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

December 5, 2013

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.

Agenda

December 5, 2013

Public Event: 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
11:00 Adjourn
Academic Conference: Thursday, December 5
Noon Lunch
1:00 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