William C. Erbey

WILLIAM C. ERBEY has served as President and Chief Executive Officer of
the Company since January 1988 and as Chairman of the Board of the
Company since September 1996. From 1983 to 1995, Mr. Erbey served as a
Managing General Partner of The Oxford Financial Group (“Oxford”), a
private investment company, in charge of merchant banking. From 1975 to
1983, he served at General Electric Capital Corporation (“GECC”) in
various capacities, most recently as President and Chief Operating
Officer of General Electric Mortgage Insurance Corporation, a subsidiary
of the General Electric Company engaged in the mortgage insurance
business. Mr. Erbey also served as Program General Manager of GECC’s
Commercial Financial Services Department and its subsidiary Acquisition
Funding Corporation. He received a Bachelor of Arts in Economics from
Allegheny College and a Master of Business Administration from the
Harvard Graduate School of Business Administration.