SGE invitation: Housing and the Credit Crunch

An Academic Symposium Presented by The Center for Real Estate Management, George Mason University and The George Washington University School of Business’ Center for Real Estate and Urban Analysis

George Washington University
Marvin Center Ballroom, 21st & H Streets, NW, 3rd Floor
Wednesday, May 26, 2010


We have recently seen the worst housing and financial markets since the Great Depression. Not all of the analysis of the last few years has been informed by data. The purpose of the conference is to bring together empirical work in an effort sort out what the data do and do not support as causes of the housing downturn and the sharp increase in defaults.
I. Credit Risk

Stability in Consumer Credit Scores: Level and Direction of FICO Score Drift as a Precursor to Default and Prepayment

* Brent C. Smith, Virginia Commonwealth University

Cream-Skimming in Subprime Mortgage Securitizations: Which Subprime Mortgage Loans Were Sold By Depository Institutions Prior to the Crisis of 2007

* Paul Calem, Federal Reserve Board of Governors
* Christopher Henderson, Federal Reserve Bank of Philadelphia
* Jonathon Liles, Freddie Mac

Causes of Default: Economic Conditions, Underwriting and Moral Hazard

* Dennis Capozza, University of Michigan
* Robert Van Order, George Washington University

II. Sources

The Subprime Crisis: How Much Did Lender Regulation Matter?

* Robert B. Avery and Kenneth P. Brevoort
* Federal Reserve Board of Governors

The Credit Rating Agencies

* Lawrence J. White, New York University

Lunch Speaker: David Stevens, FHA Commissioner
III. Property Values and Location

What Role Did Piggyback Lending Play in the Housing Bubble and Mortgage Collapse?

* Michael LaCour-Little, California State University at Fullerton
* Charles A. Calhoun, Calhoun Consulting LLC
* Wei Yu, California State Polytechnic University, Pomona

Thy Neighbor’s Mortgage: Does Living in A Subprime Neighborhood Impact Your Probability of Default?

* Sumit Agarwal, Federal Reserve Bank of Chicago
* Brent W Ambrose, Pennsylvania State University
* Souphala Chomsisengphet, Office of the Comptroller of the Currency
* Anthony Sanders, George Mason University

Fools or Crooks: Testing for Fraud in the Residential Mortgage Market

* Paul Carrillo, George Washington University

IV. Panel: The Future of Securitization

* Jay Brinkman, Mortgage Bankers Association
* Andrew Davidson, Davidson and Associates
* Arnold Kling, George Mason University
* Edward Golding, Freddie Mac

Cocktail Reception to follow at the conclusion of the conference.

Attendance is FREE, however we ask you to confirm your attendance by emailing Rob Valero at