Board of Independent Managers

-Each of the following persons has agreed to serve as an independent member of our board of managers (each, an “Independent Manager”).
-The principal occupation for at least each of the past five years of each of our four Independent Managers, as well as certain other biographical information, is provided below.

Stuart A. McFarland
Mr. McFarland is Managing Partner of Federal City Capital Advisors, a strategic advisory and corporate financial services firm located in Washington, D.C. Before this, he was President and Chief Executive Officer of Pedestal Inc., an Internet secondary mortgage market trading exchange for the trading of spot and pooled mortgage loans. He was Executive Vice President and General Manager of GE Capital Mortgage Services and President and CEO of GE Capital Asset Management Corporation from 1990 to 1995 where he ran GE Capital’s mortgage business. Prior to GE Capital, he was President and CEO of Skyline Financial Services Corp., where he was the U.S. Bankruptcy Court appointed asset manager for the EPIC Bankruptcy. GE Capital acquired Skyline at the completion of the Bankruptcy Plan. Before joining Skyline, Mr. McFarland was President and CEO of National Permanent Federal Savings Bank in Washington, D.C. and, at the request of the Federal Home Loan Bank Board, stabilized the situation at the institution, which had significant financial and real estate problems until it was sold in 1986 to Citicorp. Prior to this, Mr. McFarland was Executive Vice President and Chief Financial Officer with Fannie Mae (Federal National Mortgage Association).

At Fannie Mae, he developed and introduced the Fannie Mae mortgage-backed securities program and reorganized its asset and liability acquisition and distribution systems. He was also President and Director of Ticor Mortgage Insurance Company in Los Angeles, California. He joined Ticor in 1972 and left in 1981 to join Fannie Mae. Ticor was the nation’s second largest provider of mortgage guaranty insurance. Mr. McFarland has testified before several committees of the U.S. Senate and House of Representatives on mortgage and real estate finance and securitization as well as related financial issues. He currently serves as a Director of the Brandywine Funds, as Director of Newcastle Investment Corporation, as a Director and Member of the Executive Committee of the Center for Housing Policy, is a Trustee of the National Building Museum and a Member of the Board of Trustees of the Brookings Greater Washington Research Program. Mr. McFarland attended Lafayette College in Easton, Pennsylvania, where he earned an A.B. degree in Government and Law in 1970.

Patrick J. Milmoe
Mr. Milmoe has been a practicing attorney for 35 years with two of the top law firms in the country. In addition to his law practice, Mr. Milmoe is a real estate investor and developer with controlling interests in various marinas, restaurants, office buildings, shopping centers, a construction company and industrial properties. Mr. Milmoe has been Senior Counsel with Hunton & Williams in Richmond, Virginia since 2001. He was a Partner with Hunton & Williams from 1972 to 2001, where he was team head of the Real Estate Finance and Development Team and specialized in corporate law and commercial real estate including corporate acquisitions, mergers, public offerings, property acquisitions, REITs, leasing, real estate finance, joint ventures and workouts. Before this, he was with Davis Polk & Wardwell in New York, where his practice included all aspects of corporate law, including mergers, acquisitions, stock offerings, joint venture, corporate governance, international law and real estate law.

Before joining Davis Polk & Wardwell, Mr. Milmoe was an Officer in the U.S. Army. Mr. Milmoe currently serves as Director or Trustee of States Roofing Corporation; Virginia Beach Marlin Club, Inc.; Dare Marina Inc.; SRC Associates; Capital Place Associates; Patrick J. Milmoe and Associates; Village of Atlantic Beach, N.Y.; St. Joseph’s Villa and Hanover Tavern Foundation. Mr. Milmoe attended the College of William & Mary in Williamsburg, Virginia, where he earned a B.A. in Economics and received his J.D. from the University of Virginia in Charlottesville, Virginia. Mr. Milmoe is a member of the Virginia, Florida and New York state bar associations.

David T. Maughan
Mr. Maughan founded CastaNet Capital LLC in 1999. Prior to this, Mr. Maughan was a Senior Vice President of Nesbitt Burns, the investment-banking unit of the Bank of Montreal, as head of their U.S. investment banking. In 1995, Mr. Maughan founded BayMark Capital, a boutique investment bank in a strategic alliance with KPMG, which he moved to Nesbitt Burns in 1997. Before founding BayMark, Mr. Maughan was head of the Financial Institutions Group at Kidder, Peabody & Co. from 1988 to 1995. Prior to Kidder, Mr. Maughan was First Vice President of Drexel Burnham Lambert in New York from 1986 to 1988. Before Drexel, Mr. Maughan served in various positions, including Principal, at Morgan Stanley & Co. from 1974 to 1986 in New York, Tokyo and Montreal. Mr. Maughan is a member of the Abenakee Club. Mr. Maughan attended the University of Western Ontario, where he earned his MBA in 1974.

Gary L. Singleterry
Mr. Singleterry has provided investment banking and financial advisory services to the mortgage and financial institution industries through his firm, Singleterry & Company. He has managed the Singleterry Mortgage Fund, a private investment fund, since December 1995. In 1985, Mr. Singleterry founded and managed the mortgage finance group at Prudential Securities, Inc., leading it to become the third largest underwriter of mortgage-backed securities by 1989. He also founded that firm's Financial Strategies Group, then recognized as one of the leading mortgage research and analytical groups in the securities industry. During his career, he has worked for Morgan Stanley, Dean Witter and Prudential Securities, Inc. in many aspects of mortgage finance and investment banking for financial institutions. Mr. Singleterry was a member of the ad-hoc committee that helped draft the REMIC legislation and has served on the National Advisory Council of the Federal National Mortgage Association. Mr. Singleterry received a BA degree in Applied Mathematics and Economics from Harvard College and an MBA degree from Stanford University.

Michael W. Young
Mr. Young has been President and Chairman of the Board of Cenlar Capital Corporation and President and Chairman of the Board of Cenlar FSB, which were formed by the reorganization of Centennial Savings and Loan Association and Larson Mortgage Company in 1985. Mr. Young served in various mortgage-banking capacities at Larson since 1969, including being appointed President in 1978.

Prior to Larson, Mr. Young served as Vice President and Investment Officer of Jersey Shore Savings and Loan Association in Toms River, New Jersey from 1962 to 1969. Mr. Young is Chairman of America’s Community Bankers Mortgage Markets & Lending Technology Committee, Director of ACB Partners, Inc., member of the America’s Community Bankers Government Affairs Council, Director of MBA of American Residential and member of the Strategic Planning Committee of MBA of America. Formerly, Mr. Young has also been a member of the Fannie Mae Mortgage Banking Advisory Council, Chairman of the Ginnie Mae Liaison Committee - MBA of America, Chairman of the CRA Committee of the N.J. Savings League, Chairman of the Mortgage Lending Committee of the N.J. Savings League, Director of Thrift Institutions Community Investment Corp. of N.J., President and Director of Trenton Downtown Association, Inc., Chairman of N.J. League Savings & Community Bankers, member of N.J. League Savings & Community Bankers Board of Governors, member of Regional Advisory Board Fannie Mae - N.E. Region, two-term President of N.J. Mortgage Bankers Association, member of N.J. Mortgage Bankers Association Board of Governors and member of N.J. Assembly Housing Committee Advisory Board. Mr. Young is a licensed New Jersey Real Estate Broker and received his B.S. from Monmouth College.