Institute of Technology, Stockholm, Sweden (June/December, 1997).

2 2 PROFESSIONAL ORGANIZATIONS American Finance Association American Real Estate and Urban Economics Association American Economics Association AWARDS AND PROFESSIONAL RECOGNITION National Tax Association Dissertation Award, Finalist, Shell Companies Foundation. Teaching Excellence Award, Weimar School of Advanced Studies in Real Estate and Land Economics. Post Doctoral Award, Identified as one of six outstanding faculty members at the Haas School of Business in Bryne, John A. A Business Week Guide: The Best Business Schools, New York, McGraw-Hill, Inc, Based on alumni poll. Board of Directors. The American Real Estate and Urban Economics Association ( ). Second Vice President and Program Chair, 2001 Winter meetings. The American Real Estate and Urban Economics Association. First Vice President AREUEA, President AREUEA, The Earl E. Cheit Outstanding Teaching Award, Haas School of Business, Evening MBA Program May 2002, Masters in Financial Engineering, March Distinguished Scholar Award, National Association of Office and Industrial Properties, Richard Bloom Award, American Real Estate and Urban Economics, EDITORIAL BOARD Journal of Computational Finance PUBLICATIONS "The Consistency Doctrine and the Market Effects of Zoning Undeveloped Land," Research in Law and Economics, Volume 4, edited by Austin Jaffe, JAI Press, "The Market Effects of Zoning Undeveloped Land Parcels: Does Zoning Follow the Market? Journal of Urban Economics, Volume 23, "Spatial Price Competition and the Demand for Freight Transportation," with Fred Inaba. Review of Economics and Statistics, November "Bayesian Analysis and Regularity Conditions on Flexible Functional Forms: Application to the U.S. Motor Carrier Industry," with James Chalfant. Readings in Econometric Theory and Practice, edited by William Griffiths, Helmut Lutkepohl and Mary Ellen Boch, North Holland, "Nonparametric Estimation of Dynamic Hedonic Price Models and the Construction of Residential Housing Prices," with Richard Meese. Journal of the American Real Estate and Urban Economics Association, Fall, 1991.

3 3 "A Comparison of Nonparametric Methods to Measure Efficiency in the Savings and Loan Industry," with Richard Garbaccio, Benjamin Hermalin. Journal of the American Real Estate and Urban Economics Association, Volume 22, "Testing the Present Value Relation for Housing Prices: Should I Leave my House in San Francisco," with Richard Meese. Journal of Urban Economics, Volume 35, "The Determinants of Efficiency and Solvency in Savings and Loans," with Benjamin E. Hermalin. The RAND Journal of Economics, Volume 25, "Spatial Price Competition and the Demand for Freight Transportation," with Frederick Inaba, Reprinted in The Economics of Location, Edited by Melvin Greenhut and George Norman, London, Elsevier, "From Disaggregate Mode-Destination-Quantity Decisions to Predictions of Aggregate Freight Flows," with Fred Inaba and Murat Genc. International Journal of Transport Economics, Volume 21, Arm Wrestling: Valuing Adjustable Rate Mortgages Indexed to the 11 th District Cost of Funds," with Richard Stanton. Volume 23, Journal of the American Real Estate and Urban Economics Association, Hedonic-Based Price Indexes for Housing: Theory, Estimation, and Index Construction, Number 3, Economic Review of the Federal Reserve Bank of San Francisco, "The Construction of Residential House Price Indices: Indexes: Repeat Sales, Hedonic Regression, and Hybrid Methods," with Richard Meese. Volume 14, Journal of Real Estate Finance and Economics, Testing the Present Value Relation for Housing Prices: Should I Leave My House in San Francisco? with Richard Meese. Reprinted in The Economics of Housing: Volume I. Edited by John M. Quigley. Northamption, MA., Edward Elgar Publishing Limited, "Mortgage Choice: What is the Point?" with Richard Stanton. Real Estate Economics, Volume 26, No. 2, "The Anatomy of an ARM: Index Dynamics and Adjustable Rate Mortgage Valuation," with Richard Stanton. Journal of Real Estate Finance and Economics, Volume 19, No. 1, Housing Price Cycles and Prepayment Rates of U.S. Mortgage Pools, with Joe Mattey, Journal of Real Estate Finance and Economics, Volume 23, No. 2, Firm Performance and Executive Compensation in the Savings and Loan Industry, with Benjamin Hermalin, Journal of Financial Economics, Volume 61, 2001.

4 4 House Price Dynamics and Market Fundamentals: The Parisian Housing Market with Richard Meese, Urban Studies, Volume 40, No. 5/6, May An Empirical Test of a Two-Factor Mortgage Prepayment and Valuation Model: How Much Do House Prices Matter? with Christopher Downing and Richard Stanton, Real Estate Economics, Volume 33, No. 3, Innovations in Mortgage Modelling: An Introduction, Real Estate Economics, Volume 33, No. 3, An Empirical Test of a Contingent Claims Lease Valuation Model, with Richard Stanton, Journal of Real Estate Research, Is the Market for Mortgage Backed Securities a Market for Lemons? with Christopher Downing and Dwight Jaffee, Review of Financial Studies. Volume 22, July The Dynamics of Job Creation and Destruction and the Size Distribution of Cities, with Donald Walls. 2009, Housing Markets and the Economy: Risk, Regulation, Policy Essays in Honor of Karl Case, edited by Edward Glaeser and John Quigley, Cambridge, MA., Lincoln Land Institute. Optimal Exercise of Executive Stock Options and Implications for Firm Cost, with Jennifer Carpenter and Richard Stanton, Journal of Financial Economics, Volume 98, The Bear s Lair: Indexed Credit Default Swaps and the Subprime Mortgage Crisis with Richard Stanton, Review of Financial Studies, Volume 24, All in One Basket: The Bankruptcy Risk of a National Agent-Based Mortgage Recording System, University of California, Davis Law Review, Volume 46, U.S. Residential-Mortgage Transfer Systems: A Data-Management Crisis, with John Patrick Hunt and Richard Stanton, Forthcoming Handbook of Financial Data and Risk Information: Volume 4: Data Risk, Cambridge University Press. Rebalancing Public and Private in the Law of Mortgage Transfer, with John Patrick Hunt and Richard Stanton, American University Law Review, Volume 63, 2013 Energy Efficiency Retrofits for U.S. Housing: Removing the Bottlenecks, with Ashok Bardhan, Dwight Jaffee, and Cynthia Kroll, Regional Science and Urban Economics, Volume 14, 2014.

5 5 The Industrial Organization of the U.S. Residential Mortgage Market, with Johan Walden and Richard Stanton, Forthcoming Annual Review of Financial Economics, December Comments on: Lending on Hold: Regulatory Uncertainty and Bank Lending Standards by Stefan Gissler, Jeremy Oldfather, and Doriana Ruffino, Journal of Monetary Economics, Volume 81, August, WORKING PAPERS CMBS Subordination, Ratings Inflation,, and the Crisis of , with Richard Stanton, Revise and resubmit Journal of Finance. Estimation of Employee Stock Option Exercise Rates and Firm Cost, with Jennifer Carpenter and Richard Stanton., Revise and resubmit Journal of Financial Economics. Securitization Networks and Endogenous Financial Norms in U.S. Mortgage Markets, with Johan Walden and Richard Stanton, Revise and resubmit Review of Financial Studies. A New Dynamic House-Price Index for Mortgage Valuation and Stress Testing, with Richard Stanton and Chris Strickland. Mortgage Underwriting Standards in the Wake of Quantitative Easing, with Barney Hartman- Glaser and Richard Stanton. Funding Fragility and Pipeline Risk in the Residential-Mortgage Market, with David Echeverry and Richard Stanton. The Mortgage Origination Pipeline and the Perils of Exemption from Automatic Stay, with Aya Bellicha and Richard Stanton. Duration Measurement and Hedging Channels for GSE Insured Mortgage Backed Securities: The Myth of Convexity Spirals, with Aya Bellacha, Christopher Lako, and Richard Stanton. The Effect of Building Energy Efficiency on Commercial Mortgage Default, with Paul Mathew and Paulo Issler. Who is the Marginal Home Buyer and Why it Matters? with Aya Bellicha and Richard Stanton. Energy Factors, Leasing Structure and the Market Price of Office Buildings in the U.S., with Dwight Jaffee and Richard Stanton. Energy Efficiency and Commercial-Mortgage Valuation, with Dwight Jaffee and Richard Stanton.

6 Real Estate Price Measurement and Stability Crises, paper prepared for presentation at the Riksbank workshop on Housing Markets, Monetary Policy and Financial Stability. Agglomeration Economies and the High-Tech Computer Cluster, with Donald Walls. A Real Options Approach to Housing Investment, with Christopher Downing. "Exact and Approximate Approaches to Imposing Curvature and Monotonicity Restrictions on Flexible Forms: A Bayesian Approach," with James Chalfant and Kenneth White. "Housing Finance: A Review of Research and an Agenda for the Future," with Kenneth T. Rosen. Federal National Mortgage Association, Fannie Mae Working paper series. No. HP024U04/92. "Testing the Translog Specification with the Fourier Cost Function," with James Chalfant. RECENTLY FUNDED RESEARCH Department of Energy, ARRA, Incorporating Energy Efficiency into Commercial Mortgage Underwriting, UC Berkeley Principal Investigator, with Richard Stanton and Dwight Jaffee, Subcontract Lawrence Berkeley National Laboratory. December, $360,000. Department of Energy, Better Building, Energy Factors in Commercial Building Finance, with Paul Mathew, Subcontract Lawrence Berkeley National Laboratory. October 2015-present. $1,000,000. RECENT ACADEMIC PRESENTATIONS A New Dynamic House-Price Index for Mortgage Valuation and Stress Testing, with Richard Stanton and Chris Strickland, MIT Consortium for Systemic Risk, December, 2015, NYU Stern, Macro Financial Modeling Conference, January, Securitization Networks and Endogenous Financial Norms in U.S. Mortgage Markets, with Johan Walden and Richard Stanton, JOIM Conference, September, 2014, London Business School, 2014, Stanford University, March 2015, Western Finance Association Conference, June, 2015, MIT, Consortium for Systemic Risk Analytics (CSRA), June 2015, NBER Summer Institute, June 2015, Financial Intermediation Research Society (FIRS) Conference, Lisbon, Portugal, June, Estimation of Employee Stock Option Exercise Rates and Firm Cost, with Jennifer Carpenter and Richard Stanton, The Ohio State University, November 2012, Rice University, March 2014, University of North Carolina, February,

7 7 RECENT PROFESSIONAL PRESENTATIONS Boston Federal Reserve Bank Conference on Macro-Finance Linkages, Bank Stress Testing: House Price Analytics and Systemic Risk in Mortgage Networks, Boston, October, American Law Institute Conference, Georgetown University School of Law, Financing Housing Markets: Pre and Post Crisis Challenges in Market Structure and Funding Flows May, Conference in Honor of Robert Schiller, Nobel 2014, Yale University, What s Next in House Price Index Modeling? September 12, Global Crossroads 2015: Financial Market Adaptation to Regulation and Monetary Policy, Stanford Graduate School of Business, U.S. Mortgage Market Pipeline Risks March, San Francisco Women in Finance, Outstanding Policy Challenges for US Mortgage Markets, House Price Measurement, and Real Estate Energy Efficiency May, New York Federal Reserve Bank, Conference on Mortgage Contract Design, Mortgage Origination Pipeline Risk, May, Department of Energy, Better Buildings Summit, Washington, DC, Underwriting Energy Efficiency in Commercial Mortgages: Challenges and Possible Interventions, April, University of North Carolina, Conference on Building Academic and Business Partnerships on Mortgage Data Analytics, CRE Mortgage Analytics: Data Integration and Management Challenges, May, GNMA Conference on Managing Value and Liquidity in Mortgage Servicing, GNMA Liquidity and Counterparty Risk, GNMA Washington DC, June, Office of Financial Research, FRAC Meeting, NY Federal Reserve Bank, New York, Monitoring GNMA/GSE Pipeline Liquidity, July, CORPORATE BOARD MEMBER Board of Directors, Montgomery Street Income Securities (MTS) ( ) U.S. GOVERNMENT SERVICE Financial Research Advisory Committee, Office of Financial Research, U.S. Treasury, ( ) The Federal Reserve System, Model Validation Council, (6/2013 present)

8 8 UNIVERSITY OF CALIFORNIA, BERKELEY SERVICE Committee on Academic Planning and Resource Allocation, (CAPRA) ( present; Chair ). CAPRA subcommittee on the UCB Financial Model (2016 present) Divisional Council, Faculty Senate, ( ). Task Force on the Banking Request for Proposals ( ). The University Athletics Board ( ). Space Assignment and Capital Improvements Committee (SACI) ( ). GIMLET Administrative planning committee ( ). Task Force on the Lower Sproul Plaza Redevelopment ( ). Task Force to Re-Envision the financial structure of California Memorial Stadium, ( ). University Partnership Program ( present). UNIVERSITY OF C ALIFORNIA, OFFICE OF THE PRESIDENT SERVICE Task Force on Investments and Retirement TFIR, At-large member. ( ).