An Informed Discussion of Nontraditional Mortgage Products and Other Risks

The Federal Reserve Bank of Chicago, Consumer and Community Affairs Division, will host a conference titled, "An Informed Discussion of Nontraditional Mortgage Products and Other Risks," on Wednesday, January 31, 2007. The conference will be held at the Reserve Bank, located at 230 South LaSalle Street, in Chicago.

This timely and interactive conference will provide a forum exploring predatory lending, mortgage and mortgage rescue fraud, and the risks posed by nontraditional mortgage products. "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 program will include a broad overview of the issues, a dialogue on regulatory considerations, and a more focused discussion of the central issues as seen from key perspectives.

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01/31/07
8:00 AM
Registration and Continental Breakfast
8:30 AM
Welcoming Remarks
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
8:45 AM
Nontraditional Mortgages: Appealing but Misunderstood
Speaker
Shirley T Chiu, Associate Economist, Federal Reserve Bank of Chicago
9:15 AM
Nontraditional Mortgages: Appealing but Misunderstood
Speaker
Joel Ramos, Examiner, Federal Reserve Bank of Chicago
9:45 AM
Break & Networking
10:00 AM
Nontraditional Mortgages: A Conversation with Diverse Perspectives
Introduction of John Taylor
Steven W Kuehl, Consumer Regulations Director, Federal Reserve Bank of Chicago
Host and Moderator
John Taylor, Examiner, Federal Reserve Bank of Chicago
Speaker - A Bank that Offers Non-Traditional Mortgage Prodcuts
John Bellini, Senior Vice President, Paramount Bank
Speaker - A Bank that Does Not Offer ARMs
Michael Mangin, Executive Vice President, Marquette Bank
Speaker - Selling and Securitizing of Mortgage Loans - An Important Way Financial Institutions Manage Their Risk Exposure
Michael Williams, Vice President, Securities Industry and Financial Markets Association
Speaker - The Impact on Consumers Who May Not Fully Understand the Financial Implications and Potential Hazards These Products Entail
Allen J Fishbein, Director of Housing and Credit Policy, Consumer Federation of America
11:45 AM
Break & Networking
12:00 PM
Lunch and Luncheon Address
Introduction of Thomas James
Alicia Williams, Vice President, Federal Reserve Bank of Chicago
Luncheon Address - Predatory Lending - What's Working in Illinois, A Litigation and Legislative Update
Thomas James, Senior Assistant Attorney General, State of Illinois, Consumer Fraud Bureau
1:15 PM
Break & Networking
1:30 PM
Illinois' Initiatives to Address Predatory Lending: A Conversation with Diverse Perspectives
Host and Moderator
Harry Pestine, Community Affairs Program Director, Federal Reserve Bank of Chicago
Speaker - NHS Foreclosure Intervention Program and Recent Legislation
Jim Wheaton, Deputy Director for Program Services, Neighborhood Housing Services
Speaker - Identifying and Addressing Foreclusure "Hot Spots", Workouts, et al.
David Rose, Research Director, National Training Information Center
Speaker - Affordable Loan Products for Individuals with Lower FICO Scores and Other Impediments
Carl J Malone, Assistant Vice President, Harris Bank
Speaker - Ending Practices to Avoid Payday Lending Reform
Dr Marva Williams, Senior Vice President, Woodstock Institute and Egan Campaign for Payday Loan Reform
3:00 PM
Closing Remarks and Adjourn
Harry Pestine, Community Affairs Program Director, Federal Reserve Bank of Chicago

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