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Mortgage Foreclosures and the Future of Housing Finance

  • Overview
  • Speakers
  • Agenda
  • Accommodations
  • Conference Materials
  • Registration
paperwork

October 25-26, 2010

 

The Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) are co-hosting a two-day conference highlighting policy-oriented research focused on U.S. housing and mortgage markets. The conference will emphasize two major issues:  mortgage foreclosures and the future of housing finance.  We will evaluate the current foreclosure situation, emphasizing the adverse neighborhood spillover effects and evaluations of efforts to mitigate foreclosures including loan modification efforts. We will also take a broader perspective and evaluate the future of housing finance. This will include an evaluation of the mortgage interest tax deduction, affordable housing issues, the future role of government-sponsored entities, the future of private-label mortgage securitization, the viability and role of private mortgage insurance, and the role of the Community Reinvestment Act.

 

In addition to research sessions we will also have three special policy panels discussing The Future of Housing Finance, Mortgage Modification Issues and The Future of the Housing GSEs."

 

Information on conference presentations is available on the Conference Materials tab.

10/25/10
7:00 AM
Registration and Continental Breakfast
8:30 AM
Welcoming Remarks

Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System

  • Comments
8:40 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


Susan M. Wachter, University of Pennsylvania


Andrew Davidson, President, Andrew Davidson and Co., Inc.


Martin Eakes, Chief Executive Officer, Center for Responsible Lending


Alex J. Pollock, American Enterprise Institute


10:20 AM
Break
Policy Panel: Mortgage Modification Issues and Policy

Moderator

Seth Wheeler, Former Senior Advisor, U.S. Department of the Treasury



Panelists

Paul S. Willen, Federal Reserve Bank of Boston


Adam J. Levitin, Georgetown University


Richard A. Brown, Federal Deposit Insurance Corporation


Douglas A. Mcmanus, Freddie Mac


12:30 PM
Luncheon and Keynote

Speaker

Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation

  • Comments
2:00 PM
Loan Renegotiation and Performance

Moderator and Discussant

Amit Seru, University Of Chicago



  • Strategic Loan Modification: An Options-Based Response to Strategic Default
    • Sanjiv R. Das, Santa Clara University
    • Ray Meadows, Hult International Business School and the Recovery Company

  • Residential Mortgage Renegotiation during the Great Depression
    • Andra C. Ghent, Baruch College

  • Market-Based Loss Mitigation Practices for Troubled Mortgages Following the Financial Crisis
    • Sumit Agarwal, Federal Reserve Bank of Chicago
    • Gene Amromin, Federal Reserve Bank of Chicago
    • Itzhak Ben-David, Ohio State University
    • Souphala Chomsisengphet, Office of the Comptroller of the Currency
    • Douglas D. Evanoff, Federal Reserve Bank of Chicago
3:40 PM
Break
4:05 PM
Mortgage Choice

Moderator and Discussant

Edward S. Prescott, Federal Reserve Bank of Richmond



  • Mortgage Choices and Housing Speculation
    • 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
5:30 PM
Reception
10/26/10
7:30 AM
Registration and Continental Breakfast
8:15 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


Wayne Passmore, Board of Governors of the Federal Reserve System


Michael H. Krimminger, Federal Deposit Insurance Corporation


Philip L. Swagel, Georgetown University


Larry Cordell, Federal Reserve Bank of Philadelphia


10:10 AM
Break
10:35 AM
Secondary Mortgage Markets

Moderator and Discussant

Laurie S. Goodman, Amherst Securities



  • Can Securitization Work? Economic, Structural and Policy Considerations
    • Timothy J. Riddiough, University of Wisconsin – Madison

  • A Contrast of Ex Ante and Ex Post Relations in the Mortgage Market
    • Wei Jiang, Columbia University
    • Ashlyn Nelson, Indiana University
    • Edward Vytlacil, Yale University

  • Adverse Selection in Mortgage Securitization
    • Sumit Agarwal, Federal Reserve Bank of Chicago
    • Yan Chang, Freddie Mac
    • Abdullah Yavas, University of Wisconsin
12:30 PM
Luncheon
2:00 PM
Loan Renegotiation and Redefault

Moderator and Discussant

Brent W. Ambrose, Pennsylvania State University



  • Foreclosure's Wake: The Credit Experiences of Individuals Following Foreclosure
    • 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
    • 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
3:40 PM
Break
Home Ownership Policies

Moderator and Discusant

Robert B. Avery, Board of Governors of the Federal Reserve System



  • Affordable Housing Goals and Single-Family Mortgages Acquired by the GSFs
    • Robert Seiler, Jr., Federal Housing Finance Agency

  • How Sensitive are Homeownership Decisions to Mortgage Interest Tax Subsidies
    • Christian A. 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
    • Elizabeth Laderman, Federal Reserve Bank of San Francisco
    • Caroline Reid, Federal Reserve Bank of San Francisco

 

 

Last Updated: 10/01/2010

Hotel Information

L. William Seidman Center

3501 Fairfax Dr

Arlington,  Virginia  22226

Rate: $176.40 per night, tax included

Deadline: October 8, 2010

 

Please contact N. Michelle Rose for reservations at the phone number above, or via e-mail.

Conference Presentations

  • FDIC Website
Event Information
Date
10/25/10 - 10/26/10
Location
L. William Seidman Center
Main Auditorium C-3050
3501 Fairfax Dr
Arlington, VA 22226
Event Contact
Douglas Evanoff
(312) 322-5814
E-Mail

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