3rd Biennial Real Estate Conference - Availability of and Access to Mortgage Credit - December 10–11, 2015

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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 CreditDecember 10–11, 2015

                        Industry Agenda
Academic Agenda

                        Industry Agenda

            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 ]

            10:15
            Panel 

            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 ]

Academic Agenda
    
            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
        
                RELATED LINKS:  
Center for Housing & Policy
Previous conferences

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 ]
10:15	Panel 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