Brent W. Ambrose is the Smeal Professor of Real Estate, Director of the Institute for Real Estate Studies, and Director of the Ph.D. Program at the Pennsylvania State University Smeal College of Business. In 2010, he was the President of the American Real Estate and Urban Economics Association (AREUEA) and served as its Executive Vice President from 1996 to 2003. He is a Fellow of the Weimer School of Advanced Studies in Real Estate and Land Economics at the Homer Hoyt Advanced Studies Institute, the Real Estate Research Institute, and in 2006 was appointed a Fellow of the FDIC Center for Financial Research. Dr. Ambrose serves on the editorial boards of the Journal of Real Estate Finance and Economics, the Journal of Real Estate Research, the International Real Estate Review, and Real Estate Economics, and is a member of the advisory board of the Real Estate Research Institute and the board of directors of AREUEA. Dr. Ambrose’s research interests include issues related to Real Estate Investment Trusts (REITs), loss mitigation programs associated with mortgage default and foreclosure, Government Sponsored Enterprises (GSEs), fixed-income securities, and consumer credit contracts. He has consulted with the U.S. Department of Housing and Urban Development, the Treasury Department, and the Congressional Budget Office on issues concerning FHA mortgage default and foreclosure, economically targeted assets, privatization of Fannie Mae and Freddie Mac, and the GSEs’ affordable housing goals. Dr. Ambrose holds a Ph.D. and M.B.A. from the University of Georgia and a B.S. in Business from Wake Forest University.