An Informed Discussion of Nontraditional Mortgage Products & Escalating Foreclosures

On December 11 & 12, 2007, the Federal Reserve Bank of Chicago, Consumer and Community Affairs Division, in co-sponsorship with the University of Wisconsin Extension, and the Wisconsin Housing and Economic Development Authority (WHEDA), will host a conference titled, An Informed Discussion of Nontraditional Mortgage Products & Escalating Foreclosures. The conference will be held at the Country Springs Hotel in Waukesha, Wisconsin.

Participants will gain valuable insights from experts who will explore the risks posed by nontraditional mortgage products as well as the problems created by Wisconsin's rising number of foreclosures. "Nontraditional," "alternative" or "exotic" mortgage products are residential loans that include "interest-only" and "payment option" adjustable-rate mortgages that allow borrowers to defer repayment of principal and sometimes interest. These products allow borrowers to exchange lower payments during an initial period for higher payments later. The conference also seeks to build a grassroots coalition to build an effective community response to address the rising tide of Wisconsin foreclosures, which rocketed 34% in the state last year and have jumped another 21% thus far in 2007.

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12/11/07
8:00 AM
Registration and Continental Breakfast
8:30 AM
Welcoming Remarks
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Richard Klemme, Interim Dean and Director of Cooperative Extension, University of Wisconsin–Extension
9:00 AM
Regulatory Update on Nontraditional Mortgage Products
Speaker
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
9:30 AM
Consumer Perspective on Nontraditional Mortgage Products and Escalating Foreclosures
Speakers
Allen J Fishbein, Director of Housing and Credit Policy, Consumer Federation of America
The Impact on Consumers Who May Not Fully Understand the Financial Implications and Potential Hazards These Products Entail
10:00 AM
Video Presentation, A Personal Portrait of Foreclosures in Wisconsin
10:15 AM
Break & Networking
10:30 AM
Foreclosures at Home – The Wisconsin Story
Introduction of Suzanne Dennik
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Moderator
Suzanne Dennik, Consumer and Housing Education Coordinator, University of Wisconsin Extension, Milwaukee and Racine Counties
Speakers
Brad Geary, Assistant Special Agent in Charge, U.S. Department of Housing and Urban Development
Catey Doyle, Chief Staff Attorney, Legal Aid Society of Milwaukee
Dr Russell Kashian, Professor of Economics, University of Wisconsin-Whitewater
Impact on Consumers in Rural Washington
Karl Pnazek, President and CEO, CAP Services, Inc.
Martin G Collins, Commissioner, Department of Neighborhood Services, City of Milwaukee
The Effect of Foreclosures on the City of Milwaukee
12:00 PM
Lunch and Keynote Address
Introduction of Antonio Riley
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Keynote Address
Antonio Riley, Executive Director, Wisconsin Housing and Economic Development Authority (WHEDA)
1:00 PM
Break & Networking
1:15 PM
Initiatives to Address Predatory Lending In Wisconsin: What Can We Learn from Other Models as We Move Forward?
Introduction of Diane Schobert
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Moderator
Diane Schobert, Business Development Officer, Wisconsin Housing and Economic Development Authority
Speakers
Bruce Gottschall, Executive Director, Neighborhood Housing Services of Chicago, Inc.
David Little, Executive Vice President, Customer Relations, EMC Mortgage Corporation, a wholly owned subsidiary of The Bear Stearns Company, Inc.
Selling and Securitization of Mortgage Loans – An Important Way Financial Institutions Manage Their Risk Exposure, but What Is the Impact on Consumers?
How ShoreBank is Addressing Foreclosures in Chicago
Joel Ramos, Compliance Officer, ShoreBank
Litigation Perspective on Predatory Lending Issues and Insights into Regulatory Efforts at Drafting Legislation to Address Financial Abuses
Thomas James, Senior Assistant Attorney General, State of Illinois, Consumer Fraud Bureau and Federal Reserve Board Consumer Advisory Council Member
3:15 PM
Closing Conversation and Adjourn
Holiday Splash will be held outside the Grand Salon Room
Steve Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Suzanne Dennik, Consumer and Housing Education Coordinator, University of Wisconsin Extension, Milwaukee and Racine Counties
Diane Schobert, Business Development Officer, Wisconsin Housing and Economic Development Authority
3:30 PM
Networking Reception Hosted by WHEDA
12/12/07
8:00 AM
Welcoming Remarks and Presentation – Implications of the Federal Right of Rescission for Lenders and Borrowers
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
9:15 AM
The Foreclosure Process in Wisconsin – A to Z
Catey Doyle, Chief Staff Attorney, Legal Aid Society of Milwaukee
What Is the Legal Procedure for Termination of a Mortgagor's Interest in the Property and What Types of Foreclosure Are Available to Creditors in Wisconsin
10:00 AM
Regulatory Responses to the Subprime Financial Crisis and Their Implications
Speaker
Anthony Pennington-Cross, Associate Professor, Department of Finance, Marquette University
10:30 AM
Break & Networking
10:45 AM
Panel Discussion of Interested Parties
Introduction of Suzanne Dennik
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Moderator and Presenter
Possible Tools to Communicate the Availability of Information about Foreclosures
Suzanne Dennik, Consumer and Housing Education Coordinator, University of Wisconsin Extension Milwaukee and Racine Counties
Speakers
Gai A Lorenzen, Managing Attorney, Legal Action of Wisconsin
Tom Rice, NeigborWorks America
Diane Waller, Housing Program Specialist, U.S. Department of Housing and Urban Development
Use of FHA Programs to Ameliorate Foreclosures
11:45 AM
Introduction to Building an Effective Community Response to Foreclosures in Wisconsin
Speakers
Diane Schobert, Business Development Officer, Wisconsin Housing and Economic Development Authority
Betty Kalscheur, HOME Homebuyer & Rehabilitation Program Manager, Wisconsin Department of Commerce
Suzanne Dennik, Consumer and Housing Education Coordinator, University of Wisconsin Extension Milwaukee and Racine Counties
12:00 PM
Lunch and Luncheon Address Grand Salon Room
Introduction of Keynote Speaker
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Keynote Address
Greg D Squires, Professor of Sociology and Public Policy and Public Administration, George Washington University, Washington D.C.
Surging Inequality and the Rise in Predatory Lending
1:30 PM
Building an Effective Community Response to Foreclosures in Wisconsin
1:30 PM
Options and Outreach Task Force Woodfield A Room
Working together to provide appropriate, timely, quality information to Wisconsin consumers about their options when facing delinquency and the potential foreclosure of their home.
Moderator
Diane Schobert, Business Development Officer, Wisconsin Housing and Economic Development Authority
1:30 PM
Stabilization & Maintenance Task Force Woodfield B Room
Solutions for creating and implementing a solid, post-purchase program for Wisconsin homeowners that will help stabilize the homeowner’s financial position and assist with the long-term maintenance of their home.
Moderators
Suzanne Dennik, Consumer and Housing Education Coordinator, Wisconsin Housing and Economic Development Authority
Andrew B Lewis, Community Development Specialist, Center for Community and Economic Development, University of Wisconsin Extension
1:30 PM
Financial Options & Strategies Task Force Woodfield C & D Rooms
Exploring what additional short- and long-term financial options and strategies may be needed in Wisconsin to complement existing solutions to prevent foreclosure.
Moderator
Betty Kalscheur, HOME Homebuyer & Rehabilitation Program Manager, Wisconsin Department of Commerce
3:00 PM
Plenary Session – Task Force Progress Reports
3:30 PM
Grand Salon Room — All Morning Sessions
4:00 PM
Closing Conversation and Adjourn
Steven W Kuehl, Financial Options & Strategies Task Force, Federal Reserve Bank of Chicago
Suzanne Dennik, Consumer and Housing Education Coordinator, Wisconsin Housing and Economic Development Authority
Diane Schobert, Business Development Officer, Wisconsin Housing and Economic Development Authority

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