3rd Biennial Real Estate Conference - Availability of and Access to Mortgage Credit - December 10–11, 2015
3rd Biennial Real Estate Conference - Availability of and Access to Mortgage Credit
December 10–11, 2015
Thursday, December 10, 2015 9:00 Welcome
Carl Hudson, Federal Reserve Bank of Atlanta
9:10 "Outlook for the U.S. Economy and Residential Real Estate"
Frank Nothaft, CoreLogic [Presentation ]
Sam Chandan, Chandan Economics [Presentation ]
Ron Johnsey, AxioMetrics [Presentation ]
Lewis Stirling III, Stirling Properties LLC
11:15 "Housing Finance Reform: The Policy Options"
Susan Wachter, University of Pennsylvania [Presentation ]
Thursday, December 10, 2015 1:00 Session 1: Homeowner Financial Behavior
Chair: Scott Frame, Federal Reserve Bank of Atlanta
"Homeowner Borrowing and Housing Collateral: New Evidence from Expiring Price Controls"
Anthony DeFusco, Northwestern University
Discussant: Michael Eriksen, University of Cincinnati
"Teachers Teaching Teachers: The Role of Networks on Financial Decisions"
Gonzalo Maturana, Emory University
Jordan Nickerson, Boston College
Discussant: Andreas Fuster, Federal Reserve Bank of New York
3:15 Session 2: Government-Sponsored Mortgage Insurance
Chair: Diana Hancock, Board of Governors
"Government-Backed Mortgage Insurance, Financial Crisis, and the Recovery from the Great Recession"
Wayne Passmore, Board of Governors
Shane Sherlund, Board of Governors
Discussant: Joseph Tracy, Federal Reserve Bank of New York
"Phasing out the GSEs"
Vadim Elenev, New York University
Tim Landvoigt, University of Texas
Stijn Van Nieuwerburgh, New York University, NBER, and CEPR
Discussant: Paul Willen, Federal Reserve Bank of Boston
"The Effects of Macroprudential Mortgage Insurance Regulation during a Housing Boom: Evidence from Canada"
Lu Han, University of Toronto
Chandler Lutz, Copenhagen Business School
Benjamin M. Sand, York University
Discussant: Neil Bhutta, Board of Governors
6:00 Adjournment Friday, December 11, 2015 8:30 a.m. Session 3: The Residential Mortgage Market
Chair: Chris Cunningham, Federal Reserve Bank of Atlanta
"Measuring Mortgage Credit Availability: A Non-Parametric Frontier Approach"
Elliot Anenberg, Board of Governors
Aurel Hizmo, New York University
Edward Kung, UCLA
Raven Molloy, Board of Governors
Discussant: John Krainer, Federal Reserve Bank of San Francisco
"Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market" [Appendix ]
Brent Ambrose, Pennsylvania State University
James Conklin, University of Georgia
Jiro Yoshida, University of California–Berkeley
Discussant: Sam Kruger, University of Texas
10:45 Session 4: The 2000s Housing Boom
Chair: Kris Gerardi, Federal Reserve Bank of Atlanta
"Who Neglects Risk? Investor Experience and the Credit Boom"
Sergey Chernenko, Ohio State University
Samuel G. Hanson, Harvard University and NBER
Adi Sunderam, Harvard University and NBER
Discussant: Benjamin Keys, University of Chicago
"Revisiting the Relationship between Mortgage Debt and Household Income during the Boom"
Christopher Foote, Federal Reserve Bank of Boston [Presentation ]
Lara Loewenstein, Brandeis University
Paul Willen, Federal Reserve Bank of Boston
Discussant: Kristoph Kleiner, Indiana University
1:30 p.m. Session 5: The MBS Market
Chair: Wayne Passmore, Federal Reserve Board of Governors
"Mortgage Dollar Roll"
Zhaogang Song, Johns Hopkins Carey Business School
Haoxiang Zhuz, MIT Sloan School of Management
Discussant: James Vickery, Federal Reserve Bank of New York
"Why Do Dealers Buy High and Sell Low? An Analysis of Persistent Crossing in Extremely Segmented Markets"
Vladimir Atanasov, College of William and Mary
John Merrick, College of William and Mary
Philipp Schuster, Karlsruhe Institute of Technology
Discussant: Jack Bao, Board of Governors
3:45 Session 6: Mortgage Credit Supply
Chair: Brent Ambrose, Pennsylvania State University
"A Theory of Subprime Mortgage Lending"
Jaime Luque, University of Wisconsin
Timothy Riddiough, University of Wisconsin
Discussant: Shane Sherlund, Board of Governors
"Riders of the Storm: Diversification and Bank Lending in a Natural Experiment"
Matthieu Chavaz, Bank of England
Discussant: Joseph Mason, Louisiana State University