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Mortgages and the Future of Housing Finance
Federal Reserve System and the Federal Deposit Insurance Corporation
October 25 - 26, 2010
Seidman Center, Arlington VA
Video Webcast - October 25, Morning Session
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| MONDAY, OCTOBER 25th |
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| 7:30 am – 8:30 am |
REGISTRATION
Continental Breakfast
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| 8:30 am – 8:40 am |
WELCOMING REMARKS
Ben S. Bernanke, Chairman
Board of Governors of the Federal Reserve System
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| 8:40 am – 10:15 am |
POLICY PANEL: THE FUTURE OF HOUSING FINANCE
Moderator: Daniel G. Sullivan
Executive Vice President and Director of Research
Federal Reserve Bank of Chicago
PANELISTS:
David S. Scharfstein, Harvard Business School
Presentation - PDF (45K) (PDF help)
Susan M. Wachter, University of Pennsylvania
Presentation - PDF (304K) (PDF help)
Andrew Davidson, President, Andrew Davidson and Co., Inc.
Presentation - PDF (574K) (PDF help)
Martin Eakes, Center for Responsible Lending
Alex J. Pollock, American Enterprise Institute
Handout - PDF (469K) (PDF help)
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| 10:15 am – 10:45 am |
BREAK |
| 10:45 am – 12:00 pm |
POLICY PANEL: MORTGAGE MODIFICATION ISSUES AND POLICY
Moderator: Seth Wheeler, former Senior Advisor, U.S. Department of Treasury
PANELISTS:
Paul S. Willen, Federal Reserve Bank of Boston
Presentation - PDF (172K) (PDF help)
Adam J. Levitin, Georgetown University
Richard A. Brown, Federal Deposit Insurance Corporation
Presentation - PDF (94K) (PDF help)
Douglas A. McManus, Freddie Mac
Presentation - PDF (103K) (PDF help)
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| 12:00 pm – 12:30 pm |
KEYNOTE ADDRESS
Sheila C. Bair, Chairman
Federal Deposit Insurance Corporation
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| 12:30 pm – 1:45 pm |
LUNCHEON
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| 1:45 pm – 3:30 pm |
LOAN RENEGOTIATION AND PERFORMANCE
Moderator and Discussant: Amit Seru, University of Chicago
Presentation - PDF (98K) (PDF help)
Strategic Loan Modification:
An Options-Based Response to Strategic Default - PDF (314K) (PDF help)
Presentation - PDF (2,224K) (PDF help)
Sanjiv R. Das, Santa Clara University
Ray Meadows, Hult International Business School and The Recovery Company
Residential Mortgage Renegotiation during the Great Depression (503K) (PDF help)
Andra C. Ghent, Baruch College
Presentation - PDF (244K) (PDF help)
Market-Based Loss Mitigation Practices for Troubled Mortgages Following the Financial Crisis - PDF (346K) (PDF help)
Presentation - PDF (513K) (PDF help)
Sumit Agarwal, Federal Reserve Bank of Chicago
Gene Amromin, Federal Reserve Bank of Chicago
Itzhak Ben-David, The Ohio State University
Souphala Chomsisengphet, Office of the Comptroller of the Currency
Douglas D. Evanoff, Federal Reserve Bank of Chicago
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| 3:30 pm – 4:00 pm |
BREAK
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| 4:00 pm – 5:20 pm |
MORTGAGE CHOICE
Moderator and Discussant: Edward S. Prescott,
Federal Reserve Bank of Richmond
Presentation - PDF (723K) (PDF help)
Mortgage Choices and Housing Speculation - PDF (342K) (PDF help)
Presentation - PDF (59K) (PDF help)
Gadi Barlevy, Federal Reserve Bank of Chicago
Jonas D.M. Fisher, Federal Reserve Bank of Chicago
$1.25 Trillion Is Still Real Money: Some Facts about the Effects of the Fed’s Mortgage Market Investments
Andreas Fuster, Harvard University
Paul S. Willen, Federal Reserve Bank of Boston
Handout - PDF (481K) (PDF help)
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| 5:20 pm |
RECEPTION
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| TUESDAY, OCTOBER 26th |
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| 7:30 am – 8:30 am |
REGISTRATION
Continental Breakfast
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| 8:30 am – 10:00 am |
Policy Panel: The Future of Housing GSEs
Moderator: Deborah J. Lucas, U.S. Congressional Budget Office and Massachusetts Institute of Technology
PANELISTS:
Dwight Jaffee, University of California-Berkeley
Handout - PDF (35K) (PDF help)
Wayne Passmore, Board of Governors of the Federal Reserve System
Presentation - PDF (593K) (PDF help)
Michael H. Krimminger, Federal Deposit Insurance Corp.
Philip L. Swagel, Georgetown University
Handout - PDF (89K) (PDF help)
Larry Cordell, Federal Reserve Bank of Philadelphia
Presentation - PDF (245K) (PDF help)
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| 10:00 am – 10:30 am |
BREAK |
| 10:30 am – 12:10 pm |
Secondary Mortgage Markets
Moderator and Discussant: Laurie S. Goodman
Amherst Securities
Presentation - PDF (234K) (PDF help)
Can Securitization Work? Economic, Structural and Policy Considerations - PDF (273K) (PDF help)
Timothy J. Riddiough, University of Wisconsin – Madison
A Contrast of Ex Ante and Ex Post Relations in the Mortgage Market - PDF (522K) (PDF help)
Presenation - PDF (632K) (PDF help)
Wei Jiang, Columbia University
Ashlyn Nelson, Indiana University
Edward Vytlacil, Yale University
Adverse Selection in Mortgage Securitization - PDF (140K) (PDF help)
Presentation - PDF (1,213K) (PDF help)
Sumit Agarwal, Federal Reserve Bank of Chicago
Yan Chang, Freddie Mac
Abdullah Yavas, University of Wisconsin
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| 12:10 pm – 1:30 pm |
LUNCHEON |
| 1:30 pm – 3:10 pm |
LOAN RENEGOTIATION AND REDEFAULT
Moderator and Discussant: Brent W. Ambrose
Pennsylvania State University
Presentation - PDF (205K) (PDF help)
Foreclosure's Wake: The Credit Experiences of Individuals Following Foreclosure - PDF (506K) (PDF help)
Presentation - PDF (194K) (PDF help)
Kenneth P. Brevoort, Board of Governors of the Federal Reserve System
Cheryl R. Cooper, Urban Institute
Mortgage Modification and Strategic Default:
Evidence from a Legal Settlement with Countrywide
Christopher Mayer, Columbia Business School
Edward Morrison, Columbia Law School
Tomasz Piskorski, Columbia Business School)
Arpit Gupta, Columbia Law School
The Depth of Negative Equity and Mortgage Default Decisions - PDF (875K) (PDF help)
Presentation - PDF (1,891K) (PDF help)
Neil Bhutta, Board of Governors of the Federal Reserve System
Jane Dokko, Board of Governors of the Federal Reserve System
Hui Shan, Board of Governors of the Federal Reserve System
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| 3:10 pm – 3:40 pm |
BREAK |
| 3:40 pm – 5:20 pm |
HOMEOWNERSHIP POLICIES
Moderator and Discussant: Robert B. Avery
Board of Governors of the Federal Reserve System
Affordable Housing Goals and Single-Family Mortgages Acquired by the GSEs
Presentation - PDF (156K) (PDF help)
Robert S. Seiler, Jr., Federal Housing Finance Agency
How Sensitive are Homeownership Decisions to Mortgage Interest Tax Subsidies? - PDF (194K) (PDF help)
Presentation - PDF (153K) (PDF help)
Christian A. L. Hilber, London School of Economics
Tracy M. Turner, Kansas State University
Constructive Credit: Revisiting the Performance of Community Reinvestment Act Lending during the Subprime Crisis - PDF (209K) (PDF help)
Presentation - PDF (150K) (PDF help)
Elizabeth Laderman, Federal Reserve Bank of San Francisco
Carolina Reid, Federal Reserve Bank of San Francisco
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