2nd Biennial Real Estate Conference - Government Involvement in Residential Mortgage Markets - December 5-6, 2013

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2nd Biennial Real Estate Conference - Government Involvement in Residential Mortgage Markets

UNC Charlotte Center City Building
Charlotte, NC
December 5–6, 2013

The Atlanta Fed's Center for Real Estate Analytics and the Belk College of Business at the University of North Carolina–Charlotte jointly sponsored a conference December 5–6 relating to government intervention in residential mortgage markets.

  • Industry Agenda

    Agenda

    Thursday, December 5
    8:30 Registration and networking
    9:00 Welcome
    Steve Ott, Dean of the Belk College of Business at University of North Carolina–Charlotte
    9:10 Outlook for the U.S. Economy and Residential Real Estate
    Frank Nothaft, Freddie Mac
    10:00 Housing Finance Reform: Implications for the Housing Market
    Moderator: Dustin Read, University of North Carolina–Charlotte
    Panelists:
    W. Scott Frame    , University of North Carolina–Charlotte
    Eric Locher, Charlotte Region Realtor Association
    Phil Mahoney, American Security Mortgage
    Wayne Passmore, Federal Reserve Board
    James Parrott, Urban Institute

  • Academic Agenda

    Agenda

    Thursday, December 5
    1:00 p.m. Underwriting High Risk Mortgages: A Role for the Government?
    Chair: Carl Hudson, Federal Reserve Bank of Atlanta

    Is the FHA Creating Sustainable Homeownership? PDF icon
    Andrew Caplin, New York University
    Anna Cororaton, Federal Reserve Bank of New York
    Joseph Tracy, Federal Reserve Bank of New York
    Discussant: Edward Pinto, American Enterprise Institute [presentation] PDF icon

    Underwriting Standards, Loan Products, and Performance: What Have We Learned? PDF icon  [presentation] PDF icon
    Marsha Courchane, Charles River Associates
    Leonard Kiefer, Freddie Mac
    Peter Zorn, Freddie Mac
    Discussant: Paul Willen, Federal Reserve Bank of Boston
    2:45 Break
    3:15 Mortgage Renegotiation, Foreclosure Externalities, and Public Policy
    Chair: Diana Hancock, Federal Reserve Board

    The Subprime Virus PDF icon
    Sumit Agarwal, National University of Singapore
    Brent Ambrose, Pennsylvania State University
    Yildiray Yildirim, Syracuse University
    Discussant: Shane Sherlund, Federal Reserve Board [presentation] PDF icon

    The Effect of Mortgage Payment Reduction on Default: Evidence from HARP PDF icon [presentation] PDF icon
    Jun Zhu, Freddie Mac
    Jared Janowiak, Freddie Mac
    Lu Ji, Freddie Mac
    Kadiri Karamon, Freddie Mac
    Douglas McManus, Freddie Mac
    Discussant: Paul Calem, Federal Reserve Bank of Philadelphia [presentation] PDF icon
    5:00 Break
    5:15 The Cost of Delay PDF icon
    Larry Cordell, Federal Reserve Bank of Philadelphia
    Liang Geng, Federal Reserve Bank of Philadelphia
    Laurie Goodman, Amherst Securities
    Lidan Yang, Amherst Securities
    Discussant: Andra Ghent, Arizona State University [presentation] PDF icon
    6:15 Reception
    7:00 Adjourn
    Friday, December 6
    8:30 Continental breakfast
    9:00 Government and the Funding and Hedging of Residential Mortgage Risks
    Chair: Richard Buttimer, University of North Carolina–Charlotte

    How the Federal Reserve's Large-Scale Asset Purchases Influence MBS Yields and Mortgage Rates PDF icon
    Diana Hancock, Federal Reserve Board of Governors
    Wayne Passmore, Federal Reserve Board of Governors
    Discussant: Adi Sunderam, Harvard Business School [presentation] PDF icon

    Mortgage Hedging in Fixed Income Markets
    Aytek Malkhozov, McGill University
    Phillipe Mueller, London School of Economics
    Andrea Vedolin, London School of Economics
    Gyuri Venter, Columbia University
    Discussant: Douglas McManus, Freddie Mac
    10:45 Break
    11:00 Government Affordable Housing Goals: Blessing or Curse?
    Chair: Craig Depken, University of North Carolina–Charlotte

    Did Affordable Housing Legislation Contribute to the Subprime Securities Boom? PDF icon  [presentation] PDF icon
    Andra Ghent, Arizona State University
    Rubén Hernández-Murillo, Federal Reserve Bank of St. Louis
    Michael Owyang, Federal Reserve Bank of St. Louis
    Discussant: Manuel Adelino, Duke University [presentation] PDF icon
    Noon Lunch
    1:00 Obstacles to Mortgage Securitization—Lessons from the Past
    Chair: W. Scott Frame, University of North Carolina–Charlotte

    Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages
    Philip Bond, University of Minnesota
    Ronel Elul, Federal Reserve Bank of Philadelphia
    Sharon Garyn-Tal, Max Stern Yezreel Valley College
    David Musto, University of Pennsylvania
    Discussant: Tim Riddiough, University of Wisconsin [presentation] PDF icon

    Mortgage Securitization: The Good, the Bad, or the Irrelevant
    G. Nathan Dong, Columbia University
    Discussant: Ryan Bubb, New York University
    2:45 Adjourn