The Subprime Housing Crisis: Interdisciplinary Policy Perspectives
This Forkenbrock Series Symposium focused on the urgent need for well-formulated policy responses to address the housing foreclosure crisis. Invited speakers included leading scholars from diverse fields such as business, economics, government affairs and urban planning, as well as leaders of government agencies, financial institutions and non-profit agencies.
|9:00 AM||The Subprime Housing Crisis: Interdisciplinary Policy Perspectives||
|10:30 AM||Session A- Scope and Scale of the Subprime Housing Crisis||
|1:00 PM||Lunch hotelVetro|
|2:00 PM||Session B- Factor that Created and Precipitated the Crisis||
|5:30 PM||Social hour hotelVetro, Plaza 3|
|6:30 PM||Dinner hotelVetro, E.W. Lehman Ballroom||
|7:30 AM||Breakfast hotelVetro, Plaza 1|
|9:00 AM||Keynote Speaker||
|10:00 AM||Break, Plaza 3|
|10:15 AM||Session C - Policy Responses I||
|2:00 PM||Session D--Policy Responses II||
Associate Professor, Urban and Regional Planning, University of Iowa
Jerry Anthony is an Associate Professor at the Graduate Program in Urban and Regional Planning at the University of Iowa. He has a Ph.D. in Urban & Regional Planning, an M.A. in Town Planning, and a B.A. in Architecture. He teaches and researches housing policy, land use, smart growth and international planning issues. He was named a HUD Urban Scholar in 2001. His article, “The effect of Florida’s Growth Management Act on housing affordability,” was named one of most outstanding articles published in the Journal of the American Planning Association in 25 years. In 2001, he received the “Excellence in Planning Education” award from the Iowa chapter of the American Planning Association. In 2003 he helped found a non-profit agency, the Housing Trust Fund of Johnson County, to provide a new and flexible source of finance for affordable housing development in Johnson County, Iowa. From 2005 to 2008, he chaired Iowa City’s Housing & Community Development Commission.
Chief Operating Officer National Community Reinvestment Coalition (NCRC)
Jim Carr is Chief Operating Officer for the National Community Reinvestment Coalition (NCRC), a visiting professor at Columbia University in New York, and an Advisory Committee Member of the Federal Reserve Bank of San Francisco Center for Community Development Investments. Prior to his appointment to NCRC, Jim was Senior Vice President for Financial Innovation with the Fannie Mae Foundation and Assistant Director for Tax Policy with the U.S. Senate Budget Committee. Jim has served on research advisory boards at Harvard University and the University of California-Berkeley. Jim’s books include the recently published: Segregation: The Rising Costs for America. Jim has appeared on CNN, FOX News, CNBC, Bloomberg TV, PBS, and a variety of national and local radio stations. His research has been cited, and he is quoted frequently in various major media outlets including the Washington Post, New York Times, Wall Street Journal, Associated Pressand Reuters. His remarks have been published in Vital Speeches of the Day.
Director, Public Policy Center Preventive and Community Dentistry University of Iowa
Peter Damiano is the Director of the Public Policy Center (PPC) and Professor, Department of Preventive and Community Dentistry at the University of Iowa. He started the health policy research program at the PPC in 1990 and has been Director of the Center since July 2007. He is a health services researcher who investigates issues relating to access to care, quality, cost and outcomes of care. Dr. Damiano has authored over 100 peer-reviewed journal articles and research monographs and has been the principal investigator on over 50 research studies funded by federal, state and Foundation sources. He is a former staff intern in the US Senate, a Robert Wood Johnson Dental Health Services Research Scholar and HRSA Primary Care Policy Fellow. He is a graduate of the University of Iowa College of Dentistry (DDS) and UCLA School of Public Health (MPH).
Senior Research Associate Center for Community Capital, University of North Carolina
Lei Ding is Senior Research Associate at the Center for Community Capital at University of North Carolina, Chapel Hill. His research interests include modeling mortgage loan performance, analyzing non-performing mortgages, and investigating the impact of loss mitigation services. He also examines issues related to subprime lending, neighborhood issues in housing policy, and regional economic development. He has published scholarly articles in many journals. Ding received his Ph.D. in Public Policy from George Mason University and he holds a Master's degree in Management and a B.A. in engineering from Tsinghua University in Beijing.
P. Brett Hammond
Managing Director and Chief Investment Strategist TIAA-CREF
P. Brett Hammond is Managing Director and Chief Investment Strategist for TIAA-CREF Asset Management. His group is responsible for asset allocation modeling and institutional advising, economic and market commentary, and investment product and portfolio research. Within TIAA-CREF he was previously responsible for performance attribution modeling, the creation of inflation-linked bond and lifecycle funds, and pension research. Prior to TIAA-CREF, he held positions at the National Academy of Sciences, UCLA, and UC Berkeley. He received a Ph.D. from the Massachusetts Institute of Technology and AB degrees in economics and political science from the University of California at Santa Cruz.
Professor, Moritz College of Law Ohio State University
Professor Creola Johnson graduated from Louisiana State University with a B.S. in Accounting and from West Virginia University with a J.D. with honors. She practiced bankruptcy and corporate law in Pittsburgh, Pennsylvania. Dr. Johnson was the 1998-1999 Faculty Fellow and Visiting Assistant Professor at the University of Iowa College of Law. She then joined The Ohio State University Moritz College of Law as an Assistant Professor, was promoted to Associate Professor in 2003 and to Professor of Law in 2007. She teaches Business Bankruptcy Reorganizations, Consumer Bankruptcy Law, Consumer Law, Consumer Protection Seminar, Sales, and Secured Transactions. Professor Johnson’s scholarship and advocacy is in the field of predatory consumer transactions, such as payday loans and subprime mortgages, and has been cited in several newspapers, including the Wall Street Journal, and interviewed on CNN’s, Lou Dobbs Tonight and local television stations.
Kathleen E. Keest
Senior Policy Counsel, Center for Responsible Lending Durham, NC
Ms. Keest is currently serving as a Senior Policy Counsel at the Center for Responsible Lending, in Durham, North Carolina. CRL is a non-profit, non-partisan organization dedicated to combating abusive financial practices. It is affiliated with the Center for Community Self-Help, a non-profit community development financial institution that has provided over $5 billion of financing to low-wealth families, small businesses and non-profits around the country. Previously, Ms. Keest was Deputy Administrator of the Iowa Consumer Credit Code and an Assistant Attorney General in Iowa, a specialist in state and federal consumer credit laws at the National Consumer Law Center, Boston, Massachusetts, and a legal services attorney in Iowa. She has served on the Federal Reserve Board’s Consumer Advisory Council, has testified before Congress on mortgage, credit card, and regulatory issues, and has written and trained extensively on consumer credit and the subprime mortgage industry around the country.
Representative James Leach
John L. Weinberg/Goldman Sachs and Co., Visiting Professor of Public and International Affairs Woodrow Wilson School of Public and International Affairs Princeton University
James A. Leach is the John L. Weinberg Visiting Professor of Public and International Affairs at the Woodrow Wilson School at Princeton University. Prior to joining the Princeton faculty he was the Director of the Institute of Politics at the Harvard Kennedy School. Leach served 30 years as a representative in Congress where he chaired the Banking and Financial Services Committee. Leach attended Princeton, the School of Advanced International Studies of Johns Hopkins, and the London School of Economics. He holds eight honorary degrees, has received decorations from two foreign governments, and is the recipient of the Wayne Morse Integrity in Politics Award, the Woodrow Wilson Award from Johns Hopkins, the Adlai Stevenson Award from the United Nations Association, and the Norman Borlaug Public Service Award. Leach serves on the board of several companies and non-profit organizations, including the Century Foundation, the Carnegie Endowment for International Peace, the Social Sciences Research Council, Pro Publica and Common Cause, which he chairs.
President, University of Iowa
At Iowa, President Mason began a sustainable university initiative, making sustainability a central priority of all aspects of the University enterprise—its operations, its academic mission, and its greater responsibilities to society. An unexpected priority for President Mason was the historic flooding of the UI campus and the greater community in 2008, and her leadership helped bring the campus community together to preserve as much of the University’s resources as possible and rebuild essential facilities in time to open the campus for a full complement of fall semester courses. Currently, she is overseeing campus rebuilding, especially the renewal of an arts campus for the 21st century.
Iowa Attorney General
Attorney General Tom Miller is serving in his seventh four-year term as Attorney General of Iowa. He is a graduate of Loras College in Dubuque, and Harvard Law School. Tom Miller was the lead Attorney General in the nation’s two largest consumer fraud mortgage cases. Consumers nationwide received $484 million in the Household Finance case, and $295 million in the Ameriquest case; in both cases, the companies were required to make major changes in their conduct. He is the founder of the Iowa Foreclosure Hotline, and his office is a leader in the Iowa Mortgage Help program. General Miller also is leading the State Foreclosure Prevention Working Group, the goal of which is to work with the largest servicers of subprime mortgages to avoid as many unnecessary foreclosures as possible.
Director of Asset Management and Grants Iowa Finance Authority
Julie Noland has worked for the Iowa Finance Authority since 1997 in numerous capacities, most recently as the Director of Asset Management and Grants. She is currently managing the Iowa Mortgage Help initiative, a joint venture of the Iowa Finance Authority, the Iowa Attorney General’s Office, the Iowa Homeownership Education Project, Iowa Legal Aid and twelve housing counseling agencies throughout the state. Julie attended Lincoln High School in Des Moines, and the University of Northern Iowa where she received her BA and MA in history education.
Professor, College of Business Administration Marquette University
Anthony Pennington-Cross earned his Ph.D. in Economics from George Washington University, and completed a Post Doctoral Fellowship at the Zell & Lurie Real Estate Center in the Wharton School at the University of Pennsylvania. Dr. Pennington-Cross is an Associate Professor of Finance in the College of Business Administration at Marquette University. He is widely published in academic journals including The Journal of Real Estate Finance and Economics, Journal of Urban Economics, and Real Estate Economics. Recent research has focused on subprime lending in the housing market, house price dynamics, and other and urban and real estate issues. Prior to joining Marquette, Pennington-Cross was a Senior Economist in the Research Division at The Federal Reserve Bank of St. Louis. In Washington, D.C., he served as a Senior Economist at the Office of Federal Housing Enterprise Oversight and as the Director of Research at the Research Institute for Housing America (RIHA), a research organization devoted to extending home ownership to all Americans.
Professor, S.J. Quinney College of Law University of Utah
Christopher Peterson is a Professor of Law at the University of Utah. A recognized authority on consumer finance, he has appeared before the U.S. Senate Banking Committee, the Federal Deposit Insurance Corporation, Federal Reserve Board governors, and at the White House. He has lectured widely on credit policy, including recent presentations at Harvard Law School, New York University, and international presentations in Berlin, Lima, London, Warsaw, and Zurich. Professor Peterson is widely published, including a piece discussing subprime home mortgage lending which was recently named the outstanding consumer finance law review article of the year by the American College of Consumer Financial Services Lawyers. In 2007, the National Association of Consumer Agency Administrators named Professor Peterson the nation’s outstanding consumer advocate in recognition of his role in promoting an act of Congress limiting the price of loans made to military service members.
Associate Professor, College of Law University of Iowa
Katherine Porter is an Associate Professor of Law at the University of Iowa. Before joining the Iowa faculty in 2005, she was a Visiting Associate Professor at the University of Nevada—Las Vegas. Professor Porter’s scholarship focuses on consumer credit issues, including mortgages, credit cards, and bankruptcy. She is an experienced empirical researcher whose work has been published in theCornell Law Review, the Michigan Law Review, and the Texas Law Review. She has testified several times before Congress and appeared in national media including ABC Nightline, The Today Show, the New York Times, and National Public Radio. She is a contributor to Credit Slips, a blog about credit. Before entering academia, Professor Porter practiced bankruptcy law in Portland, Oregon, and was a clerk to the Honorable Richard Sheppard Arnold of the United States Court of Appeals for the Eighth Circuit. She earned her J.D. from Harvard Law School.
Senior Research Associate, Tax Policy Center Urban Institute & Brookings Institution
Kim Rueben is a senior research associate at the Urban Institute and the Tax Policy Center a joint venture of the Urban Institute and the Brookings Institution. She currently heads the state policy effort of the Tax Policy Center. She is an expert on state and local public finance, budget decisions, and the economics of education. Prior to joining the Urban Institute Dr. Rueben was a research fellow at the Public Policy Institute of California (PPIC). She was an adjunct professor at the Georgetown Public Policy Institute and the Goldman School of Public Policy at the University of California at Berkeley and was a visiting scholar at the San Francisco Federal Reserve Bank. She has also served on the executive board of the American Education Finance Association. She holds a BS in Applied Math-Economics from Brown University, an M.S. in Economics from the London School of Economics and a Ph.D. in economics from the Massachusetts Institute of Technology.
Professor and Associate Dean, Tippie College of Business University of Iowa
Jay Sa-Aadu is the Chester A. Phillips Professor of Business Finance and Real Estate, and Associate Dean of the Henry B. Tippie School of Management at the University of Iowa. His research interests include real estate finance and investments, structured finance/asset-backed securitization, real estate investment trust (REITs), and fixed income securities. Dr. Sa-Aadu’s work has been published in the Journal of Real Estate Finance and Economics, and Real Estate Economics. He has also served on the Editorial Boards of the Journal of Housing Research, and Housing Studies, and as a referee for the National Science Foundation. He is a member of the American Real Estate and Urban Economics Association, the Financial Management Association, and the American Economic Association. His current work focuses specifically on default risk and other elements of the U.S. mortgage market. Professor Sa-Aadu earned a Ph.D. and MBA from the University of Wisconsin-Madison, and a B.S. from the University of Science and Technology, Kumasi, Ghana.
Professor, Department of Finance, College of Commerce DePaul University
James D. Shilling is the Michael J. Horne Chair in Real Estate Studies at DePaul University. In more than 80 journal articles, studies, books and chapters, he has examined real estate investment trusts and the role of real estate in institutional investors’ portfolios, mortgage securitization, and commercial mortgage default, among other issues. Professor Shilling holds a B.A. from Otterbein College and an M.A. and Ph.D. in economics from Purdue University. From 1990-2006, he taught at the University of Wisconsin, where he was the James A. Graaskamp Professor of Real Estate and Urban Land Economics. At Cambridge University, he held the Grosvenor Professor of Real Estate Finance in the Department of Land Economy. He has lectured at the University of Pennsylvania’s Wharton School and Louisiana State University, and worked for the Federal Home Loan Bank Board. Professor Shilling is past president of the American Real Estate and Urban Economics Association and past editor of its journal Real Estate Economics.
Vice President of Research & Policy National Community Reinvestment Coalition (NCRC)
Mr. Silver has 17 years experience in the housing and community development field. As Vice President of Research and Policy, Mr. Silver develops NCRC’s policy positions. He has written NCRC testimony submitted to the Senate and House Banking Committees on topics including financial modernization, predatory lending, and the effectiveness of the Community Reinvestment Act (CRA). He has also written several comment letters to federal banking agencies on subjects ranging from the merger application process, the content and accuracy of home and small business data, and fair lending issues. Mr. Silver has testified before Congress, municipal and state legislative bodies and has represented NCRC on television and radio. Prior to NCRC, Mr. Silver worked at the Urban Institute, where he specialized in housing market analysis and program evaluation. Mr. Silver holds a M.A. in Public Affairs from the Lyndon Johnson School of Public Affairs at the University of Texas and a B.A. in economics from Columbia University.
Vice President Woodstock Institute
Geoff Smith is Vice President at Woodstock Institute. He has led research projects examining housing and community development issues, including mortgage lending policy, foreclosure trends and neighborhood impacts, small business finance, financial institution regulation, and access to banking services. He has authored and co-authored numerous Woodstock publications and co-authored research published in journals including Housing Policy Debate, Urban Affairs Review, and the Journal of Developmental Entrepreneurship. Mr. Smith has testified on predatory lending issues and community reinvestment policy at hearings held by the U.S. House Financial Services Committee, the Federal Reserve Board, the State of Illinois Department of Financial and Professional Regulation, and the Chicago City Council. He has appeared on NBC Nightly News and has been quoted in USA Today, Wall Street Journal, Chicago Tribune, and other media outlets.
David C. Wheelock
Assistant Vice President Federal Reserve Bank of St. Louis
David C. Wheelock is an assistant vice president and economist at the Federal Reserve Bank of St. Louis, where he has been employed since 1993. Before joining the Federal Reserve, Dr. Wheelock was on the faculty of the Department of Economics at the University of Texas at Austin, and a visiting scholar at the Federal Reserve Bank of St. Louis. Dr. Wheelock has written numerous articles on banking and monetary policy issues for professional journals and Federal Reserve publications. In addition, he is the author of The Strategy and Consistency of Federal Reserve Monetary Policy, 1924-1933, published by Cambridge University Press in 1991. Dr. Wheelock received his B.S. degree from Iowa State University, and his M.S. and Ph.D. degrees from the University of Illinois.
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