Third Annual Fall Symposium: Innovation in Housing Finance
Third Annual Fall Symposium: Innovation in Housing Finance
Date: Wednesday, October 8, 2014
Time: 8:00 AM – 5:00 PM
Location: Bloomberg LP, 731 Lexington Ave, New York, NY 10022 | 7th FLR, MPR
Fall Symposium Registration
Event is free of charge, all attendees must register.
PROGRAM AGENDA
7:30 - 8:20 AM NETWORKING BREAKFAST & REGISTRATION
8:20 - 8:30 AM WELCOME REMARKS
Stijn Van Nieuwerburgh, Professor of Finance and Director, the CREFR, NYU Stern
Jason Ortman, Sales Manager Mortgage Specialist team, Bloomberg
8:30 - 9:00 AM CURRENT STATE OF THE RESIDENTIAL REAL ESTATE MARKETS
The Great Recession left the U.S. economy below its potential output level, saw the disappearance of private-label residential mortgage securitization, and the return of tight underwriting standards at banks and government housing finance agencies alike. While the economy and house prices have improved, the recovery is uneven, and home ownership rates remain down. Uncertainty surrounding future interest rates and house price growth abounds. We start by exploring the state of the U.S. housing market.
Sam Khater, Deputy Chief Economist, Core Logic
9:00 - 10:15 AM Panel 1: Housing Finance Reform: A progress Update
Any financial innovation in the housing market depends crucially on the future shape of the government sponsored enterprizes, Fannie Mae and Freddie Mac. The Johnson-Crapo Act that passed the Senate Banking Committee in May proposes concrete ways of privatizing housing finance markets while preserving the government guarantee for conforming mortgages. The new leadership at the Federal Housing Financing Agency may also affect the direction of future reform. A panel of experts provides a progress update and discusses how the core of U.S. mortgage markets will affect innovation outside the core.
Moderator: Jon Van Gorp, Partner, Mayer Brown
Panelists:
Laurie Goodman, Director Housing Finance Policy Center, Urban Institute
Julia Gordon, Director of Housing Finance and Policy, Center of American Progress
Eric Kaplan, Managing Director, Mortgage Finance, Shellpoint Partners LLC
Matthew Richardson, Professor of Finance and Director, the Salomon Center at NYU Stern
Seth Wheeler, Senior Advisor, the National Economic Council
10:15 - 10:45 AM NETWORKING COFFEE BREAK
10:45 - 12:00 PM Panel 2: The Single-Family rental Business and Its Securitization
Large institutional investors have purchased several hundred thousand single-family homes and are turning these purchases into a new single-family rental business. In addition to logistical issues, this emerging industry is facing higher home prices. To keep return on investment high, SFR companies have started to securitize the debt backed by these homes. This financial innovation is gaining traction and both the institutional single-family rental business and its securitization are projected to grow and have the potential to transform the U.S. housing market.
Moderator: Brian Lancaster, Adjunct Professor of Finance, NYU Stern
Panelists:
Andrea Eisfeldt, Professor of Finance, UCLA Anderson and Structured Portfolio Management
Laurie Hawkes, President, American Residential Properties
Randal Johnson, Director Structured Credit, Deutsche Bank
Randall Reiff, Chief Executive Officer, Firstkey Lending
Scott Thomas, Executive Director, J.P. Morgan Asset Management
12:00 - 1:30 PM LUNCH AND INTERVIEW WITH EDWARD DE MARCO
Edward de Marco, former Director of the federal Housing Financing Agency will be interviewed by Jason Kravitt, Partner, Mayer Brown
1:30 - 2:45 PM Panel 3: New Housing Finance Products in a Post-crisis World
In this panel we take a close look at four new housing finance innovations that help households purchase homes or access home equity in a world with tight mortgage credit. Each innovator will briefly present the product, followed by a panel discussion.
Moderator: Stijn Van Nieuwerburgh, Professor of Finance and Director, the CREFR, NYU Stern
Panelists:
Benjamin Hellweg, Head of Acquisitions, Hyperion Homes
William Kirksey, Founder and President, HEED HERO
Jeffrey Nash, Co-Founder & Managing Director
Edward Pinto, Co-Director, International Center on Housing Risk
2:45 - 3:15 PM NETWORKING COFFEE BREAK
3:15 - 4:30 PM Panel 4: New Homes for the Next Generation
Generation Y, the largest and most diverse generation alive, is coming of age. The panel will explore the housing preferences of this cohort. Have their tastes moved away from suburban homes towards urban environments? What neighborhoods and amenities are they looking for? What are the implications for urban planning, for architectural design, and for developers?
Moderator: Edward Glickman, Clinical Professor of Finance and Executive Director, the CREFR, NYU Stern
Panelists:
Deborah Brett, CEO, Brett and Associates
Kurt Conway, Senior Vice President Brand Strategy & Marketing, AvalonBay
Jed Kolko, Chief Economist, Trulia
Michael Samuelian, Vice President, Related
4:30 - 5:30 PM CLOSING REMARKS AND CLOSING RECEPTION
Program committee: Prof. Stijn van Nieuwerburgh, NYU Stern (chair); Prof. Edward Glickman, NYU Stern; Jason Kravitt, Mayer Brown; Jason Ortman, Bloomberg
Date: Wednesday, October 8, 2014
Time: 8:00 AM – 5:00 PM
Location: Bloomberg LP, 731 Lexington Ave, New York, NY 10022 | 7th FLR, MPR
Fall Symposium Registration
Event is free of charge, all attendees must register.
PROGRAM AGENDA
7:30 - 8:20 AM NETWORKING BREAKFAST & REGISTRATION
8:20 - 8:30 AM WELCOME REMARKS
Stijn Van Nieuwerburgh, Professor of Finance and Director, the CREFR, NYU Stern
Jason Ortman, Sales Manager Mortgage Specialist team, Bloomberg
8:30 - 9:00 AM CURRENT STATE OF THE RESIDENTIAL REAL ESTATE MARKETS
The Great Recession left the U.S. economy below its potential output level, saw the disappearance of private-label residential mortgage securitization, and the return of tight underwriting standards at banks and government housing finance agencies alike. While the economy and house prices have improved, the recovery is uneven, and home ownership rates remain down. Uncertainty surrounding future interest rates and house price growth abounds. We start by exploring the state of the U.S. housing market.
Sam Khater, Deputy Chief Economist, Core Logic
9:00 - 10:15 AM Panel 1: Housing Finance Reform: A progress Update
Any financial innovation in the housing market depends crucially on the future shape of the government sponsored enterprizes, Fannie Mae and Freddie Mac. The Johnson-Crapo Act that passed the Senate Banking Committee in May proposes concrete ways of privatizing housing finance markets while preserving the government guarantee for conforming mortgages. The new leadership at the Federal Housing Financing Agency may also affect the direction of future reform. A panel of experts provides a progress update and discusses how the core of U.S. mortgage markets will affect innovation outside the core.
Moderator: Jon Van Gorp, Partner, Mayer Brown
Panelists:
Laurie Goodman, Director Housing Finance Policy Center, Urban Institute
Julia Gordon, Director of Housing Finance and Policy, Center of American Progress
Eric Kaplan, Managing Director, Mortgage Finance, Shellpoint Partners LLC
Matthew Richardson, Professor of Finance and Director, the Salomon Center at NYU Stern
Seth Wheeler, Senior Advisor, the National Economic Council
10:15 - 10:45 AM NETWORKING COFFEE BREAK
10:45 - 12:00 PM Panel 2: The Single-Family rental Business and Its Securitization
Large institutional investors have purchased several hundred thousand single-family homes and are turning these purchases into a new single-family rental business. In addition to logistical issues, this emerging industry is facing higher home prices. To keep return on investment high, SFR companies have started to securitize the debt backed by these homes. This financial innovation is gaining traction and both the institutional single-family rental business and its securitization are projected to grow and have the potential to transform the U.S. housing market.
Moderator: Brian Lancaster, Adjunct Professor of Finance, NYU Stern
Panelists:
Andrea Eisfeldt, Professor of Finance, UCLA Anderson and Structured Portfolio Management
Laurie Hawkes, President, American Residential Properties
Randal Johnson, Director Structured Credit, Deutsche Bank
Randall Reiff, Chief Executive Officer, Firstkey Lending
Scott Thomas, Executive Director, J.P. Morgan Asset Management
12:00 - 1:30 PM LUNCH AND INTERVIEW WITH EDWARD DE MARCO
Edward de Marco, former Director of the federal Housing Financing Agency will be interviewed by Jason Kravitt, Partner, Mayer Brown
1:30 - 2:45 PM Panel 3: New Housing Finance Products in a Post-crisis World
In this panel we take a close look at four new housing finance innovations that help households purchase homes or access home equity in a world with tight mortgage credit. Each innovator will briefly present the product, followed by a panel discussion.
Moderator: Stijn Van Nieuwerburgh, Professor of Finance and Director, the CREFR, NYU Stern
Panelists:
Benjamin Hellweg, Head of Acquisitions, Hyperion Homes
William Kirksey, Founder and President, HEED HERO
Jeffrey Nash, Co-Founder & Managing Director
Edward Pinto, Co-Director, International Center on Housing Risk
2:45 - 3:15 PM NETWORKING COFFEE BREAK
3:15 - 4:30 PM Panel 4: New Homes for the Next Generation
Generation Y, the largest and most diverse generation alive, is coming of age. The panel will explore the housing preferences of this cohort. Have their tastes moved away from suburban homes towards urban environments? What neighborhoods and amenities are they looking for? What are the implications for urban planning, for architectural design, and for developers?
Moderator: Edward Glickman, Clinical Professor of Finance and Executive Director, the CREFR, NYU Stern
Panelists:
Deborah Brett, CEO, Brett and Associates
Kurt Conway, Senior Vice President Brand Strategy & Marketing, AvalonBay
Jed Kolko, Chief Economist, Trulia
Michael Samuelian, Vice President, Related
4:30 - 5:30 PM CLOSING REMARKS AND CLOSING RECEPTION
Program committee: Prof. Stijn van Nieuwerburgh, NYU Stern (chair); Prof. Edward Glickman, NYU Stern; Jason Kravitt, Mayer Brown; Jason Ortman, Bloomberg