On March 18, 2015, at the Wharton School, University of Pennsylvania, the Penn Institute for Urban Research, the Penn Wharton Public Policy Initiative, and the Federal Reserve Bank of New York co-sponsored an event that brings together a diverse group of academics and housing policy experts to share perspectives on how the U.S. system of mortgage finance can be ushered into the 21st century. As the housing market and overall economy rebound from the Great Financial Crisis, it is important to reflect on the lessons learned in order to design a more efficient, equitable and robust system of mortgage finance.
The closed room sessions, from 9:15 am - 12:20 pm and 3:00 pm - 4:50 pm, commenced with opening remarks by faculty expert Susan Wachter, Albert Sussman Professor of Real Estate, Professor of Real Estate and Finance, Wharton School, Co- director, Penn IUR, University of Pennsylvania and Joseph Tracy, Executive Vice President and Senior Advisor to the President, Federal Reserve Bank of New York. Topics on the agenda include Housing Finance Reform Legislation; The Capital Structure and Governance of a Mortgage Securitization Utility; Macro-prudential Mortgage-Backed Securitization; The Federal Home Loan Bank System and U.S.Housing Finance; The Once and Future Federal Housing Administration; Preserving the TBA Market; and Housing Finance Alternatives.
The public lecture from 1:30 pm - 2:45 pm in Huntsman Hall G50 featured a panel of experts including Ted Tozer, President, Government National Mortgage Association (Ginnie Mae); David Stevens, President & CEO, Mortgage Bankers Association; and Bob Ryan, Senior Advisor, Federal Housing Finance Agency.
In addition to co-sponsoring the daylong event, the Penn Wharton Public Policy Initiative will publish an Issue Brief by Professor Susan Wachter titled, "Next Steps in the Housing Finance Reform Saga." Visit the Penn Wharton Public Policy Initiative website for this forthcoming Issue Brief.
About the Penn Institute for Urban Research
The Penn Institute for Urban Research (Penn IUR) is dedicated to advancing cross-disciplinary urban-focused research, instruction, and civic engagement on issues relevant to cities around the world. As the global population becomes increasingly urban, understanding cities is vital to informed decision-making and public policy at the local, national, and international levels. Penn IUR focuses on research that informs the sustainable and inclusive twenty-first-century city. By providing a forum for collaborative scholarship and instruction at Penn and beyond, Penn IUR stimulates research and engages with urban practitioners and policymakers to inform urban policy.
About the Penn Wharton Public Policy Initiative
The Penn Wharton Public Policy Initiative (Penn Wharton PPI), with offices in Philadelphia and Washington, DC, is a hub for public policy research and education with one overarching goal: to leverage the University’s resources to foster better-informed policymaking on issues related to business and the economy. The Initiative delivers independent, practical, data-driven, and nonpartisan research—authored and reviewed by our own Faculty Affiliates—to government decision-makers and their staffers, tackling policy questions of economic importance arising in DC. At the same time, Penn Wharton PPI creates new academic and co-curricular opportunities on Penn’s campus, for students to explore and understand the impact of public policy on business and the economy. Altogether, Penn Wharton PPI’s activities foster a public policy “community of interest” at the University while building vital new bridges between academia, business, and government in Washington.