Repairing the U.S. Housing Market: The Future of the Mortgage Finance System

April 17, 2012

Washington, D.C.
By invitation only


Steven Abrahams, James R. Barth, Brian Gill, Phillip L. Swagel and Glenn Yago
Milken Institute-Georgetown University Congressional Briefing


The Milken Institute Center for Financial Markets and the Georgetown Center for Financial Markets and Policy in the McDonough School of Business co-hosted the panel discussion "Repairing the U.S. Housing Market: The Future of the Mortgage Finance System" as part of their joint Policy Briefing Series.

Limited to Hill Staff, this invitation-only panel discussion featured:

Steven Abrahams is a managing director and head of MBS and Securitization Research at Deutsche Bank. His team provides market analysis and investment advice in residential, commercial and consumer securitized products. Abrahams is a managing director and head of MBS and securitization research at Deutsche Bank. He joined Deutsche Bank in March 2010 from Citadel Investment Group. He previously was a senior managing director at Bear Stearns, where his agency MBS and global rates research team was regularly ranked by Institutional Investor. In more than 20 years on Wall Street, Abrahams has also held senior positions at Freddie Mac and Morgan Stanley. He currently teaches as an adjunct professor of finance and economics at Columbia Business School. Abrahams holds a B.S. from Northwestern University and a Ph. D. from Columbia University.

James R. Barth is co-author of "Fixing the Housing Market: Financial Innovations for the Future"; Lowder Eminent Scholar in Finance at Auburn University; and senior finance fellow at the Milken Institute. He was formerly chief economist at the Office of Thrift Supervision and the Federal Home Bank Board. His research focuses on regulatory issues of domestic and global capital markets and financial institutions. He recently completed an assignment as the international team leader advising the People's Bank of China on banking reform. Barth earned his Ph.D. in Economics at Ohio State University.

Phillip L. Swagel is a senior fellow at the Milken Institute and a professor at the University of Maryland School of Public Policy, where he teaches classes on international economics and is an academic fellow at the Center for Financial Policy at the university's Robert H. Smith School of Business. Swagel was assistant secretary for economic policy at the Treasury Department from 2006 to 2009. In that position, he served as a member of the TARP investment committee and advised Secretary Paulson on all aspects of economic policy. He previously worked at AEI, White House Council of Economic Advisers, IMF, and the Federal Reserve. He received a bachelor's degree in economics from Princeton University and a Ph.D. in economics from Harvard University.

Glenn Yago is co-author of "Fixing the Housing Market: Financial Innovations for the Future"; Senior Director at the Milken Institute; and founder of the Institute's Financial Innovations Labs. His work on financial innovation, capital markets and development finance has contributed to the democratization of capital in underserved markets in the U.S. and worldwide. Yago earned his Ph.D. in political economy at the University of Wisconsin, Madison.

Brian Gill, the moderator, is an adjunct professor of real estate at Georgetown University's McDonough School of Business. He currently serves as a principal at Artis Advisors, a boutique investment bank that offers capital advisory for private equity real estate sponsors. Possessing extensive knowledge of commercial real estate, Gill was associate director of real estate capital markets at Cushman & Wakefield and vice president of Acquisitions at Bonaventure Realty Group. Gill has also lectured on finance and real estate at George Washington University. He earned his M.S. in accounting and finance at the London School of Economics and Political Science and his M.S. in marketing from Northwestern University.

For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at