Housing and the Credit Crunch

An Academic Symposium Presented by The Center for Real Estate Entrepreneurship, George Mason University and The George Washington University School of Business’ Center for Real Estate and Urban Analysis

George Washington University
Marvin Center Ballroom
21st & H Streets, NW
3rd Floor

Wednesday, May 26, 2010

We have recently seen the worst housing and financial markets since the Great Depression. Not all of the analysis of the last few years has been informed by data. The purpose of the conference is to bring together empirical work in an effort sort out what the data do and do not support as causes of the housing downturn and the sharp increase in defaults.


8:45 — Welcome

I. 9:00-10:45 — Credit Risk

Stability in Consumer Credit Scores: Level and Direction of FICO Score Drift as a Precursor to Default and Prepayment

Cream-Skimming in Subprime Mortgage Securitizations: Which Subprime Mortgage Loans Were Sold By Depository Institutions Prior to the Crisis of 2007

Causes of Default: Economic Conditions, Underwriting and Moral Hazard

10:45-11:00 — Break

II. 11:00-12:45 — Sources

The Subprime Crisis: How Much Did Lender Regulation Matter?

The Credit Rating Agencies

Fools or Crooks: Testing for Fraud in the Residential Mortgage Market

12:45-2:00 — Lunch Speaker: David Stevens, FHA Commissioner

III. 2:00-3:45 — Property Values and Location

What Role Did Piggyback Lending Play in the Housing Bubble and Mortgage Collapse?

Thy Neighbor’s Mortgage: Does Living in A Subprime Neighborhood Impact Your Probability of Default?

A Microsimulation Approach to Establish a New Price Stress Test for Economic Capital Related to Residential Mortgages

3:45-4:00 — Break

IV. 4:00-5:15 — Panel: The Future of Securitization

Cocktail Reception to follow at the conclusion of the conference.

Attendance is FREE, however we ask you to confirm your attendance by emailing Rob Valero at rjvalero@gmail.com.