From 2007 to 2011, Mr. Liu was a Portfolio Manager in the Global Proprietary Trading Group (GPT) at Bank of America Merrill Lynch, where he was responsible for portfolio management, credit analytics, and model development for the Structured Product Team (ABS, CMBS, and CDO) trading book. Mr. Liu was Head of Mortgage Credit Research in the Mortgage Strategy Group at UBS from 2004 to 2007, where he was responsible for modeling/strategy of mortgage credit and mortgage-related ABS products. His quantitative work regarding the housing market and mortgage defaults was widely quoted in the media. Mr. Liu was voted No. 1 in Non-Agency MBS Research and No. 3 in ABS/Prepayments in the Institutional Investor Fixed Income Analyst Rankings for 2005-2006. From 2001-2004, Mr. Liu was Vice President of ABS Research at Deutsche Bank. Prior to DB, he worked for Countrywide Securities in Fixed Income Research, where he developed the Countrywide first generation loan-level prepayment/default models. Mr. Liu has a Ph.D. in Finance and Economics from Washington University in St. Louis and a B.A. in Economics from Fudan University in China.