Willy Walker
Chairman, President & CEO

Good afternoon, and welcome to another Walker Webcast. It’s my great pleasure to have my friend, my colleague, the exceptional analyst, Ivy Zelman join me today. Hi, Ivy.

Ivy Zelman
Executive Vice President

Hi. Love it, thank you. Nice to be here again.

Willy Walker
Chairman, President & CEO

It’s great to have you. Since I have you alone today, usually when we have Chris Mikkelsen and Aaron Appel joining us, I kind of dive right into the questions. And since I have you a loan today, I’m going to do a full bio on you because it’s been a while since I’ve done that bio, and most people who listen to the Walker Webcast know you and know of your background, but I think it is worthwhile to run back through it today as we have a little bit more time of just a one-on-one conversation.

So Ivy bear with me as I embarrass you a little bit on how extraordinary this background is. So Ivy Zelman is one of the most influential housing analysts in the United States and is currently Executive Vice President and Co-Founder of Zelman, a Walker & Dunlop Company. She has spent more than 30 years analyzing housing, homebuilding, mortgage finance, building products, demographics and the broader residential real estate ecosystem. She began her career at Salomon Brothers in 1990, initially in investment banking before moving into equity research covering housing.

She joined Credit Suisse First Boston in 1998 when those firms were still Credit Suisse First Boston, where she became Managing Director and one of

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