MATH Briefing - 4th Quarter 2014: Housing Finance Reform: Market Developments and Opportunities in 2015
DescriptionNext year provides Congress an opportunity for meaningful advancement of housing finance legislation that would end the Fannie/Freddie conservatorships and thereby resolve the uncertainties that have constrained mortgage finance since the financial market crisis erupted in 2008.
This briefing will focus on market developments and opportunities — Specifically how the legislative and regulatory process can enhance the ability of capital markets to replace taxpayers as the primary source of risk capital and ensure a robust, stable provision of mortgage credit, including to first-time homebuyers and low-and moderate-income households.
It will provide updated information on three key factors that will impact the legislative process next year: (1) accomplishments since 2008 to remediate the market and regulatory shortcomings in housing finance that helped cause the crisis; (2) market and regulatory initiatives underway that are germane to the ongoing legislative process; and (3) potential market, regulatory, and taxpayer consequences of further delay in achieving housing finance legislation.
Ed DeMarco is a Senior Fellow in Residence at the Milken Institute Center for Financial Markets and a Visiting Professor in the Owen Graduate School of Management at Vanderbilt University. From September 2009 to January 2014 DeMarco served as Acting Director of the Federal Housing Finance Agency (FHFA), the conservator for Fannie Mae and Freddie Mac and regulator of those companies and the Federal Home Loan Banks. Prior to being Acting Director, DeMarco was the COO and Senior Deputy Director of FHFA and its predecessor agency from 2006 to 2009. From 2003 to 2006 he was an executive at the Social Security Administration (SSA), where he was Assistant Deputy Commissioner for Policy. Before joining SSA, DeMarco was Director of the Office of Financial Institutions Policy at the U.S. Department of the Treasury. DeMarco received a B.A. in Economics from the University of Notre Dame and a Ph.D. in Economics from the University of Maryland.
Richard Johns is the Executive Director of the Structured Finance Industry Group, Inc. (SFIG), with responsibility for all aspects of the organization. A longtime leader in the securitization industry, Mr. Johns, has more than 17 years of structured finance experience. Previously Mr. Johns had roles as Head of Global Funding and Liquidity at Ally Financial Inc, Head of Global Capital Markets at Capital One Financial Corp and as a transaction lead at MBNA (now Bank of America). Mr. Johns has issued securitized products across a variety of platforms, including; credit cards, auto (retail, lease and floor-plan), RMBS, Agency, small business, and unsecured installment loan products. He has experience across both domestic and international issuance, including Canada, Latin America, Europe and China. Mr. Johns is also a qualified Chartered Accountant within the U.K., having completed his training with Deloitte. He is a graduate of the University of Manchester, UK with a bachelor’s degree in Economics.
John Sim is the head strategist for mortgage credit at J.P. Morgan. In addition to weekly publications in J.P. Morgan's securitized products research, he manages the mortgage modeling team covering all RMBS and CMBS prepayment, credit and home price models. John has been working at J.P. Morgan since 2002. Prior to 2002, he worked in mortgage research at CSFB since 1994. John holds a Bachelors degree in Mathematics from Rensselaer Polytechnic Institute.
Phillip Swagel is a professor at the School of Public Policy of the University of Maryland and a senior fellow at the Milken Institute. Swagel was assistant secretary for economic policy at the Treasury Department from December 2006 to January 2009. In that position, he served as a member of the TARP investment committee and advised Treasury Secretary Paulson on all aspects of economic policy. He received a bachelor's degree in economics from Princeton University and a Ph.D. in economics from Harvard University.
For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at email@example.com.