Improving Assessment of the Default Risk of Single-Family Mortgages
Jointly Organized by the Federal Deposit Insurance Corporationís Center for Financial Research and the Federal Housing Finance Agency
L. William Seidman Center
3501 N. Fairfax Drive - VS-C-3050
Wednesday, September 16, 2009
|8:00-8:30AM||--Registration & Continental Breakfast--|
|8:30||Welcome and Introductory Remarks (John Quigley, University California at Berkeley)|
|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 Kellył FHFA. [Presenter: Austin Kelly. Discussant: Michael
LaCour-Little of California State University-Fullerton].
|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].
"Liarís 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].
(Lunchtime Addresses begin at 12:30)
Ed DeMarco, FHFA: Introduction of Raphael Bostic
Raphael Bostic, HUD: Keynote Address
|1:15-3:00||Developments in Vendor Models (Moderator: John Quigley)|
|Effects of Mortgage Modifications on Proprietary Credit Models|
|Methods for Modeling Mortgage Transitions and Loss Severity
- Andrew Davidson and Co.
- Lender Processing Services
- First American Core Logic (LoanPerformance)
|3:25-5:15||Issues in Default Modeling (Session Chair: Robert S. Seiler, FHFA) |
"Why Donít 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].