Events Detail

The Center for Housing and Financial Markets

In conjunction with the Homer Hoyt Institute

 and the Institute for Real Estate, University of Pennsylvania,

recently held…

 The Subprime Mortgage Crisis: What's Next?

Monday, September 15, 2008

9:00 AM – 2:00 PM

Wachter, Jakabovics, Weicher, Calabria, Seldin

        Jack Guttentag and Susan Wachter

                        Robert Edelstein

The subprime mortgage crisis, first brought to public attention by a Hudson conference in February 2007, has resulted so far in conservatorships for Fannie Mae and Freddie Mac, the federally-assisted takeover of Bear Stearns by J.P. Morgan, changes of leadership at several major banks, and the most comprehensive housing and mortgage legislation in many years – and that's just in the last two months.  On September 15, Hudson hosted a discussion, "The Subprime Mortgage Crisis: What's Next?"  The event, co-sponsored with the Homer Hoyt Institute and the Wharton School of the University of Pennsylvania, featured presentations by JACK GUTTENTAG, emeritus professor of finance at Wharton and syndicated columnist as "The Mortgage Professor," and ROBERT EDELSTEIN, professor in the Fisher Center for Real Estate of the University of California at Berkeley.  Guttentag spoke on "The Unseen Elephant in the Mortgage Crisis," proposing a new form of private mortgage insurance that he argued would reduce interest rates for homebuyers and losses for mortgage lenders and investors.  Edelstein presented a "white paper" on "Towards Solving the Subprime and Other Financial Crises" describing the current situation in the housing and mortgage markets, listing the major policy issues, and discussing major research issues that need to be addressed as the government attempts to wrestle with both the problems of current homeowners in danger of losing their homes, and the future structure of the housing finance system to prevent the same thing from happening again.  The conference was chaired by JOHN C. WEICHER, Director of Hudson's Center for Housing and Financial Markets. It also featured a panel discussion on Edelstein's presentation by David Crowe, National Association of Home Builders; Conrad Egan, Center for Housing Policy; Julia Gordon, and Brent Ambrose, Pennsylvania State University.

The conference is the second co-sponsored by the three institutions, who jointly have established the Subprime Crisis Research Consortium.  In October 2007 Hudson hosted a roundtable "Addressing the Subprime Mortgage Crisis", a preliminary discussion of subprime mortgage problems and solutions.  The Consortium has also conducted several meetings during the intervening months.

Click here for Guttentag's presentation

Click here for Edelstein's presentation

Click Here for Crowe's presentation

For more information, please contact Ioannis Saratsis at isaratsis@hudson.org

Hudson Institute

Betsy and Walter Stern Conference Center

1015 15^th Street, NW

Sixth Floor

Washington, DC 20005 Tel: 202-974-2400