Frank Bivona is Chief Executive Officer of FGIC Corporation. Before joining FGIC in 2003, Mr. Bivona was Vice Chairman and Chief Financial Officer of Ambac Financial Group, Inc. and Ambac Assurance Corporation. In addition to his CFO role, other responsibilities while at Ambac included: Group Head of the Financial Services Group; senior member of the Portfolio Risk Management Committee; President of the Construction Loan Insurance Company (Connie Lee), an Ambac subsidiary; and head of several Ambac businesses, including investment arbitrage, derivative products, third party investment management; investor relations, rating agency relationships and reinsurance. Prior to Ambac, Mr. Bivona was with Citibank in various finance positions, including CFO of Citibank's Global Insurance Division. He also worked in the Northern European Division based in London and played a key role in establishing new offices in Scandinavia. He is a member of the Board of Directors of the YMCA of Greater New York. Mr. Bivona received a BS from Adelphi University. (Director since 2003.)

Chinh E. Chu is a Senior Managing Director in the Private Equity Group of The Blackstone Group. Since joining Blackstone in 1990, Mr. Chu has been involved in the execution of Blackstone's investments in Nalco, Celanese, LIFFE, StorageApps, Sirius Satellite Radio, Graham Packaging, SunGard, Health Markets and Haynes International. Before joining Blackstone, Mr. Chu worked at Salomon Brothers in the Mergers & Acquisitions Department. He currently serves as a Director of SunGard, Health Markets, Nalco, Celanese and Graham Packaging. (Director since 2004.)

Daniel G. Helle is a partner at CIVC Partners, L.P., a Chicago-based, middle market private equity management company. Mr. Helle joined CIVC in 1989, has served as a partner since 1992, and heads its Financial Services investment team. He is also a director of CIVC Management GP, LLC, Hollinee, LLC, AF&L Insurance Company, Ownit Holdings, LLC, Partners Equity Capital Company LLC, and Precision Camera & Video Repair, Inc. Prior to joining CIVC, he worked for Citicorp Leveraged Capital and for Continental Bank. (Director since 2003.)

Jeffrey P. Hughes has been Vice Chairman of Cypress Advisors, Inc. since 1994. He previously spent 26 years at Lehman Brothers as a senior investment banker and merchant banker, where his responsibilities included starting and managing Lehman's private financing and financial institutions businesses. Mr. Hughes has been a director of many public and private companies over his business career. (Director since 2003.)

Matthew S. Kabaker is a Principal in the Private Equity Group of Blackstone. He joined Blackstone in 1998. (Director since 2005.)

Ann F. Kaplan is the Chair of Circle Financial Group, a membership organization that provides wealth management services, and an Adjunct Professor of Finance at the Columbia University School of Business. Previously, Ms. Kaplan was a General Partner of Goldman, Sachs & Co., specializing in public finance; from 1997-2001 she managed the Municipal Bond Department. Formerly, Ms. Kaplan was the Chair of the Municipal Securities Division of The Bond Market Association and a Board member of the Municipal Forum. Ms. Kaplan serves on the Boards of the Bond Market Foundation, Signature Bank, the American Red Cross, Smith College and the Museum of Arts & Design. (Director since 2004.)

Donald P. Lofe, Jr. is Executive Vice President and Chief Financial Officer of The PMI Group, Inc. Prior to joining The PMI Group, Inc. in 2003, Mr. Lofe was Senior Vice President, Corporate Finance for The CNA Financial Corporation from 1998, and he previously was an audit partner with the accounting firm of PricewaterhouseCoopers LLP. He is a member of Standard & Poor’s CFO Roundtable and Moody’s Investors Service’s CFO Council, and he serves as a member of numerous boards of directors as well as audit and other committees for profit and not-for-profit organizations. A graduate of Westminster College (BA accounting and political science), Mr. Lofe holds an MBA in finance and business policy from The University of Chicago. Mr. Lofe is a certified public accountant.

Patrick Mathis is a Senior Vice President and risk officer in the Enterprise Risk Management division of The PMI Group, Inc., where he oversees PMI's international operations and strategic investments in financial guaranty businesses. Before joining PMI, he served for six years as the Chief Credit Officer of XLCA, where he chaired the Credit Committee and was also a member of the Managing Committee. Mr. Mathis previously worked for eight years at MBIA, where his last title was Managing Director of insured portfolio management and before that he spent four years in the corporate and international lending division of First Interstate Bank in Los Angeles. Mr. Mathis holds a BA in political science from the University of North Carolina at Chapel Hill and an MBA from the University of Texas at Austin. (Director since 2008.)

Eli Nagler is a member of the Private Equity Group at The Blackstone Group. He is involved in Blackstone's investments in the financial sector. Mr. Nagler received an A.B. in Economics from Harvard University where he graduated magna cum laude.

Joseph E. Parzick is a Managing Director of Cypress Advisors, Inc. He joined Cypress in 2003, having spent the prior four years as a Managing Director in Morgan Stanley's financial sponsor group, where he led client teams for a number of the largest US private-equity funds. He was previously a Managing Director of EXOR America Inc., a merchant-banking affiliate of the Agnelli Group, and Lehman Brothers, where he was a Managing Director and co-head of the financial sponsor group. He holds a BS from The University of Virginia and an MBA from the University of Pennsylvania's Wharton School. He currently serves as a director of Danka Business Systems, Republic National Cabinet Corporation, and Stone Canyon Entertainment Corporation.

Arthur P. Slepian serves as Executive Vice President and Chief Enterprise Risk Officer of The PMI Group. He is responsible for enterprise risk management for PMI, including U.S. mortgage insurance operations, international subsidiaries and strategic investments. He also manages PMI's Sarbanes-Oxley 404 compliance initiatives and internal audit functions. Mr. Slepian has held various staff and executive positions at PMI and its affiliates since 1984, including Senior Vice President and Managing Director, Financial Guaranty, of PMI Capital Corporation from 2003 to 2007; Vice President Corporate Development of PMI Capital Corporation from 2000 to 2003; and Senior Vice President of Operations of CMG Mortgage Insurance Co. from 1994 to 2000. From 1981 to 1984, he was an Assistant Professor of Economics at the School of Business of the University of California at Berkeley. Mr. Slepian holds a BA in economics from Yale University and an MA in economics from Stanford University. (Director since 2007.)

L. Stephen Smith is Chief Executive Officer of The PMI Group. He became its President and Chief Operating Officer in 1998. He is also Chairman and CEO of PMI Mortgage Insurance Co., The PMI Group's largest subsidiary, which is the second largest mortgage insurance company in the U.S. He has over 34 years of experience in mortgage insurance, housing finance, and banking. Mr. Smith began his career with PMI in 1979 and held the positions of Account Executive, Secondary Marketing Executive, and Area Sales Director before being promoted to Vice President/General Manager of PMI's Eastern Zone. In 1991, he was promoted to Senior Vice President of Marketing, overseeing the implementation of corporate strategic growth initiatives. In 1993, he was promoted to Executive Vice President Field Operations. He was promoted to President and Chief Operating Officer in 1998, and to CEO in 2004. Prior to joining PMI, he spent eight years as a Vice President with Citizens Southern National Bank in Atlanta. A graduate of Georgia Tech, Mr. Smith has a B.S. in Industrial Management. He is also a graduate of the Stanford Executive Program. He serves as a member of the Board of Directors of The PMI Group; as Chairman of CMG Mortgage Insurance Company, a joint venture with CUNA Mutual; as President of the Mortgage Insurance Companies of America; and as a member of the Board of Directors of NAHREP. He is an active participant in a variety of industry and community organizations. (Director since 2003.)

Thomas C. Wajnert is the former Chairman and Chief Executive Officer of AT&T Capital Corporation. After joining AT&T in 1984, Mr. Wajnert founded AT&T Capital Corporation in 1985 and served as its Chairman and Chief Executive Officer until his retirement in 1998. From 1998 to 2001, Mr. Wajnert led a consulting practice and participated in the formation and management of companies in the human resources outsourcing and financial software markets. He co-founded FairView Advisors, an investment banking firm, in 2002 and retired in 2006. He has served as a strategic advisor to many large companies, including HSBC, CIT Group, UPS and American Express. He is a director of JLG Industries, Inc., Reynolds American, Inc, NYFIX, Inc, and United Dominion Realty Trust. (Director since 2005.)

The Board of Directors has 4 regularly scheduled meetings each year.