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
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
- Brent C. Smith, Virginia Commonwealth University
Cream-Skimming in Subprime Mortgage Securitizations: Which Subprime Mortgage Loans Were Sold By Depository Institutions Prior to the Crisis of 2007
- Paul Calem, Federal Reserve Board of Governors
- Christopher Henderson, Federal Reserve Bank of Philadelphia
- Jonathon Liles, Freddie Mac
Causes of Default: Economic Conditions, Underwriting and Moral Hazard
- Dennis Capozza, University of Michigan
- Robert Van Order, George Washington University
10:45-11:00 — Break
II. 11:00-12:45 — Sources
The Subprime Crisis: How Much Did Lender Regulation Matter?
- Robert B. Avery and Kenneth P. Brevoort
- Federal Reserve Board of Governors
The Credit Rating Agencies
- Lawrence J. White, New York University
Fools or Crooks: Testing for Fraud in the Residential Mortgage Market
- Paul Carrillo, George Washington University
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?
- Michael LaCour-Little, California State University at Fullerton
- Charles A. Calhoun, Calhoun Consulting LLC
- Wei Yu, California State Polytechnic University, Pomona
Thy Neighbor’s Mortgage: Does Living in A Subprime Neighborhood Impact Your Probability of Default?
- Sumit Agarwal, Federal Reserve Bank of Chicago
- Brent W Ambrose, Pennsylvania State University
- Souphala Chomsisengphet, Office of the Comptroller of the Currency
- Anthony Sanders, George Mason University
A Microsimulation Approach to Establish a New Price Stress Test for Economic Capital Related to Residential Mortgages
- James Follain, James R. Follain LLC
- Seth Giertz, University of Nebraska-Lincoln
3:45-4:00 — Break
IV. 4:00-5:15 — Panel: The Future of Securitization
- Andrew Davidson, Davidson and Associates
- Arnold Kling, George Mason University
- Edward Golding, Freddie Mac
- Michael Fratantoni, Mortgage Bankers Association
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 email@example.com.