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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

 MONDAY, OCTOBER 25th Calendar
7:30 am – 8:30 am REGISTRATION
Continental Breakfast

8:30 am – 8:40 am WELCOMING REMARKS
Ben S. Bernanke, Chairman
Board of Governors of the Federal Reserve System

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)


  • 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)


  • 12:00 pm – 12:30 pm KEYNOTE ADDRESS
    Sheila C. Bair, Chairman
    Federal Deposit Insurance Corporation

    12:30 pm – 1:45 pm LUNCHEON

    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

    3:30 pm – 4:00 pm BREAK

    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)


  • 5:20 pm RECEPTION

     TUESDAY, OCTOBER 26th Calendar
    7:30 am – 8:30 am REGISTRATION
    Continental Breakfast
    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)


  • 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

    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

    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



    Last Updated 11/22/2010 cfr@fdic.gov