4th Biennial Real Estate Conference - Slicing and Dicing the Mortgage Markets - November 30-December 1, 2017

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4th Biennial Real Estate Conference - Slicing and Dicing the Mortgage Markets

November 30–December 1, 2017

Federal Reserve Bank of Atlanta
1000 Peachtree Street, NE
Atlanta, Georgia 30309

Sponsored by the Center for Real Estate Analytics, Federal Reserve Bank of Atlanta and the Georgia State University Department of Real Estate.

U.S. real estate markets have seemingly recovered following the dramatic boom and bust cycle during the last decade. The Georgia State University Real Estate Department in conjunction with the Federal Reserve Bank of Atlanta's Center for Real Estate Analytics invite you to join us as we hear from noted experts on the current state of residential and commercial real estate markets.

Thursday, November 30, 2017

Welcome and Opening Remarks
Dean Phillips, J. Mack Robinson College of Business at Georgia State University

Session 1: RMBS Market
Chair: Vincent Yao (Georgia State University)

"Information Asymmetry in Private-Label Mortgage Securitization: Evidence from Allocations to Affiliated Funds" Adobe PDF file format
Brent Ambrose, Pennsylvania State University
Moussa Diop, University of Wisconsin
Walter D'Lima, University of Notre Dame
Mark Thibodeau, Pennsylvania State University
Discussant: Rohan Ganduri (Emory) [Presentation Adobe PDF file format]

"Market Dynamics Among the ABX Index, Credit Default Swaps, and Mortgage-Backed Bonds" Adobe PDF file format
Michael Imerman, Lehigh University
Joe Mason, Louisiana State University
Rajesh Narayanan, Louisiana State University
Meredith Rhodes, Louisiana State University
Discussant: Feng Zhao (UT Dallas) [Presentation Adobe PDF file format]

Session 2: Government Intervention in the Mortgage Market
Scott Frame (Federal Reserve Bank of Atlanta)

"Pockets of Poverty: The Long-Term Effects of Redlining" Adobe PDF file format
Ian Appel, Boston College
Jordan Nickerson, Boston College
Discussant: Bhash Mazumder (Federal Reserve Bank of Chicago) [Presentation Adobe PDF file format]

"The Effect of Government Mortgage Guarantees on Home Buying and Home Ownership" Adobe PDF file format
Serafin Grundl, Federal Reserve Board
You Suk Kim, Federal Reserve Board
Discussant: Felipe Severino (Dartmouth College) [Presentation Adobe PDF file format]

Session 3: Technological and Measurement Advances
Chair: Shane Sherlund (Federal Reserve Board)

"Highly Disaggregated Topological Land Unavailability" Adobe PDF file format
Chandler Lutz, Copenhagen Business School
Ben Sand, York University
Discussant: Chris Foote (Federal Reserve Bank of Boston) [Presentation Adobe PDF file format]

"The Role of Technology in Mortgage Lending" Adobe PDF file format
Andreas Fuster, Federal Reserve Bank of New York
Matthew Plosser, Federal Reserve Bank of New York
Philip Schnabl, New York University
James Vickery, Federal Reserve Bank of New York
Discussant: Sudheer Chava (Georgia Tech) [Presentation Adobe PDF file format]

Session 4: Foreclosure Mitigation
Chair: Jim Conklin (University of Georgia)

"Foreclosure Moratorium and Strategic Default" Adobe PDF file format
Nikolaos Artavanis, University of Massachusetts
Ioannis Spyridopoulos, American University
Discussant: Paul Willen (Federal Reserve Bank of Boston) [Presentation Adobe PDF file format]

"A Shortage of Short Sales: Explaining Under-Utilization of a Foreclosure Alternative Adobe PDF file format"
Calvin Zhang, Federal Reserve Bank of Philadelphia
Discussant: Geng Li (Federal Reserve Board) [Presentation Adobe PDF file format]

"Financial Fragility with SAM?" Adobe PDF file format
Daniel Greenwald, Massachusetts Institute of Technology
Tim Landvoigt, University of Pennsylvania
Stijn Van Nieuwerburgh, New York University
Discussant: Jiro Yoshida (Pennsylvania State University) [Presentation Adobe PDF file format]

Session 5: Speculative Activity, Financial Stability and the Mortgage Market
Chair: Kristopher Gerardi (Federal Reserve Bank of Atlanta)

"The Price to Rent Ratio: A Macroprudential Application" Adobe PDF file format
Sophia Gilbukh, Federal Reserve Bank of New York
Andrew Haughwout, Federal Reserve Bank of New York
Joseph Tracy, Federal Reserve Bank of Dallas
Discussant: Sam Kruger (University of Texas Austin)

"Economic Consequences of Housing Speculation" Adobe PDF file format
Zhenyu Gao, Chinese University of Hong Kong
Michael Sockin, University of Texas
Wei Xiong, Princeton University
Discussant: Charles Nathanson (Northwestern University)

Session 6: Borrower Behavior in Mortgage Markets
Chair: Gonzalo Maturana (Emory)

"Responses to Saving Commitments: Evidence from Mortgage Run-offs" Adobe PDF file format
Steffen Andersen, Copenhagen Business School
Philippe D'Astous, HEC Montreal
Jimmy Martinez-Correa, Copenhagen Business School
Stephen Shore, Georgia State University
Discussant: Benjamin Keys (Wharton) [Presentation Adobe PDF file format]

"I'll Have What She's Having': Identifying Social Influence in Household Mortgage Decisions" Adobe PDF file format
W. Benedict McCartney, Duke University
Avni Shah, University of Toronto
Discussant: Kyle Mangum (Georgia State University)

Lunch Keynote: Egbert Perry (Integral)

Session 7: Commercial Real Estate
Chair: Jon Wiley (Georgia State University)

"There's No Place Like Home: Local Asset Concertation, Information Asymmetries, and Commercial Real Estate Returns" Adobe PDF file format
David Ling, University of Florida
Andy Naranjo, University of Florida
Benjamin Scheick, Villanova University
Discussant: Brad Case (NAREIT)

"Learning the Hard Way? Hurricanes and Commercial Real Estate Values" Adobe PDF file format
Piet Eichholtz, Maastricht University
Eva Steiner, Cornell University
Erkan Yonder, Ozyegin University
Discussant: Shane Sherlund (Federal Reserve Board) [Presentation Adobe PDF file format]

Real Estate Industry Forum - December 1, 2017

Chief Economist Panel
Moderator: Michael Skordeles, Senior Vice President and Director–U.S. Macro Strategist, SunTrust
Amy Cutts, Chief Economist, Equifax
Douglas Duncan, Chief Economist, Fannie Mae
Mike Fratantoni, Chief Economist, Mortgage Bankers Association
Chris Whalen, Whalen Global Advisors

CRE Expert Panel
Moderator: Chris Campbell, Managing Director, Eastdil Secured
Tuba Malinowski, Managing Director, Stockbridge Capital Group
Dan Pattillo, President, Rooker Real Estate
Mit Shah, Chief Executive Officer, Noble Investment Group
Philip Tague, President, AMLI Residential
Nick Telesca, President, Branch Properties

Lunch Keynote Speaker
Egbert Perry, Chairman and Chief Executive Officer, Integral; Chairman of the Board, Fannie Mae