Financial Services

State of Housing and Policy Agenda for October

Oct. 16, 2025

Guests: Max Rakhlenko, Director, Consumer - Retail & Fitness Research Analyst, TD Cowen and Scott Smith, Managing Director and Head of Financial Services Specialty Sales, TD Securities

Host: Jaret Seiberg, Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion of the state of housing with Max Rakhlenko, TD Cowen equity analyst and author of TD Cowen's monthly Housing Blueprint. We also get a market update and earnings preview from Scott Smith, the TD Cowen specialty salesperson for financials.

This podcast was originally recorded on October 3, 2025.

Full transcript

Full transcript to come.

Jaret Seiberg

Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Jaret Seiberg
Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Biography

Jaret Seiberg is the financial services and housing policy analyst for TD Cowen Washington Research Group, which was recently named #1 in the Institutional Investor Washington Strategy category. The team has been consistently ranked among the top macro policy teams for the past decade. Before joining TD Cowen in August 2016, he served in similar roles at Guggenheim Securities, MF Global, Concept Capital and Stanford Financial Group. He began following financial policy in the early 1990s as a journalist covering efforts in Congress to complete the last of the laws from the savings and loan crisis. He tracked the merger wave of the 1990s and Glass-Steagall repeal in 1999 as the deputy Washington bureau chief for American Banker and as the Washington bureau chief for The Daily Deal. His bailiwick at TD Cowen includes issues related to commercial banks, housing, payments, investment banking, M&A, taxes, the CFPB, crypto currency, cannabis and Capitol Hill.

Mr. Seiberg has a BA from The American University and an MBA from the University of Maryland at College Park. He speaks regularly at industry events, is often quoted in the media, and appears on CNBC and Bloomberg TV.

Material prepared by the TD Cowen Washington Research Group is intended as commentary on political, economic, or market conditions and is not intended as a research report as defined by applicable regulation.

Max Rakhlenko

Director, Consumer - Retail & Fitness Research Analyst, TD Cowen

Max Rakhlenko
Director, Consumer - Retail & Fitness Research Analyst, TD Cowen

Biography

Max Rakhlenko is a Director covering the Retail & Fitness sectors. Prior to joining TD Cowen in October 2016, Max Rakhlenko was an equity research associate at Macquarie Capital (USA) covering consumer retail companies. Mr. Rakhlenko received a BA in finance and economics from University of Missouri and is a CFA Charterholder. He has received press coverage from CNBC, TD Ameritrade, Forbes, Barron’s, Sourcing Journal, and others.

Scott Smith

Managing Director and Head of Financial Services Specialty Sales, TD Securities

Scott Smith
Managing Director and Head of Financial Services Specialty Sales, TD Securities

Biography

Scott Smith is a Managing Director and Head of Financial Services Specialty Sales at TD Securities in New York. He has over 30 years of institutional sales experience, having led FIG Specialty Sales at Credit Suisse and BofA for 17 years. Scott has also worked in financials specialty sales at JPM and at Lehman Brothers. He began his career in equity research at Lehman Brothers covering the business services sector with a focus on payments companies. Scott graduated from Columbia University with a BA in Psychology.

Financial Services

Markets

Podcast

Two Cents

U.S.

Financial Services

State of Housing and Policy Agenda for October

Full transcript

Biography

Biography

Biography

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