From March 2011 until April 2015, Teresa Smith was the Director of Finance for Maryland’s Department of Housing’s bond issuing authority: Community Development Administration (the “Administration”). Prior to that she was a Senior Financial Analyst for the same entity. After the beginning of the housing crisis, tax -exempt housing bonds were found to be non-competitive in the housing market since conventional mortgage loans were being issued with historically low interest rates. The Administration was forced to invest in mortgage-backed securities and subsequently sell these into to forward market. Teresa was instrumental in bringing the Administration forward from an entity that purchased whole loans with bond financing to an entity that invested in mortgage-backed securities while at the same time increasing much needed revenues in an economy that was experiencing record foreclosures.
Prior to her experience in municipal finance, Teresa was a registered investment advisor for a brokerage firm and spent some years in accounting for Delta Dental of California. She continues to assist a financial advisor with portfolio updates and SEC compliance issues on a part time basis.
As a military spouse, Teresa has had to adjust her career goals at the whim of the Department of Defense: however, these adjustments have left her well-traveled – from Hawaii to the east coast to the west coast to Sicily over a period 20 years. Teresa received her BBA – focus Finance – from the University of Hawaii (Class of ’83) and her M.B.A. from Cameron University in Lawton, Oklahoma in 2002. She is semi-retired and resides in Williamsburg, VA with her husband, Stephen.