Albert Sussman Professor of Real Estate, Professor of Finance
Co-Director, Penn Institute for Urban Research
Areas of Interest
Susan M. Wachter is Sussman Professor and Professor of Real Estate and Finance at The Wharton School, and Co-Director of Penn IUR. From 1998 to 2001, as Assistant Secretary for Policy Development and Research, U.S. Department of Housing and Urban Development, Dr. Wachter served as the senior urban policy official and Principal Advisor to the Secretary on overall HUD policies and programs. At The Wharton School, she was Chairperson of the Real Estate Department and Professor of Real Estate and Finance from July 1997 until her 1998 appointment to HUD. She founded and currently serves as Director of Wharton’s Geographical Information Systems Lab. Previously, Wachter served as a member of the Board of Directors of the Beneficial Corporation from 1985 to 1998 and of the MIG Residential REIT from 1994 to 1998. She was the editor of Real Estate Economics from 1997 to 1999 and currently serves on the editorial boards of several real estate journals. Wachter has been a member of the Advanced Studies Institute of the Homer Hoyt Institute since 1989. She co-founded and is Co-Director of the Penn Institute for Urban Research. She is the author of more than 150 scholarly publications and the recipient of several awards for teaching excellence at The Wharton School.
Acolin, Arthur, Xudong An, Raphael Bostic, and Susan M. Wachter. 2017. “Homeownership and Nontraditional and Subprime Mortgages.” Housing Policy Debate 27(3): 393-418.
Wachter, Susan M., Arthur Acolin, and Scott Bernstein. 2017. “Opportunity, Housing Access, and Infrastructure.” Housing Policy Debate 27(3): 468-471.
Wachter, Susan M. and Patricia Mccoy. 2017. “Representations and Warranties: Why They Did Not Stop the Crisis.” In Evidence and Innovation in Housing Law and Policy, edited by Lee Fennell and Benjamin Keys. Cambridge, U.K.: Cambridge University Press.
Wachter, Susan M. and Joseph Tracy, eds. 2016. Principles of Housing Finance Reform. Philadelphia: University of Pennsylvania Press.
Wachter, Susan M., ed. 2016. Public Pensions and City Solvency. Philadelphia: University of Pennsylvania Press.
Acolin, Arthur, Laurie S. Goodman, and Susan Wachter. 2016. “A Renter or Homeowner Nation?” Cityscape 18(2): 145-158.
Acolin, Arthur, Jesse Bricker, Paul S. Calem, and Susan Wachter. 2016. “Borrowing Constraints and Homeownership.” American Economic Review: Papers and Proceedings 106(5): 625-629.
Xiao “Betty” Wang
PhD Candidate, Business Economics and Public Policy, the Wharton Business School
Areas of Interest
Xiao (Betty) Wang is a Doctoral Student in Business Economics and Public Policy at the Wharton Business School. Her research interests are in urban economics, real estate economics and public policy. Before coming to Penn, Betty earned a Bachelor’s degree in Economics, Mathematics and International Development Studies from Washington University’s College of Arts and Sciences.
Sarah Rosen Wartell
President, Urban Institute
Sarah Rosen Wartell is President of the Urban Institute. Wartell, a public policy executive and housing markets expert, previously served in the Clinton administration as the Deputy Assistant to the President for Economic Policy and as Deputy Director for the National Economic Council. She co-founded the Center for American Progress, serving as its first chief operating officer and general counsel. Later, as Executive Vice President, Wartell oversaw its policy teams and fellows. Prior to her work at the Center for American Progress, Wartell practiced law in Washington, DC, was a visiting scholar and adjunct professor at Georgetown University Law Center, and was a consultant to the bipartisan Millennial Housing Commission. She directed the Mortgage Finance Working Group and “Doing What Works” government performance programs. Wartell is currently on the boards of the Low Income Investment Fund, Center for Law and Social Policy, Center for Urban Science and Progress at New York University. She also serves on the Fannie Mae Affordable Housing Advisory Council. Her areas of expertise include Community Development, Consumer Finance and Asset Building, and Housing Finance.
Seidman, Ellen, Phillip L. Swagel, Sarah Rosen Wartell, and Mark M. Zandi. 2013. A Pragmatic Plan for Housing Finance Reform (Occasional Paper). The Urban Institute and the Milken Institute.
Wartell, Sarah Rosen. 2013. Sustainable Housing Finance: Perspectives on Reforming FHA (Testimony before the House Financial Services Committee Subcommittee on Housing and Insurance). The Urban Institute.
Wartell, Sarah Rosen. 2013. Addressing FHA’s Financial Condition and Program Challenges Part II (Testimony before the Senate Committee on Banking, Housing, and Urban Affairs). The Urban Institute.
Friedman, Robert, Ying Shi, and Sarah Rosen Wartell. 2012. Savings: The Poor Can Save, Too. Democracy: A Journal of Ideas, 26.
Senior Policy Fellow, NYU Furman Center
Mark Willis is the Senior Policy Fellow at the NYU Furman Center. Previously, Mark served two years as interim Executive Director of the NYU Furman Center following the departure of Co-Director Vicki Been to the de Blasio administration. Before joining the NYU Furman Center, Mark was a Visiting Scholar at the Ford Foundation. He spent 19 years at JPMorgan Chase overseeing its community development program, serving as Executive Vice President and Founding President of the Chase Community Development Corporation. Mark has also held positions with the City of New York in economic development, tax policy, and housing, where he was the Deputy Commissioner for Development at the Department of Housing Preservation and Development. He also worked as an urban economist at the Federal Reserve Bank of New York. Mark has a B.A. in economics from Yale University, a J.D. from Harvard Law School, and a Ph.D. in urban economics and industrial organization from Yale University.
Provost's Chair, Professor of Real Estate and Finance
Director, Institute of Real Estate Studies
Head of the Department of Real Estate
Deng Yongheng is Provost’s Chair Professor and Director of the Institute of Real Estate Studies, the Head of the Department of Real Estate, and a Professor of Finance and Real Estate at NUS Business School and the School of Design and Environment at the National University of Singapore (NUS). Prior to joining NUS, he was a full Professor at the University of Southern California. He has also served as an economist and expert in the Office of Federal Housing Enterprise Oversight, a financial regulator overseeing Fannie Mae and Freddie Mac, and a post-doctoral research fellow at The Wharton School. Yongheng currently serves on the World Economic Forum`s Global Agenda Council for Financing and Capital (Vice Chair 2012-2013) and as a special advisor to the Bank for International Settlements Representative Office for Asia and the Pacific.
Yongheng, Deng. 2013. Modeling the Performance of FHA-Insured Loans: Borrower Heterogeneity and the Exercise of Mortgage Default and Prepayment Options. BiblioGov, March 14.
Yongheng, Deng Stuart Gabriel. 2006. Risk-based Pricing and the Enhancement of Mortgage Credit Availability Among Underserved and Higher Credit-Risk Populations. Journal of Money, Credit & Banking, 38(6): 1431-60.
Quigley, John, Deng Yongheng, and Robert Van Order. 2000. Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options. Econometrica, 68(2): 275-307.
Chief Economist, Moody’s Analytics
Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Dr. Zandi is a cofounder of Economy.com, which Moody’s purchased in 2005. Dr. Zandi’s broad research interests encompass macroeconomics, financial markets and public policy. His recent research has focused on mortgage finance reform and the determinants of mortgage foreclosure and personal bankruptcy. He has analyzed the economic impact of various tax and government spending policies and assessed the appropriate monetary policy response to bubbles in asset markets. A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public, Dr. Zandi frequently testifies before Congress on topics including the economic outlook, the nation’s daunting fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation. Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century and Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis. Dr. Zandi earned his B.S. from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania.
Assistant Professor of Real Estate, Baruch College, CUNY
Albert Zevelev is an Assistant Professor of Real Estate at the Zicklin School of Business at Baruch College, CUNY. He is an applied economist studying interactions between housing markets, financial markets and the rest of the economy. He holds a Bachelor’s degree from Brandeis and a PhD from Wharton.
“Transparency in the Mortgage Market” with Andrey Pavlov and Susan Wachter. Journal of Financial Services Research, Springer, Forthcoming.