The Vega real estate expert network consists of academic and industry leaders who have extensive experience in real estate transactions, automated valuation models, appraisals, real estate investment trusts, mortgage loan servicing, and real estate-backed securitization instruments.

Our experts have been engaged to conduct analyses for class action lawsuits and have extensive experience addressing issues in post-crisis litigation, including estimating the performance of mortgages and mortgage-backed securities.

Publications

  • How Will Covid-19 Affect Commercial Real Estate: Vega expert discusses how stay-at-home orders and business closures associated with COVID-19 may affect commercial properties and policies that might help.
  • AVM Performance Metrics: Vega expert publishes new research on best practice principals that allows a consistent evaluation and comparison of AVM performance.

Example Engagements

  • Automated Valuation Model (AVM) Rebuttal Analysis: A Vega expert was retained in several cases brought against RMBS depositors and underwriters to address allegations by the opposing expert that loans had inflated appraisal values. The Vega expert’s analyses assessed whether the appraisal values fell within the expected range of values produced by the AVM. 

  • Valuation of Mortgage Loans: A Vega expert was retained for more than a half dozen cases in which trustees alleged that defendant originator failed to cure or repurchase defective loans. As part of this engagement, the Vega expert was retained to assess whether the alleged representation and warranty breaches materially and adversely affected the value of the loans. The expert opined that loan value is a function of a loan’s risk profile and addressed the opposing expert’s claim by quantitatively modeling the risk profile of the individual mortgage loans under different counterfactual scenarios. In one of these cases, Morgan Stanley Mortgage Loan Trust 2006-14SL, et al. v. Morgan Stanley Mortgage Capital Holdings LLC (N.Y. Sup. No. 652761/2012) plaintiffs filed a motion to exclude. The analysis performed by the Vega expert withstood the motion to exclude.

  • Asset Transfer in REIT Transaction: A Vega expert calculated damages suffered by a class of shareholders in a real-estate investment trust (REIT) as a result of an asset transfer. The expert, supported by the Vega team, evaluated the economic rights of the different shareholder classes as determined by the structure of the REIT.

  • Real Estate Valuation: Vega supported an expert who was retained to determine property values in an action alleging the defendant breached representations and warranties by misrepresenting the quality of the loans in certain agreements. The Vega expert addressed this claim by econometrically evaluating the impact of the alleged misrepresentations on property values. To do so, the expert constructed a series of regression models that leveraged historical property valuation data available through the Zillow API to estimate whether the alleged misrepresentations had an economically significant impact on the change in property values between origination and liquidation.

Experts

Sumit Agarwal

Low Tuck Kwong Distinguished Professor of Finance and a Professor of Economics and Real Estate at the National University of Singapore

  • Consumer Finance
  • Financial Institutions
  • Real Estate
Andra Ghent

Associate Professor at UNC Kenan-Flagler Business School

  • Consumer Finance
  • Real Estate
  • Securities & Finance
Paul Habibi

Continuing Lecturer of Finance and Real Estate at UCLA Anderson Graduate School of Management and Lecturer in Law at UCLA School of Law

  • Valuation
  • Private Equity
  • Accounting
  • Real Estate
  • Corporate Finance
  • Financial Institutions
Paul Hanouna

Associate Professor, Department of Finance, Villanova School of Business, Villanova University

  • Real Estate
  • Data Science & Statistics
  • Financial Institutions
  • Corporate Finance
  • Securities & Finance
Hans R. Isakson

Professor Emeritus of Economics at the University of Northern Iowa

  • Valuation
  • Energy & Environmental Economics
  • Real Estate
  • Securities & Finance
Alexei Tchistyi

Associate Professor of Finance at Gies College of Business, University of Illinois

  • Real Estate
  • Corporate Finance