Consulting work


 2014 Pre-feasibility study for introducing covered Bonds in Armenia, for Kreditanstalt fuer Wiederaufbau (KfW)

2013 Due diligence analysis of Mexican corporate finance agency Bancomext, for KfW

2012 & 2013: Co-teaching at the International Housing Finance Course at the Wharton School/University of Pennsylvania, with Michael Lea and Marja Hoek-Smit, on mortgage finance system development and mortgage product design.

2011 Sistema Brasileiro de Poupança e Empréstimo – Current Risk Issues and Reform Options in a Changing Brazilian Capital Market Environment, for World Bank

2013 Due diligence analysis of Mexican housing finance agency Sociedad Hipotecaria Federal, for KfW.

2009 Review of the Polish TBS Housing Association System, with World Bank for Ministry of Infrastructure of Poland (unpublished consulting work, including balance sheet and loan analysis of over 400 housing associations). Coauthors Claude Taffin and Jan Brzeski.

2008 Evalution of investment and technical assistance options in low-income housing finance in Brazil, for International Finance Corporation(IFC)

2008 Development of covered bond and early repayment legislation for Uruguay, for World Bank with Britt Gwinner

2007 Roadmap for the reform of the National Housing Program, with special focus on rental housing, for Egypt, funded by USAID and World Bank with Claude Taffin and Marja Hoek-Smit

2006 Legislation on mortgage consumer protection in Ukraine, various workshops, for EU-Tacis

2004-2006 Development of primary and secondary mortgage market legislation in Turkey, for Deloitte Emerging Markets Group/Washington, D.C. with Michael Lea and Steven Butler

2004 Strategy for housing finance liberalization, assessment of the contract savings for housing system (turnaround of Bank Maskan), for the National Housing Council of the Islamic Republic of Iran, under World Bank loan

1999 National Housing Policy Strategy for Armenia, for World Bank with Lev Freinkman

1996-2000 comprehensive housing and housing finance work in West Bank Gaza, for World Bank with Larry Hannah and Michael Lea. Included creation of housing assistance fund, housing finance product design, rental housing strategy design.