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Improving Assessment of the Default Risk of Single-Family Mortgages
Jointly Organized by the Federal Deposit Insurance Corporation’s Center for Financial Research and the Federal Housing Finance Agency
L. William Seidman Center
3501 N. Fairfax Drive - VS-C-3050
Arlington, VA
Wednesday, September 16, 2009
| 8:00-8:30AM | --Registration & Continental Breakfast--
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| 8:30 | Welcome and Introductory Remarks (John Quigley, University California at Berkeley)
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| 8:40-10:10 | Collateral and Appraisal Issues (Session Chair: Andrew Leventis, FHFA)
"The Contagion Effect of Foreclosed Properties,' John P. Harding, The University of Connecticut, Eric Rosenblatt, Fannie Mae and
Vincent Yao, Fannie Mae.
[Presenter: Eric Rosenblatt. Discussant: Paul Willen of the Federal Reserve Bank of Boston].
"Appraisals, Automated Valuation Models, and Mortgage Default," Austin Kelly¸ FHFA. [Presenter: Austin Kelly. Discussant: Michael
LaCour-Little of California State University-Fullerton].
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| 10:10-10:30 | --Coffee Break--
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| 10:30-12:00 | Underwriting Standards (Session Chair: Paul Kupiec, FDIC)
"Taking the Lie out of Liar Loans," Michael LaCour-Little, California State University-Fullerton and Jing Yang, California State University-Fullerton. [Presenter: Michael LaCour-Little. Discussant: Andreas Lehnert of the Board of Governors of the Federal Reserve].
"Liar’s Loan? Effects of Loan Origination Channel and Information Falsification on Mortgage Delinquency," Wei Jiang, Columbia University, Ashlyn Nelson,
Indiana University, and Edward Vytlacil, Yale University. [Presenter: Wei Jiang. Discussant: Bob Van Order of University of Michigan].
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| 12:00-1:15 | --Lunch--
(Lunchtime Addresses begin at 12:30)
Ed DeMarco, FHFA: Introduction of Raphael Bostic
Raphael Bostic, HUD: Keynote Address
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| 1:15-3:00 | Developments in Vendor Models (Moderator: John Quigley)
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| Effects of Mortgage Modifications on Proprietary Credit Models | |
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| | Methods for Modeling Mortgage Transitions and Loss Severity
| | - Andrew Davidson and Co.
- Lender Processing Services
- First American Core Logic (LoanPerformance)
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| 3:00 -3:25 | --Coffee--
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| 3:25-5:15 | Issues in Default Modeling (Session Chair: Robert S. Seiler, FHFA)
"Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization" Manuel Adelino, MIT and Federal Reserve Bank of Boston, Kristopher Gerardi, Federal Reserve Bank of Atlanta, Paul Willen, Federal Reserve Bank of Boston. [Presenter: Paul Willen. Discussant: Rich Brown, Federal Deposit Insurance Corporation].
"Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States", Andra Ghent, Baruch College, CUNY, and Marianna Kudlyak,
Federal Reserve Bank of Richmond. [Presenter: Marianna Kudlyak. Discussant: Brent Ambrose, Penn State University].
"Securitization and Mortgage Default: Reputation vs. Adverse Selection," Ronel Elul, Federal Reserve Bank of Philadelphia
[Presenter: Ronel Elul. Discussant: Anthony Sanders, George Mason University].
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| 5:15 -6:30 | --Reception--
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