Private and Confidential

Bayview Asset Management, LLC

Executive Summary

May 2009

Confidential – Not For Distribution
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Disclaimer
This presentation includes certain statements, estimates, targets and projections provided by Bayview Asset Management, LLC (the "Company") with respect to the anticipated future performance of the business. Such statements, estimates, targets and projections reflect significant assumptions and subjective judgments by the Company's management concerning anticipated results. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The information contained herein is unaudited and subject to change. The data as presented has not been reviewed or approved by any party other than Bayview. The unaudited data is based on information available to Bayview as of October 1, 2008 and contains certain estimates and assumptions that Bayview deems appropriate and may be revised as additional information becomes available. All performance data contained herein represents past performance. Past performance is not indicative of future results. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: competitive and general business, economic, market and political conditions in the United States and abroad from those expected; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; changes in generally accepted accounting principles or in the legal, regulatory and legislative environments in the markets in which the Company operates; and the ability of management to effectively implement the Company’s strategies. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Accordingly, neither the Company nor its advisors nor any of their respective directors, partners, employees or advisers nor any other person, shall be liable for any direct, indirect or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this presentation and any such liability is expressly disclaimed. The Company does not undertake any obligation to update or revise any statements contained herein, whether as a result of new information, future events or otherwise. Except where otherwise indicated, this presentation speaks as of the date hereof. In furnishing this presentation, neither the Company nor its advisors undertakes any obligation to update any of the information contained herein or to correct any inaccuracies. This material is confidential and can not be reproduced in any manner. By its acceptance hereof, each recipient agrees (in addition to any obligations it may have under such Confidentiality Agreement) that neither it nor its agents, representatives, directors or employees will copy, reproduce or distribute to others this Confidential Presentation, in whole or in part, at any time without the prior written consent of the Company and that it will keep permanently confidential all information contained herein not already in the public domain and will use this Confidential Presentation for the sole purpose of deciding whether to proceed with a further investigation of the Company. This presentation shall remain the property of the Company. The Company reserves the right to require the return of this presentation (together with any copies or extracts thereof) at any time. This presentation is for information purposes only and does not constitute an offer or invitation for the sale or purchase of the securities, assets or business described herein and shall not form the basis of any contract. The Fund is a high-risk investment vehicle which will be available only to qualified individuals or entities that are willing to assume above average risk and limited liquidity with a portion of their net worth. There can be no guarantee that the Fund's investment objectives or results comparable to past performance will be achieved. Please see the Fund's PPM for a complete list of risk factors, which include risk of loss of investment, illiquidity of investment, dependence on the general partner, and use of leverage by the Fund. This document is neither advice nor a recommendation to enter into any transaction with the Fund. This presentation and its contents are proprietary information of the Fund and may not be reproduced or otherwise disseminated in whole or in part without the Fund's written consent.

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Table of Contents
I. II. III. IV. V. VI. VII. Overview Market Opportunity Bayview Opportunity Master Fund, L.P. Bayview Opportunity Master Fund II, L.P. Bayview Capabilities Summary of Terms Biographies
4 11 16 20 22 27 30

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Overview 4 .I.

5 billion in securities sold to over 200 institutional investors (including securities issued under the Company’s small balance commercial platform). In December 2007.P.Bayview Asset Management. Bayview has purchased over $16 billion in loans from over 2.000 counterparties in over 9. Bayview launched Bayview Opportunity Master Fund. Bayview’s mortgage investment platform is built around leading teams in Mortgage Research. The Company has been a whole loan investor since 1995 and has earned a reputation as a leading investor.P. Bayview expects to begin raising capital for the Bayview Opportunity Master Fund II. Loan Acquisition. and trusted partner of the financial community. (“BOF-II”). L.000 small private note purchases.* Since 1998.  Bayview. 5 . the Company has executed 75 different securitization transactions totaling more than $28. L. servicer. Securitization. LLC (“Bayview” or the “Company”) is a fully integrated mortgage finance company positioned to take advantage of the dislocation in the mortgage market.       * Number of transactions excludes approximately 6. In October 2008. which was acquired in 1993 by David Ertel (CEO). Loan Trading. and Mortgage-backed Securities. Loan Servicing. Structured Finance. affiliates of Blackstone Capital Partners V acquired a minority interest in Bayview.000 transactions since 1995. (“BOF-I”) with nearly $2 billion in capital commitments. which will make investments in residential and commercial whole loans as well as selectively in mortgage-backed securities. Florida with over 650 employees and a senior management team with 12 years of average tenure with the Company. LLC Overview Bayview Asset Management. is a mortgage finance company based in Coral Gables.

Important accomplishments of the Bayview residential securitization program include: – – A track record of buying loans at a discount to the cash proceeds received from each securitization. From 1998 through 2007.  Acquiring loan portfolios using Bayview’s balance sheet capital. The combination of Bayview’s due diligence procedures and underwriting criteria have translated into better quality loans that have consistently performed well across a wide spectrum of vintages. 6 . typically due to underwriter error. the firm issued 39 term securitizations totaling $14.S.0 billion of bonds issued that included primarily residential loans acquired in the secondary market. Securitizing the loan portfolios. excluding any value for the residual securities. Historically.. Realizing a gain from the securitization in the form of a cash profit plus the retention of a residual interest (with zero basis).Historical Track Record    Bayview’s mortgage investment platform has purchased $16 billion of residential mortgage loans since 1995. (1) A “scratch-and-dent” loan is a loan that generally did not qualify for the origination program for which it was intended. having focused on this sector for longer than any of its peers. 3. Bayview primarily used a securitization model as its funding source: 1. Bayview believes it is one of the largest buyers of “scratch and dent”1 mortgages in the U. 2. 4. and Using proceeds from the securitizations to purchase additional loans and fund the business.

000 UPB (in $ millions) $1.404 $1.657 $1.475 $1.000 institutions.000 transactions with over 2.500 $2.838 $500 $51 $1 $0 1997 1998 1999 $7 $197 $343 $31 $874 $473 $94 2000 $276 2001 2002 $484 $338 2003 Year $433 $449 $347 2007 $117 YTD 2008 (9/30) 2004 2005 2006 Com m ercial Acquisitions Residential Acquisitions 7 .Historical Acquisition Volume  Bayview has a 13 year track record of investing in mortgage whole loans totaling over $16 billion of unpaid principal balance in over 9.198 $927 $1.675 $1.000 $1.500 $1.816 $1. Yearly Acquisition Volume by Unpaid Principal Balance (UPB) ($ in millions) $2.

5% 22.045 166.1% 33.4% 9.0% UPB 589.399 217.1% 100.2% 10 .Historical Acquisitions by Collateral Type Historical Acquisitions by Collateral Type 2003 UPB in $000s UPB Unseasoned Resi (<12 Mo) 479.593 Residential Equity Loans 10.740 2005 % 2 9.9% 4.780 Micro Securitization 96.566 680.2% 16.499 1.718 2006 % 31.827 % 30.828.495 2004 % 24.7% 1 6.9% 0.7% 9.1% 52.892 378.6% 14.592 0 0 12.0% UP B 713.1% 19.1% 9.7% 100.241 1.260 Commercial 280.0% 1 .0% UPB 728.6% 100.676 87.0% 100.1% 1 3.977 111.335.9% 65 .457 44.992.5% 4.5% 4.3% 18.5% 4.960 S easoned Resi (>12 M0) 1.2% 21.518 441.0% 11.908 655.509 2007 % 39.209 S eller Finance 71.376 2008 % 22 .957.8% 2 4.681 347.882 2.0% 0 .1% 6.855 205.0% UPB 239.4% 3.114 375.693 Total 1.053.838 500.863 87.8% 3.537 78.254 95.0% 2003 – 2007 Acquisitions by Collateral Type (by principal balance) 8 .5% 19.044.260.881 349.644 151.5% 100.608 1.2% 0 .534 544.711 309.6% 100.517 2.535 431.0% UPB 673.3% 2.946 206.

Source 1: The performance data for all of the non-BCAT transactions was aggregated and averaged by vintage. 9 . Source 2: The industry data was provided by LoanPerformance.Historical Delinquency Percentages (60+ days delinquency)  The combination of Bayview’s due diligence procedures and underwriting criteria have translated into better quality loans that have consistently performed well across a wide spectrum of vintages.

Wachovia Mortgage Corporation Bank of America NA The Bank of New York 938 953 1.395 •Bayview’s target Loan/FTE ratio is between 170 and 190. high-touch loss mitigation efforts. Turn-key servicing capabilities: currently only running at 50% capacity. N. Servicers Ranked by Loans/Employee Servicer Loans/FTE Servicer Loans/FTE Bayview Loan Servicing Walter Mortgage Company Litton Loan Servicing LP Select Portfolio Servicing Inc.763 1. Inc.Bayview Servicing Edge    Lowest ratio of loans per full-time employee in the industry.A. Nationstar Mortgage LLC Ocwen Loan Servicing. The figure above represents excess capacity. Source: Actual loan to FTE ratio for Bayview. most recently available Fitch Servicer Reports for other servicers. Accredited Home Lender Inc.273 1. the highest possible rating.227 1. National City Mortgage Co Washington Mutual Bank Branch Banking & Trust Residential Capital LLC First Horizon Home Loan SunTrust Mortgage. LLC Avelo Mortgage LLC Specialized Loan Servicing.356 2. Wells Fargo Bank. Bayview is one of only five special servicers currently rated “Strong” by S&P.125 1.500 1. •The highlighted companies are the other special servicers rated “Strong” by S&P. 10 .042 3. LLC Wilshire Credit Corporation Saxon Mortgage Services.100 1. Inc. allows for extensive. Aurora Loan Services LLC Option One Mortgage Corporation LoanCare Servicing Center JP Morgan 81* 227 273 293 313 330 344 344 345 398 438 494 542 558 592 633 753 897 Cenlar FSB Homecomings Financial M&T Mortgage Countrywide Home Loans Regions Mortgage Taylor Bean & Whitaker Greenpoint Mortgage Funding Inc.084 1. Green Tree Servicing National City Home Loan Services Popular Mortgage Servicing.233 4.412 3.037 1.003 3. Inc.903 2.

Market Opportunity 11 .II.

Residential Mortgage Market: $10.S.5 Trillion (as of May 2008) Source: Credit Suisse (US Mortgage Strategy).Overview of Market   The U.Market Opportunity . residential mortgage market is a vast market over $10 trillion in size. Total U.S. GNMA 12 . Bayview’s primary focus is on the Non-Securitized sector of the market (the residential whole loan sector). Loan Performance.

combined with Bayview’s knowledge and capabilities. Investments in whole loans allow Bayview to leverage what it believes is a unique special servicer. Compared with mortgage-backed securities: – Whole loans represent senior. Investments in whole loans can be negotiated on a more granular – loan level basis.  – – – 13 . generally characteristic of the most stable mortgage securities. Bayview believes its selection process utilized to create carefully crafted pools where possible.Market Opportunity – Whole Loans  The large supply of whole loans coming to market. “current pay” cash flows. results in substantially better performance. are expected to provide Bayview with an opportunity to invest cautiously with attractive returns for relatively limited downside. highly capable of maximizing the value of sub and non-performing loans. even for economic scenarios that are worse than those implied by current market prices. Investments in whole loans offer substantially greater transparency through Bayview’s extensive loan level due diligence process including a re-underwriting of the borrower and a fresh evaluation of the underlying real estate collateral.

* 357 depositories with total mortgage loans of $96 billion have NPL/TL ratios of greater than 5% with 968 billion of mortgage loans. more complex transactions.5%. commercial banks.1 trillion of real estate backed loans. the weighted average NPL/TL ratio is 15. ƒ The percentage of non-performing loans to total loans at U.45% Q208. Among this universe of institutions.* ƒ 94 depositories with total mortgage loan assets of $72 billion have non-performing loans to total loans (NPL/TL) ratios of greater than 10%. a level not seen since the 1980’s. banks and savings institutions rose to 1. savings banks and savings institutions. – – Fannie Mae and Freddie Mac have been tightening guidelines.* ƒ ƒ – Wall Street firms seeking to reduce illiquid assets: ƒ Securities market is nonexistent for new RMBS issuance. 14 .* A total of 993 institutions have NPL/TL ratios of greater than 3% (weighted average of 5. Includes bank holding companies.Market Opportunity – Buyer’s Market  Bayview believes that there is limited competition on larger.S. * Based on bank data from SNL Financial as of 9/17/08. and that the available for sale pipeline dwarfs the amount of capital raised by distressed funds thus far.06%). This group of institutions have $1. Banks and savings institutions are seeking to reduce balance sheet size.

– Those institutions with sufficient capital and liquidity to take advantage of opportunities are opting for long term strategic plays (i.  The failure of a number of major U.Market Opportunity – Buyer’s Market  The FDIC has seized 14 depository institutions thus far in 2008 with total assets of $42.S. which was placed in whole to JP Morgan without loss to the U. Institutions that previously may have thought their liquidity to be sufficient have had to reconsider the adequacy of their capital position. Bank of America / Merrill Lynch) as opposed to shorter term asset opportunities such as distressed portfolios. Bayview expects the pace of seizures to accelerate. – – * Excludes the failure of Washington Mutual. Government. Failing institutions are contributing to the supply of assets available for sale. financial institutions has put many traditional buyers of mortgage assets in a highly defensive position.S. creating in excess of $100 billion of mortgage loan assets that will be sold by the FDIC over the next several years. – – A very small percentage of the assets have been disposed thus far.e.2 billion (as of 10/13/08)*. 15 .

III. L.P. Bayview Opportunity Master Fund. 16 .

61% (0. on the value of the investments at the time of disposition. and is invested in 195 whole loan transactions with a fair value of $1.Overview of Bayview Opportunity Master Fund. Performance of any other funds managed by Bayview may differ from BOF-I and such difference may be material.30% Feb (0.50%) Sep 0. Past performance is not necessarily indicative of future results. 2007 and a final closing was held on March 3.  Initial closing was held on December 3.33% Mar 0. L.44%) Dec 0.P. BOF-I has drawn down approximately $1.08% (0.7 million in cash and cash equivalents. 2008.19% 0.63%) 0.59% BOF-I Loan Composition (as of December 31.37% Jun (1.08% (4. There can be no assurance that the investment objective of BOF-I or any other funds managed by Bayview will be achieved or that losses may not be incurred. RMBS and small balance commercial securities with a fair value of $194.35%) Aug (0. any related transaction costs and manner of disposition. With respect to investments that have not been realized.26% Oct (0.  Bayview raised $2 billion of equity capital for Bayview Opportunity Master Fund.06%) Jul (0. 2008 by loan basis) Comm Non-Performing 1% Comm Performing 21% Comm Performing Comm Non-Performing Resi Performing Originated 2006 and Later Resi Performing Originated Pre 2006 Resi Non-Performing Resi Non-Performing 9% Resi Performing Originated 2006 and Later 40% Resi Performing Originated Pre 2006 29% * Net performance includes returns that are determined on a realized basis and an unrealized basis.5 billion of its committed capital. Net Performance* Jan 2007 2008 2009 0.2 million.17%) YTD 0.04%) Apr (0. and $163. The actual realized return on the unrealized investments will depend.71%) Nov (2.P.  Through 3/31/09.1 billion.03%) May 0. among other factors. investments are marked-to-market based on Bayview's determination of fair value in accordance with the valuation policies attached to the Confidential Private Placement Memorandum for the BOF-I feeder funds.86%) 0. L. 17 .

2% CA 8.Overview of Bayview Opportunity Master Fund.9% CO 4.8% WA 4.0% Other 48.1% NV 1.2% OH 4.5% by loan basis as of 12/31/08 by loan basis as of 12/31/08 18 .5% "Bubble States" 20.1% NY 5.0% FL 6.4% Other 57. Residential Performing Loans Originated Prior to 2006 Residential Performing Loans Originated 2006 or Later AZ 2.9% WA CO NY TX NV AZ FL CA Other "Bubble States" 27.9% FL 7.6% CA 14. L.3% TX 7.8% PA 4.  Summary statistics  Bayview’s investment strategy thus far has been to focus on acquiring performing loans in relatively stable housing markets.  70 percent of BOF-I’s whole loans (by fair value) is invested in performing (<60 days delinquent) residential whole loans with the following geographic distribution as of 12/31/08.5% AZ 4.9% TX 8.9% NY 6.7% OH PA NY TX NV AZ FL CA Other NV 1.P.

L. 19 .P.IV. Bayview Opportunity Master Fund II.

L. with the prospect of future yield enhancement through: ƒ Loss mitigation capability ƒ Captive refinance program ƒ Leverage ƒ Securitization.P. L. as appropriate.Overview of Bayview Opportunity Master Fund II.P. ƒ Performing 2nd lien whole loans. and ƒ Loan sales Targeted asset types include: ƒ Performing 1st lien whole loans (including Prime. and ƒ Residential mortgage-backed securities (RMBS)  20 . Alt-A and Subprime). ƒ Commercial mortgage loan pools. ƒ Non-performing 1st lien whole loans. (“BOF-II” or the “Fund”) seeks to generate attractive riskadjusted returns primarily based on investments in residential and commercial whole loans. Bayview’s investment strategy involves buying loans at attractive unlevered yields.    The Bayview Opportunity Master Fund II. ƒ Construction loans. To a lesser extent. the Fund will invest in residential mortgage-backed securities (RMBS).

Bayview Capabilities 21 .IV.

Organization Chart Bayview believes it has one of the most comprehensive mortgage investment platforms in the nation with 651 full time employees (“FTEs”) dedicated exclusively to Bayview investments / portfolios. * 7 real estate valuation specialists reside within Loan Servicing. 22 .

trading. process and service whole loans. With full in-house infrastructure. underwriting and special servicing personnel. Bayview believes it is one of the few market participants with the full in-house specialized infrastructure and growth capacity to succeed in the whole loan market.Investment Process  New entrants attracted to the potential high yields available in the whole loan market have underestimated the barriers to entry necessary to succeed. New entrants may be handicapped in their ability to source. Bayview is able to maintain a high level of quality control. Sourcing  Value Enhancement Refinancing Leverage Trading Research & Analytics  In-House Core Competencies Special Servicing  Pricing  Transaction Management Underwriting Real Estate Review Collateral Management 23 . price. The infrastructure needed to purchase whole loans requires seasoned and specialized sourcing.

six transaction managers. mortgage credit and prepayment performance to support asset pricing models Team of three experienced mortgage security portfolio managers to invest long and short in mortgage securities and derivatives Experienced commercial and residential whole loan traders that price each individual loan using internally developed pricing models and analytics. including two Ph. often on a negotiated (noncompetitive) basis Team that includes 15 underwriting professionals.D. that analyze home prices.’s. issuing 75 deals for over $28. as well as loan level diligence comments Extensive securitization expertise.Capabilities  Loan Servicing       400+ person primary and special servicer of residential and commercial loans with a servicing platform in Dallas. underwriting and real estate review teams with current capacity to diligence over $400 million in loans (UPB) per month Team of eight research professionals. 24 . and 12 commercial real estate professionals* Experienced transaction management.5 billion in ABS backed by residential and small balance commercial collateral As of 9/30/08 completed $423 million in whole loan sales in 22 transactions with 13 different buyers since March 2007 Loan Sourcing Due Diligence  Trading & Analytics    Structured Finance and Secondary Marketing   * Real estate valuation staff also has responsibilities for valuation of delinquent loans serviced by BLS. Texas and in two Florida location: Coral Gables and Pompano Beach Bayview owns the underlying credit for every loan that it services One of only five special servicers with S&P’s highest special servicing rating Lowest ratio of loans per employee in the servicing industry Team of 11 sales professionals and five support staff that source whole loan acquisition opportunities from financial institutions nationwide Reach and relationships to buy small and large pools. and six residential real estate valuation professionals.

Deal Flow Evaluation Review of Loan Portfolios for Sale in the Market General pricing of the subject loan pool using proprietary analytics and other qualitative information Elimination of Unqualified Loan Portfolios Transaction Management / Underwriting / Real Estate Review Detailed Review of Potential Transactions Full Real Estate Appraisal / Broker Price Opinions / Borrower Credit Review Documentation Check / Risk Assessment Portfolio Pricing Loan Level Analysis / Trader Review Final Bidding Price Adjustment Selection of Best Loans Bayview Portfolio 25 .

Summary of Key Terms 26 .VI.

Limited Partners may request to withdraw any portion of their capital accounts on a quarterly basis with 180 days notice.” f The General Partner will target to distribute at least 100% of the aggregate commitments by the end of Year 5. After the investor receives a 25% IRR for the applicable year.5% of undrawn capital commitments. the Incentive Allocation increases to 30%.” f After Year 5. Tax-Exempt Investors and Non-U.S. f The Fund is expected to have a two-year Investment Period commencing on the Initial Closing Date. The Incentive Allocation is subject to a high water mark. f During the Investment Period. Limited Partners may request to withdraw all or a portion of the “Distribution Shortfall. 27 . after 8 quarters.000. f 80% (GP) / 20% (LP) f Each of the Master Fund and the Partnership will limit non-securitization debt by maintaining a maximum 1 to 1 debtto-equity ratio.S. which fee will not exceed 0. payable quarterly in advance. with full recycling / reinvestment during the Investment Period.” f The General Partner will target to distribute at least 50% of the aggregate commitments by the end of Year 4. Taxable Investors and a Cayman Islands Exempted LP for U. f April 2009 f The minimum initial commitment is $10. For a complete understanding of the terms and conditions. subject to a gate and other restrictions. If this level is not reached. as applicable. Gate: f After Year 5.000. Capital commitments will be drawn down during the Investment Period at the discretion of the General Partner. Limited Partners may request to withdraw all or a portion of the “Distribution Shortfall. f 20% (subject to a preferred return of Libor + 1. This Summary of Terms is being furnished to you solely for informational purposes only. f The Fund is expected to have a ten-year term. Bayview Loan Servicing will maintain additional servicing capacity for the Fund. payable annually based on net capital appreciation. f The General Partner will target to distribute at least 25% of the aggregate commitments by the end of Year 3. if applicable.S. please refer to the Private Placement Memorandum and the fund formation documents. f 2% per annum of net asset value. Subsequent withdrawals are subject to the next Gate with a full “clean-up”. Investors. aggregate withdrawal requests of a limited partner on any Withdrawal Date may be limited to 15% of such limited partners capital account balance as of such Withdrawal Date (excluding the value of any Distribution Shortfall). If this level is not reached.50%). subject to Bayview’s discretion to accept lesser amounts. Limited Partners may request to withdraw all or a portion of the “Distribution Shortfall.Summary of Key Terms – Fund IIa (Hedge Fund Structure) (1) Structure: Target Initial Closing: Minimum Commitment: Investment Period / Drawdown: Term / Liquidity: f Master-feeder structure with a Delaware LP for U. The Fund will pay a monthly fee for the capacity. If this level is not reached. Management Fee: Incentive Allocation / Preferred Return: Servicing Capacity Fee Catch-Up Leverage: (1) Capitalized terms used herein have the meanings assigned to them in the Private Placement Memorandum or the Limited Partnership Agreement.

f 80% (GP) / 20% (LP) f Yes f Each of the Master Fund and the Partnership will limit non-securitization debt by maintaining a maximum 1 to 1 debt-to-equity ratio. with full recycling / reinvestment during the Investment Period. Tax-Exempt Investors and Non-U.000. This Summary of Terms is being furnished to you solely for informational purposes only. f The Fund is expected to have an eight-year term.S. f Carried Interest Distributions will only be made after the General Partner returns all Invested Capital plus the Preferred Return (i. please refer to the Private Placement Memorandum and the fund formation documents. For a complete understanding of the terms and conditions. f 20% Carried Interest with an 8% Preferred Return.Summary of Key Terms – Fund IIb (Private Equity Structure) (1) Structure: Target Initial Closing: Minimum Commitment: Investment Period / Drawdown: Term: Management Fee: Carried Interest / Preferred Return: Catch-Up Clawback Provision Leverage: f Master-feeder structure with a Delaware LP for U. not on an investment by investment basis). Investors.S.000. Capital commitments will be drawn down during the Investment Period at the discretion of the General Partner. 28 . f The Fund is expected to have a two-year Investment Period commencing on the Initial Closing Date. as applicable. f April 2009 f The minimum initial commitment is $10.S.e. subject to Bayview’s discretion to accept lesser amounts. (1) Capitalized terms used herein have the meanings assigned to them in the Private Placement Memorandum or the Limited Partnership Agreement. Taxable Investors and a Cayman Islands Exempted LP for U. f 2% on Committed Capital during Investment Period and 2% on net asset value thereafter.

Biographies 29 .VII.

Mr. O’Brien took over the Non-Performing Asset Division. including work for many of the nation’s top mortgage banking firms. Mr. Ertel is actively involved in all aspects of the Firm’s business including managing the $2 billion Bayview Opportunity Master Fund. Prior to joining Bayview. Mr. Ertel is responsible for managing relations with the Fund’s investors. Mr. Prior to joining Bayview in 1993. Mr. manages all areas of operations and oversees Bayview Loan Servicing. and became responsible for the entire servicing operation in 2001.Senior Management Bios David Ertel is CEO of Bayview Asset Management. Mr. Prior to his current position. O’Brien began his career in mortgage servicing at Shawmut Mortgage Company. O’Brien was a Transaction Manager for Ocwen Federal Bank where he was directly involved in the acquisition and servicing of non-performing residential mortgages. Ertel received a Master of Business Administration and a Bachelor of Science in Economics degree. Evenson was Director of the Servicing Asset Management Division at Bayview. Mr. 30 . with Highest Honors. Prior to that Mr. Mr. Mr. and has managed the development of proprietary analytical models and applications for Bayview’s Mortgage Advisory Division. Evenson received a Bachelor of Science Degree in Economics. from The Wharton School of the University of Pennsylvania with a concentration in Finance. Ertel was a founding Managing Director of Applied Mortgage Analytics and an Associate in the Financial Institution Group at Salomon Brothers Inc in New York. In 1999. from the University of Florida and has been with Bayview since 1995. Richard O’Brien. where he was responsible for supervising all interest rate risk management and hedge advisory engagements. O’Brien received a Bachelor of Science degree in Finance from Bryant College. including the acquisition of performing and non-performing residential and commercial mortgage loans. Brett S. O’Brien joined Bayview in 1997 as a Vice President and served as a Transaction Manager in the Mortgage Investment Division. Evenson. approving major investment decisions for the Fund and setting strategy for the Firm and the fund. Mr. Magna Cum Laude. He has extensive experience in the trading and modeling of interest rate and mortgage derivatives. Mr. Evenson was responsible for managing Bayview’s retail commercial origination platform (Commercial Direct) and was responsible for the creation of a new full documentation commercial mortgage program in 2003. At Salomon Brothers. Ertel has responsibility for oversight of Bayview’s principal businesses. Managing Director and Chief Operating Officer. Mr. Managing Director of Trading and Risk Management. Ertel was involved in a number of merger and acquisition transactions for financial institution clients. Mr. has primary responsibility for managing Bayview’s loan acquisitions business and interest rate risk management program.

human resources issues. which is responsible for all legal matters concerning the Company and its affiliates.S. regulatory matters. Mr. Bomstein is also a state certified residential contractor and real estate salesman. mortgage backed securities. Mr. Mr. Mr. lending and corporate matters. Prior to Atlantic Gulf. having worked for such companies as Ocwen Financial and Norwest Mortgage prior to joining Bayview. Bomstein joined the Company in 1999 and is head of the legal department. Mr. Mr. During his legal career. Waldman earned a Bachelors of Science degree from the University of Connecticut in Business Administration with a concentration in Finance. Fischer was responsible for SEC reporting. Fischer was employed by Florida Power and Light Company in its Finance Department and was responsible for cash management and portfolio management. Mr. and the taxation of mortgage backed securities. builders. financing facilities. In addition. Mr. Mr. and facilitated training workshops on financial modeling. Mr. cum laude. publicly owned real estate development company. Chief Financial Officer.Senior Management Bios Stuart Waldman is Managing Director of Residential Acquisitions and Trading. Fischer was Vice President and Treasurer of Atlantic Gulf Communities Corporation. Bomstein. 31 . Fischer joined Bayview in December 1999 and oversees the financial and loan accounting functions of the company. managed the largest UK subprime securitization. Senior Vice President and General Counsel. and abroad. Bomstein is responsible for the oversight of staff of in-house attorneys. Prior to joining Bayview. lending practices. Bomstein represented numerous developers. Mr. Prior to joining Bayview. acquisitions and transaction support. John H. he was corporate counsel with a national. In addition to the traditional treasury functions. Fischer is also a Chartered Financial Analyst. litigation control. Waldman is primarily responsible for managing loan acquisition pricing programs. paralegals and administrative assistants as well as numerous external counsels. Fischer. Throughout his career. He also manages a team of analysts focusing on the performance and dynamics of Bayview’s loan portfolio. Mr. lenders. commercial mortgage servicing and customer service as well as various other administrative duties. Mr. Mr. Mr. Mr. Fischer received a Master of Business Administration concentrating in finance and Bachelor of Science in Business Administration from the University of Florida. Waldman has securitized over $15 billion in residential and commercial performing and sub-performing mortgages. and public and private companies in many aspects of real estate. Waldman has over 12 years experience in structured finance. including corporate issues. Fischer brings to Bayview experience in managing a large multiple subsidiary corporation with offices throughout the U. Bomstein received his bachelor of Arts degree from Vanderbilt University and his Juris Doctor degree. Brian E. from the University of Miami School of Law. a large residential and commercial real estate company.

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