reimagining housing: closing the equity and supply gaps · coinbase, an $8 billion silicon valley...

REIMAGINING HOUSING:

#InnovateHousing

Wednesday, October 23, 2019

Sixth Housing Finance Symposium

CLOSING THE EQUITY AND SUPPLY GAPS

URBAN INSTITUTE REIMAGINING HOUSING

8:00 A.M. REGISTRATION AND BREAKFAST

8:45 A.M. WELCOME AND INTRODUCTION

Alanna McCargo VicePresident,HousingFinancePolicyCenter,UrbanInstitute@MyHomeMatters

8:50 A.M. OPENING REMARKS

James M. Wehmann ExecutiveVicePresident,Scores,FICO@FICO

9:00 A.M. KEYNOTE ADDRESS: WHEN WILL TECHNOLOGY SOLVE THE HOUSING CRUNCH?

Brian Brooks ChiefLegalOfficer,Coinbase@BrianBrooksCB

9:45 A.M. COFFEE AND NETWORKING BREAK

10:00 A.M. PANEL 1: RETHINKING THE CITY

State and local governments are rethinking the way they regulate land use and engage communities to address housing affordability challenges, adapt to climate change, and increase access to opportunity. This panel will explore how innovation in zoning and land-use planning can help close equity and supply gaps, as well as overcome persistent barriers to creating vibrant and healthy mixed-income communities. Panelists will also discuss the roles data and research can play in identifying, supporting, and sustaining the best innovations. John-Michael Cortez SpecialAssistanttoMayorSteveAdler,CityofAustin,Texas@JMVC_ATX

Clay Grubb ChairmanandCEO,GrubbProperties@GrubbProperties

Elizabeth Kneebone ResearchDirector,TernerCenterforHousingInnovationattheUniversity of California, Berkeley @ekneebone


Solomon Greene SeniorFellow,ResearchtoActionLabandMetropolitanHousing andCommunitiesPolicyCenter,UrbanInstitute(moderator)@metrosolomon

11:00 A.M. PANEL 2: HOW NEW BUILDING TECHNOLOGIES MIGHT EASE HOUSING CHALLENGES

Housing affordability is a barrier in communities nationwide. Since the last recession, construction of more affordably priced homes and apartment buildings remains historically low amid resource constraints and increased regulatory burdens. But emerging building technologies are creating construction efficiencies that may help resolve these issues. This panel will cover recent developments in building systems that can be alternatives or supplements to traditional construction methods. Given the current landscape, panelists will also discuss which of these techniques, if any, hold promise for the future of the residential construction industry. Lynn Fisher SeniorAdvisorforEconomics,FederalHousingFinanceAgency@LynnFisherFHFA

Lesli Gooch ExecutiveVicePresidentofAdvocacyandCommunications, ManufacturedHousingInstitute@MHIupdate

Jonathan Lawless VicePresident,ProductDevelopmentandAffordableHousing,FannieMae@FannieMae

Gerard McCaughey CEOandChairman,Entekra

Michael Neal SeniorResearchAssociate,HousingFinancePolicyCenter, UrbanInstitute(moderator)@mneal_econ

12:00 P.M. NETWORKING LUNCH


12:30 P.M. PANEL 3: ROLE OF THE GOVERNMENT-SPONSORED ENTERPRISES IN A HIGH-LTV MARKET

What are the appropriate roles for the government-sponsored enterprises (GSEs) and the Federal Housing Administration (FHA) in serving low- and moderate-income borrowers? Both the Treasury’s and Department of Housing and Urban Development’s reform plans call for greater “coordination” between FHA and the GSEs, and they are not the first to do so. What would coordination mean in theory and in practice? What would be the benefits and costs—for borrowers, lenders, taxpayers, and communities—of a more clearly bifurcated market? How might the benefits and costs play out in the short and long terms, in good times and in crisis? And how can the nonagency market serve this growing segment of the population? Ed Golding ExecutiveDirector,GolubCenterforFinanceandPolicy, MassachusettsInstituteofTechnology@MITgcfp

Rohit Gupta CEO,Genworth@Genworth

Theodore W. Tozer SeniorFellow,CenterforFinancialMarkets,MilkenInstitute @MI_CFM

Ellen Seidman NonresidentFellow,UrbanInstitute(moderator)@urbaninstitute

1:15 P.M. PANEL 4: THE POLITICS OF HOUSING POLICY

Housing policy has taken on an increasingly public role over the last few months, with several presidential candidates staking out detailed positions and the Trump administration releasing its long-awaited plan on housing finance reform. Will this shift change the policy front? How will policy change, and how will it stay the same? Jared Bernstein SeniorFellow,CenteronBudgetandPolicyPriorities@econjared

Douglas Holtz-Eakin President,AmericanActionForum@djheakin

Lindsey Johnson President,USMortgageInsurers@LindseyUSMI


Jeb Mason Partner,TheCypressGroup

BharatRamamurti EconomicPolicyAdvisor,SenatorElizabethWarren@BharatRamamurti

JimParrott NonresidentFellow,UrbanInstitute(moderator)

2:15 P.M. COFFEE AND NETWORKING BREAK

2:30 P.M. PANEL 5: CAN FINTECH CHANGE THE CREDIT AND TENURE CHOICE LANDSCAPE?

Financial technology, or fintech, has become a bigger part of the housing landscape in recent years, most notably for automating home buying and shopping. This panel will explore fintech advances, including what contributions have been made to ease structural barriers in the housing market and how fintech can help expand housing affordability and improve access to credit for historically underserved populations. Panelists will also address areas where fintech falls short and requires intentional focus as the industry evolves. Kelly Thompson Cochran DeputyDirector,FinRegLab@FinRegLab

Raj Date ManagingPartner,FenwaySummerVentures@rajdate

Regis Hadiaris VicePresidentofRocketMortgage,QuickenLoans

Adrienne Harris GatesFoundationSeniorResearchFellowattheCenteron Finance,Law,andPolicy,UniversityofMichigan@CodeXCoasts

Laurie Goodman VicePresident,HousingFinancePolicyCenter,UrbanInstitute(moderator)@MortgageLaurie

3:30 P.M. CLOSING REMARKS


SPEAKER BIOGRAPHIES

WELCOME AND INTRODUCTION

Alanna McCargoisvicepresidentforhousingfinancepolicyattheUrbanInstitute,whereshefocusesonmanagement,development,andstrategy for the Housing Finance Policy Center, including the cultivationofinnovative

partnershipswithinUrbanandwithexternalstakeholders.McCargohasover20yearsofexperienceinhousingfinance,policy,andfinancialservices. Shehasworkedintheprivate,public,andnonprofitsectorsonprograms,policies,andresearchtoimproveaccesstohousingandmortgagefinance.BeforejoiningUrban,McCargowasheadofCoreLogicGovernmentSolutions,workingwithfederalandstategovernmentagencies,regulators,government-sponsoredenterprises,thinktanks,anduniversitiestodelivercustomdata,analytics,andtechnologysolutionstosupporthousingandconsumerpolicyresearch.Previously,McCargoheldleadershiproleswithChaseandFannieMae,managingportfolios,policyefforts,andmortgageservicingtransformationandalignment.From2008to2011,shewasanagentoftheUSTreasuryDepartmentonhousingprograms,suchasMakingHomeAffordableandHardestHitFunds,workingwithindustrystakeholdersontherecovery.McCargoservesonnonprofitboardsandcommittees,focusingonherpassionforhelpingunderservedpopulationswithfinancialliteracy,economicstability,andhousingsecurity.Sheworks withDoorwaysforWomenandFamilies,WomeninHousing and Finance, and DC Habitat for Humanity. McCargohasabachelor'sdegreeincommunicationsfromtheUniversityofHouston,anmasterofbusinessadministrationfromtheUniversityofMaryland,andanexecutivecertificateinnonprofitmanagementfromGeorgetownUniversity’sMcCourtSchoolof Public Policy.

OPENING REMARKS

James M. WehmannisexecutivevicepresidentresponsibleforthescoresbusinessunitatFICO. BeforeFICO,Wehmannwasseniorvicepresident,globalmarketing,at DigitalRiver,aleadingproviderofcloudcommercesolutions.Duringnearlynineyearswiththecompany,

hewasresponsiblefordeveloping,marketing,selling,andexecutingthecompany’smarketingservices. BeforejoiningDigitalRiverin2003,Wehmannserved asvicepresidentofmarketingatBrylaneInc.,where hewasresponsibleforallaspectsofmarketingstrategyandbrandmanagementforthecompany’slargestdivision.Beforethat,hewasresponsiblefornewcustomeracquisitionsasseniorvicepresidentofmarketingforoneofthecountry’slargestcreditcardissuers,BankOne.HealsospentnearlyeightyearsatFingerhutCompaniesInc.,where,asseniorvicepresident,marketing,hedevelopedandimplementedsegmentedcreditmarketingstrategies.WehmannisagraduatewithdistinctionoftheKelloggSchoolofManagement,whereheearnedamasterofbusinessadministration.Heearnedhisbachelor’sdegreefrom theCarlsonSchoolofManagementattheUniversity ofMinnesota.

KEYNOTE SPEAKER

Brian BrooksischieflegalofficerofCoinbase,an$8billionSiliconValleystart-upandoneofthelargestdigitalcurrencyplatformsintheworld.AtCoinbase,Brooksisresponsibleforthecompany’slegal,compliance,internalaudit,governmentrelations,

andglobalintelligencegroups.InadditiontohisleadershiproleatCoinbase,heservesasamemberoftheboardofdirectorsofAvantInc.,amajormarketplacelendingandtechnologyplatformcompany.Heisalsoanearly-stageinvestorand/oradvisertoSpringLabs,a


whichwillmakeAustinmoreequitableandaffordable forthousandsofhouseholds.Cortez’scurrentfocusistherewriteofAustin’s35-year-oldlanddevelopmentcodeandpreparingtheAustincommunitytofinallyinvestinadesperatelyneededregionalhigh-capacitytransit system.

Solomon GreeneisaseniorfellowintheResearchtoActionLabandtheMetropolitanHousingandCommunitiesPolicyCenterattheUrbanInstitute.Hisresearchfocusesonhowland-useandhousingpolicycanimproveaccesstoopportunity

andhowdataandtechnologycansupportmoreinclusiveurbandevelopment.BeforejoiningUrban,GreenewasasenioradviserattheUSDepartmentofHousingandUrbanDevelopment(HUD),wherehehelpeddevelopanewfederalregulationtoreduceresidentialsegregationandpromoteregionalhousingopportunities.HewasalsoHUD’sprincipaladviserontheUnitedNationsprocessforsettingglobalsustainabledevelopmentgoals.Beforethat,GreenewasaseniorprogramofficerattheOpenSocietyFoundations,wherehemanagedthefoundation’sgrantsandprogramsonaffordablehousing,communitydevelopment,andfairaccess to credit. He also launched and led the NeighborhoodStabilizationInitiative,thenation’sfirstandlargestphilanthropicinitiativetoaddresstheimpactsoftheforeclosurecrisisonlow-incomecommunities.GreenehasbeenalawfellowatNYUFurmanCenter,anadjunctprofessoratNYUWagner,alawclerkfortheHonorableDorothyW.NelsonontheUSCourtofAppealsfortheNinthCircuit,andalitigationassociateatMunger,Tolles&Olson.GreeneservesontheboardoftheNationalHousingLawProjectandhasservedontheboardoftheNeighborhoodFundersGroup.Greenereceivedhisbachelor'sdegreefromStanfordUniversity,hismaster'sdegreefromtheUniversityofCalifornia,Berkeley,andhisdoctoraldegreefromYaleLawSchool.

blockchain-enableddigitalcreditbureau;FlyHomes,anAndreesenHorowitz–backedonlinerealestatebrokerage;EarnUp,aconsumerdebtmanagementplatform;GrasshopperBank,adenovodigital-onlynationalbank;andTextIQ,anartificialintelligenceinvestigationsanddatasecuritysoftwaresolutionscompany.BrooksjoinedCoinbaseinSeptember2018fromFannieMae,whereheservedasexecutivevicepresident,generalcounsel,andcorporatesecretary.BrookswaselectedtoFannieMae’sBoardofDirectorsinMarch2019andcurrentlyservesontheRiskPolicyandCapitalCommitteeandtheStrategicInitiativesandTechnologyCommittee.BrooksservedasvicechairmanofOneWestBankandwasamemberoftheBoardofDirectorsandtheExecutiveCommitteeoftheCaliforniaBankersAssociation.BrooksbeganhiscareerasanattorneyatO’Melveny&MyersLLP. Hereceivedhisbachelor’sdegreecumlaudefromHarvardUniversityandhisdoctoraldegreewithhonorsfromtheUniversityofChicagoLawSchool.

PANEL 1: RETHINKING THE CITY

John-Michael Cortez servesasspecialassistanttotheMayorofAustin,Texas,thenation’sfastest-growingmetropolitanarea.CortezadvisesMayorAdleronAustin’smost challenging issues, including regionalandurbanplanning,transportation,workforce

development,andaffordablehousing.Heispassionateaboutequitablepolicymakingandplanning,butevenmorepassionateaboutbuildingandsustainingthepoliticalwilltoseethosepoliciesandplanscometofruition.InhistimeworkingwithMayorAdler,CortezfacilitatedthedevelopmentofAustin’slargest-evermultimodaltransportationbondprogram,whichvotersoverwhelminglyapprovedandisalreadytransforminghowAustinitesmovearoundthecity.HealsoadvisedtheMayoronthedevelopmentofthecity’sfirst-everstrategichousingplanandworkforcemasterplan,


center’sresearchportfolioandagenda.Kneebone’sresearchexpertiseincludesthegeographyofpovertyintheUnitedStatesandhowthebuiltenvironment,housing,andland-usepoliciesshapeaccesstoeconomicopportunity.Beforejoiningthecenter,KneebonewasafellowattheBrookingsInstitution’sMetropolitanPolicyProgram,wheresheledtheprogram’sworkonurbanandsuburbanpovertyandcoauthoredthebookConfronting Suburban Poverty in America.SheremainsaffiliatedwithBrookingsasanonresidentseniorfellow.BeforeBrookings,KneeboneworkedasaresearchprojectmanageratIFF(formerlyIllinoisFacilitiesFund),wheresheresearchedchangingneighborhoodandcommunitydemographicsandidentifiedgapsinpublicandnonprofitservicesandcapacity.Kneeboneholdsamaster’sdegreefromtheUniversityofChicagoHarrisSchoolofPublicPolicyandabachelor’sdegreeinhistoryfromIndianaUniversity.

PANEL 2: HOW NEW BUILDING TECHNOLOGIES MIGHT EASE HOUSING CHALLENGES

Lynn FisherservesasthesenioradvisorforeconomicstoFederalHousingFinanceAgency(FHFA)DirectorMarkCalabria.FisherjoinedFHFAfromtheAmericanEnterpriseInstitute,whereshewasaresidentscholar and codirector of the

HousingCenter.Beforethat,FisherwasthevicepresidentofresearchandeconomicsattheMortgageBankersAssociationandservedonthefacultiesoftheUniversityofNorthCarolina,theMassachusettsInstituteofTechnology,andWashingtonStateUniversity.FisherreceivedherdoctoraldegreeinbusinessadministrationfromPennStateUniversity,wheresheconcentratedinrealestatefinanceandmicroeconomics.Fisher’sworkhasbeenpublishedinvariousacademicandindustryoutlets,andshespeaksregularlytoacademicandindustry audiences.

Clay Grubb is the chairman and CEOofGrubbProperties.GrubbhasbeeninvolvedinseveralinitiativestoenhancethecommunitiesandenvironmentswhereGrubbPropertiesoperates.HeservesaschairmanoftheGrubb

RealEstatePreservationFoundation,whichfocusesonlandpreservation.GrubbisanactiveboardmemberofAymiraTechnologies,ahomehealthcaresoftwarecompany,andvicechairoftheYoungPresidentOrganization’sHelpingDisadvantagedKidsNetwork.HewasamemberoftheBoardofTrusteesfortheChildren’sDefenseFundandwaschairmanoftheBoardofDirectorsofFreedomSchoolPartners.HeisalsoapastchairmanoftheUniversityofNorthCarolinaatCharlotteChildressKleinCenterforRealEstate,pastpresidentoftheGreaterCharlotteApartmentAssociation,pastchairmanoftheboardfortheMintMuseumofCraft+Design,andpastmemberoftheMintMuseumBoardofTrustees.GrubbhasservedontheKenan-FlaglerSchoolofBusiness’sRealEstateAdvisoryBoard,QueensUniversity’sPresidentialAdvisoryBoard,Queen’sUniversity’sLearningSocietyExecutiveCommittee,NorthCarolina’sEnvironmentalDefenseFundBoard,andtheNCDanceTheatreBoardofTrustees.GrubbswasafellowintheAspenInstitute’s2018FinanceLeadersFellowship.HereceivedtheCharlotteApartmentAssociation’sLexMarshAwardandtheYoungBishopAwardfromVirginiaEpiscopalSchool.GrubbreceivedhislawdegreefromtheUniversityofNorthCarolinaSchoolofLawandhisbachelor’sdegreeinmanagementfromtheA.B.FreemanSchoolofBusinessatTulaneUniversity,withaconcentrationinfinanceandasecondmajorineconomics.

Elizabeth Kneebone is the researchdirectorfortheTernerCenterforHousingInnovationattheUniversityofCalifornia,Berkeley.Inthisrole,sheprovidesstrategicleadershipindesigning,managing,andimplementingthe

SPEAKER BIOGRAPHIES


Lesli GoochistheexecutivevicepresidentofadvocacyandcommunicationsforManufacturedHousingInstitute(MHI).GoochjoinedMHIafterservingvariousrolesinWashington,includingasacongressionalstaffmember,

congressionalcandidate,lobbyist,andpoliticalscientistfocusedonCongress.Well-respectedonbothsidesoftheaisle,Goochisknownforherabilitytosuccessfullyexecutepolicyandpoliticalgoals.InthefiveyearsshehasservedatMHI,Goochhasassembledastrongbipartisanteamthathassecuredseveralkeylegislativeandregulatoryaccomplishmentsunderherleadership.SheservesontheFreddieMacAffordableHousingAdvisoryCouncilandwasnamedoneofMReport’s WonderWomenofHousing.GoochhasadoctoraldegreeinpoliticalsciencefromtheCarlAlbertCongressionalResearchandStudiesCenterattheUniversityofOklahoma.

Jonathan Lawless,FannieMae’sproductdevelopmentandaffordablehousingvicepresident,isdrivinginnovationinthemortgageindustrytoexpandaccesstocreditandaffordablehousingacrossthecountrythroughprogramsdesignedtobenefitrenters,homebuyers,and

theindustry.Lawlessleadsdevelopmentoftest-and-learninitiativestoaddresschangingmarketneedsanddevelopsothercreativesolutionstosupportlendersandservicessotheycanbetterservetheirborrowers.LawlesshasledthedevelopmentofseveralkeyFannieMaeinitiatives,includingHomeReady,thecompany’sflagshipaffordabilityproduct.Hedesignedandimplementedseveralprogramsdesignedtoaddressvarioushousingissuesthroughpartnershipswithnumerousinstitutionsacrossthecountry.Beforehiscurrentposition,hewasunderwritingandpricinganalyticsvicepresident,whereheleverageddatatoinfluencekeypricing,underwriting,andportfoliomanagementdecisions.LawlessjoinedFannieMaein2000asastatisticalanalysissysteminternincredit

policyandhascontributedtomanyteamsoverhistenureintheorganization.Additionally,Lawlessworkedwith2SeedsNetwork,anonprofitgroupinvolvedinagriculturaldevelopmentinEastAfrica.Lawlesshasabachelor’sdegreeinphilosophyfromSt.John’sCollegeandamaster’sdegreeinfinancefromtheGeorgeWashingtonUniversity.

Gerard McCaugheyCEOandchairmanofCalifornia-basedEntekra,isaninternationallyrespectedbusinessleaderinoff-siteconstruction.NamedIndustryEntrepreneuroftheYearbyErnst&Young,McCaugheywasadrivingforcebehindEurope’stransitionto

off-siteconstructionofwood-framehouses.AsacofounderandchiefexecutiveofIreland’sCenturyHomes,hegrewthecompanyfromastart-upwithfouremployeesintoEurope’slargestunitproducerofoff-sitebuiltstructures.TodayheleadsEntekra,whichhassetouttochangehowhousesareframedintheUnitedStateswithitsFullyIntegratedOff-SiteSolution, orFIOSS.

Michael Neal is a senior research associate in the Housing Finance PolicyCenterattheUrbanInstitute.Previously,NealworkedatFannieMae,wherehewasadirectorofeconomics in the Economic and StrategicResearchdivision. Beforethat,Nealwastheassistant

vicepresidentattheNationalAssociationofHomeBuilder’sEconomicandHousingPolicydepartment. Asahousingeconomist,Nealhasin-depthknowledgeofhousingmarkettrendsandhasprovidedexpertanalysisand commentary on housing to media outlets around thecountry.Previously,NealworkedatCongress’sJointEconomicCommittee,theCongressionalBudgetOffice,andGoldmanSachsandwithintheFederalReserveSystem.Nealhasamaster’sdegreeinpublicadministrationfromtheUniversityofPennsylvania andabachelor’sdegreeineconomicsfrom MorehouseCollege.


marketingforFedEx,wherehewasresponsibleforcompetitiveintelligenceandmarketanalysissupportingFedEx’sseniormanagement.HewashiredbyGECapitalin2000asaproductmanagerresponsibleforgrowinganewbusinesslineforaninformationtechnologybusiness.In2003,hewashiredbyGEMortgageInsurance to manage the community bank segment and waspromotedtomanageaccountdevelopmentfunctionsin2005.In2006,healsobeganoverseeingsalesoperations,salesforceeffectiveness,andcustomertrainingandsalestraining.Guptahasamaster’sdegreeinfinancefromUniversityofIllinoisatUrbana-ChampaignandanundergraduatedegreeincomputerscienceandtechnologyfromIndianInstitute ofTechnology.

Ellen Seidman is a nonresident fellowintheHousingFinancePolicyCenterattheUrbanInstitute.ShechairstheboardofAerisInsight,sitson the boards of City First Bank of DCandFriendsoftheStrandTheatre,andisontheNationalCommunityAdvisoryCouncilof

BankofAmerica.ShecofoundedandchairedtheboardoftheCenterforFinancialServicesInnovationandwasthe2013–14NewYorkUniversityStern–CitiLeadershipandEthicsDistinguishedFellow.From2012to2016,SeidmanservedontheinauguralConsumerAdvisoryBoardoftheConsumerFinancialProtectionBureau.From2012to2014,shewasavisitingscholarattheFederalReserveBankofSanFrancisco,wheresheeditedInvesting in What Works for America’s Communities; What Counts: Harnessing Data for America’s Communities; and What It’s Worth: Strengthening the Financial Future of Families, Communities, and the Nation. From2002to2010,SeidmanheldvariouspositionsatShoreBankCorporation.From1997to2001,shedirectedtheOfficeofThriftSupervision.ShealsosatontheBoardofDirectorsoftheFederalDepositInsuranceCorporationandchairedtheBoardofDirectorsforNeighborWorksAmerica.SeidmanwasseniorcounseltotheDemocraticstaffoftheHouseFinancialServicesCommittee,was

SPEAKER BIOGRAPHIES

PANEL 3: ROLE OF THE GOVERNMENT- SPONSORED ENTERPRISES IN A HIGH LTV MARKET

Ed GoldingisexecutivedirectorattheMassachusettsInstituteofTechnology’sGolubCenterforFinance and Policy. He most recently servedasanonresidentseniorfellowintheHousingFinancePolicyCenterattheUrbanInstitute.For30years,hehasworkedinmortgage

finance,servingasheadoftheFederalHousingAdministration(FHA)intheUSDepartmentofHousingandUrbanDevelopment(HUD).Duringhistenure,theFHAprovidedmorethanamillionfamiliesanopportunitytopurchasetheirfirsthome.BeforeheadingtheFHA,GoldingwasasenioradvisertothesecretaryofHUD.HewasalsoaseniorfellowattheUrbanInstitutein2013.HestartedhiscareerattheFederalHomeLoanBankBoardasaspecialistassistanttoaboardmemberduringthesavingsandloancrisisandthenjoinedFreddieMacfor23years.AtFreddieMac,Golding’sresponsibilitiesrangedfrominvestorrelationstostrategyandresearch.Beforeworkinginmortgagefinance,GoldingtaughtattheUniversityofPennsylvaniaandtheUniversityofFlorida.From2008through2012,hetaughtaspringcourseonfinancialmarketsatPrincetonUniversity’sWoodrowWilsonSchoolofPublicandInternationalAffairs,andmostrecently,atColumbiaBusinessSchool.Goldinghasabachelor’sdegreeinappliedmathematicsfromHarvardUniversityandadoctoraldegreeineconomicsfromPrincetonUniversity.

Rohit GuptaisthepresidentandCEOforGenworth’sUSmortgageinsurance business. Before this role, Guptawaschiefcommercialofficer;seniorvicepresident,products,intelligence,andstrategy;andvicepresident,commercialoperationsin

theUSmortgageinsurancebusiness.In1998,Guptabeganhismarketingcareerconductingstrategic


PANEL 4: THE POLITICS OF HOUSING POLICY

Jared BernsteinjoinedtheCenteronBudgetandPolicyPrioritiesin2011asaseniorfellow.From2009to2011,BernsteinwasthechiefeconomistandeconomicadvisertoVicePresidentJoeBiden,executivedirectoroftheWhiteHouseTaskForceontheMiddleClass,anda

memberofPresidentObama’seconomicteam.Bernstein’sareasofexpertiseincludefederalandstateeconomicandfiscalpolicies,incomeinequalityandmobility,trendsinemploymentandearnings,internationalcomparisons,andtheanalysisoffinancialandhousingmarkets.BeforejoiningtheObamaadministration,BernsteinwasasenioreconomistandthedirectoroftheLivingStandardsProgramattheEconomicPolicyInstituteinWashington,DC.Between1995and1996,hewasdeputychiefeconomistattheUSDepartmentofLabor.Heistheauthorandcoauthorofnumerousbooksforbothpopularandacademicaudiences, including Getting Back to Full Employment: A Better Bargain for Working People, Crunch: Why Do I Feel So Squeezed?,nineeditionsofThe State of Working America, and his latest book, The Reconnection Agenda: Reuniting Growth and Prosperity.Bernsteinhaspublishedextensivelyinvariousvenues,includingtheNew York Times and Washington Post.Heisanon-aircommentatorforthecablestationsCNBCandMSNBC,contributestothe Washington Post’s PostEverything blog, and hosts his ownblog,On the Economy. Bernstein holds a doctoral degreeinsocialwelfarefromColumbiaUniversity.

Douglas Holtz-EakinispresidentoftheAmericanActionForum.Beforefoundingtheforumin2009,Holtz-Eakinservedinvariousinfluentialpolicypositions.From2001to2002,hewasthechiefeconomistofthePresident’sCouncilofEconomicAdvisers(CEA),wherehealsoserved

specialassistanttothepresidentforeconomicpolicy,andheldseniorpositionsatFannieMaeandtheUSDepartmentsofTransportationandtheTreasury.Seidmanreceivedanbachelor'sdegreefromRadcliffeCollege,amasterofbusinessadministrationfromtheGeorgeWashingtonUniversity,andadoctoraldegreefromGeorgetownUniversity.

Theodore W. Tozer is a senior fellowattheMilkenInstituteCenterforFinancialMarkets,wherehehelpsleadtheinstitute’shousingfinancereformwork.Beforejoiningtheinstitute,TozerwasthepresidentofGinnieMaeforsevenyears,bringingmorethan30yearsof

experienceinthemortgage,banking,andsecuritiesindustries.AspresidentofGinnieMae,TozermanagedthegrowthofGinnieMae’sgovernmentguaranteesofmortgage-backedsecurities(MBS)from$900billionto$1.73trillion,andmorethan$460billioninannualguaranteesofMBSissuanceforfiscalyear2016.HealsoledthemodernizationofGinnieMae’ssecuritizationplatformandtransformedGinnieMae’sprogrambyleadingtheshiftinitsissuer-basemajorityfromfinancialinstitutionstoindependentmortgagebankers.BeforejoiningGinnieMae,TozerwasseniorvicepresidentofcapitalmarketsattheNationalCityMortgageCompany(NCM)formorethan25years,overseeingpipelinehedging,pricing,loansales,loandelivery,andmortgageproductcreditguidelines.HewasinstrumentalintransformingNCMfromanoriginate-and-holdlendertoanoriginate-and-selllender.From2000to2004,TozerservedaschairmanoftheMortgageBankersAssociation(MBA)CapitalMarketsCommitteeandasamemberoftheMBAResidentialBoardofGovernors.From2000to2009,TozerservedonbothFannieMae’sandFreddieMac’slenderadvisorycouncils.TozerisamemberofFannieMae’sAffordableHousingAdvisoryBoard.


from1989to1990asaseniorstaffeconomist.AtCEA,hehelpedformulatepoliciesaddressingthe2000–01recessionandtheaftermathoftheterroristattacksofSeptember11,2001.From2003to2005,hewasthesixthdirectorofthenonpartisanCongressionalBudgetOffice(CBO).Duringhistenure,CBOassistedCongressasitaddressednumerouspolicies,mostnotablytheJobsandGrowthTaxReliefReconciliationAct,theMedicareModernizationAct,andthe2005pushforSocialSecurityreform.From2007to2008,hewasdirectorofdomesticandeconomicpolicyfortheJohnMcCainpresidentialcampaign.Afterthat,hewasacommissioneron the congressionally chartered Financial Crisis Inquiry Commission.Holtz-Eakinbuiltaninternationalreputationasascholarconductingresearchinareasofappliedeconomicpolicy,econometricmethods,andentrepreneurship.HebeganhiscareeratColumbiaUniversityin1985andworkedatSyracuseUniversityfrom1990to2001.AtSyracuse,hebecameTrusteeProfessorofEconomicsattheMaxwellSchool,chairmanoftheDepartmentofEconomics,andassociatedirectoroftheCenterforPolicyResearch.Holtz-EakinwritesadailycolumninAmericanActionForum’smorningnewsletter,theDailyDish,andregularlycommentsoncurrentpolicyandpoliticaldebatesforvarious newsoutlets.

Lindsey JohnsoncurrentlyservesaspresidentofUSMortgageInsurers(USMI),aleadingprivatemortgageinsuranceassociationcomprisedoffiveofthesixUSmortgageinsurancecompanies.AsUSMIpresident,Johnsonworkswithmembercompaniestoadvancethe

valueofprivatemortgageinsurancetoborrowersandtaxpayersandpromoteasustainablehousingfinancesystembackedbyprivatecapital.JohnsonpreviouslyservedasadirectoratPricewaterhouseCoopers.Beforethat,shewastheRepublicanstaffdirectorfortheSenateBankingCommittee’sNationalSecurityandInternationalTradeandFinanceSubcommitteeandaseniorpolicyadvisertoSenatorMarkKirk(R-IL),

focusingonnoteworthybanking,housingfinancereform,andinsurancelegislation.SheservedasdirectorfortheFederalHomeLoanBankofAtlantaforsevenyears,representingthebankinDCatthehighestlevelsofgovernmentduringseveralkeylegislativereformsthataffectedthebank,includingtheHousingandEconomicRecoveryActof2008andDodd-FrankAct.JohnsonbeganhercareerinDCworkingwithformerHouseRepublicanConferenceChairJ.C.Wattsintheprivatesector.JohnsonalsoservesasaboardmemberforWomeninHousingandFinanceandistheorganization’simmediatepastpresident.SheisadirectorontheBoardfor Habitat for Humanity Northern Virginia and an advisoryboardmemberfortheGeorgetown UniversityMcDonoughSchoolofBusinessAdvisoryCommittee.Shereceivedamaster’sdegreefromGeorgetownUniversity.

Jeb MasonisapartnerinTheCypressGroup,astrategicadvisoryandpublicaffairsconsultancybasedinWashington,DC.Masonspecializesinhelpinginstitutionalinvestors,Fortune500businesses,andstart-upenterprisesidentifyopportunitiesandnavigaterisks

intoday’sdynamicpublicpolicyenvironment. Hisareaofexpertiseisthefutureofhousingandhousingfinance.Duringtheheightofthehousingandcreditcrisisof2007–08,MasonservedwithdistinctionasdeputyassistantsecretaryoftheTreasuryandpolicyadvisertoSecretaryHenryM.PaulsonJr.Intheseroles,hehelpeddeveloptheTreasury’sviewsondomesticandinternationaleconomicpolicyandcontributedsubstantiallytothefederalgovernment’searlyresponsetothehousingandfinancialcrises—serviceforwhichhewasawardedtheDistinguishServiceAwardbySecretaryPaulson.BeforetheTreasury,MasonservedasassociatedirectorforstrategicinitiativesattheWhiteHouse,whereheadvisedseniorWhiteHouseandcabinetofficialsonmajorpolicyinitiatives,includingtaxreform,healthcarereform,andAmericancompetitiveness.Earlierinhispublicservicecareer,Masonservedthree

SPEAKER BIOGRAPHIES


yearsasaDepartmentofDefenseFellow,whereheheldasuccessionofhigh-pressurenationalsecuritypostsduringandfollowingthe9/11terroristattacks,advisingseniorleadersatthePentagon,WhiteHouse,DepartmentofHomelandSecurity,andtheCoalitionProvisionalAuthorityinBaghdad.MasonholdsdegreesineconomicsandpublicpolicyfromSouthern MethodistUniversity.

Jim ParrottisanonresidentfellowattheUrbanInstituteandownerofFallingCreekAdvisors,whichprovidesstrategicadviceonhousingfinanceissuestofinancialinstitutionsactiveintheprimaryandsecondary mortgage market. Before joiningUrbanin2013,Parrottspent

severalyearsintheObamaWhiteHouseasasenioradviserattheNationalEconomicCouncil,whereheledtheteamofadviserschargedwithcounselingthecabinetandpresidentonhousingissues.Hewasonpointfordevelopingtheadministration’smajorhousingpolicypositions;articulatinganddefendingthosepositionswithCongress,thepress,andpublic;andcounselingWhiteHouseleadershiponrelatedcommunicationsandlegislativestrategy.BeforehistimeintheWhiteHouse,ParrottwascounseltoSecretaryDonovanattheUSDepartmentofHousingandUrbanDevelopment.Beforethat,hewasalitigator,firstinNewYorkwithSullivanandCromwell,andlaterinNorthCarolinawithSmithAnderson.ParrottservesontheadvisoryboardsoftheJ.RonaldTerwilligerFoundationforHousingAmerica’sFamiliesandtheAcklandMuseumofArt.HealsoservedinSriLankawiththePeaceCorps.Parrotthasabachelor'sdegreeinphilosophyfromtheUniversityofNorthCarolina,amaster'sdegreeinphilosophyfromtheUniversityofWashington,andadoctoraldegreefromColumbiaLawSchool.

Bharat Ramamurti is the economic policyadviserfortheWarrenforPresidentcampaign.Previously,hewastheseniorcounselforbankingandeconomicpolicyinElizabethWarren'sSenateoffice.IntheSenate,RamamurtiadvisedSenatorWarrenforfiveyearsonarangeof

issues,includingherworkontheSenateCommitteeonBanking,Housing,andUrbanAffairs.RamamurtiassistedSenatorWarrenwithherresponsetotheWellsFargofake accounts scandal and the Equifax data breach, her involvementineffortstoreformthehousingfinancesystem,andheroversightoftheFederalReserve,SecuritiesandExchangeCommission,andotherfinancialregulatoryagencies.RamamurtihelpedSenatorWarrendraftandintroduceseveralbills,includingtheAccountableCapitalismActandtheAmericanHousingandEconomicMobilityAct.Onthepresidentialcampaign,Ramamurtihasworkedonanumberofproposals,includingthesenator'sUltra-MillionaireTaxandherstudentloandebtcancellationplan.RamamurtiisagraduateofHarvardCollegeandYaleLawSchool.

PANEL 5: CAN FINTECH CHANGE THE CREDIT AND TENURE CHOICE LANDSCAPE?

Laurie GoodmanisavicepresidentattheUrbanInstituteandcodirectorof its Housing Finance Policy Center, whichprovidespolicymakerswithdata-drivenanalysesofhousingfinancepolicyissuesthattheycandependonforrelevance,accuracy,andindependence.Goodmanspent

30yearsasananalystandresearchdepartmentmanageronWallStreet.From2008to2013,shewasaseniormanagingdirectoratAmherstSecuritiesGroupLP,aboutiquebroker-dealerspecializinginsecuritizedproducts,whereherstrategyeffortbecameknownforitsanalysisofhousingpolicyissues.From1993to2008,Goodmanwasheadofglobalfixedincomeresearchand


Raj Date isthemanagingpartnerofFenwaySummer,anadvisoryandinvestmentfirmfocusedonfinancialservicesandtechnology.Inthiscapacity,hechairstheinvestmentcommitteeofFenwaySummerVentures,afintechventurecapitalfund,andworkswithclientsofFS

Vector,thefintechadvisoryfirm.DatewasthefirstdeputydirectoroftheUSConsumerFinancialProtectionBureau(CFPB),wherehehelpedstewardtheCFPB’sstrategy,operations,andpolicyagenda.HealsoservedontheseniorstaffcommitteeoftheFinancialStabilityOversightCouncilandasastatutorydeputytotheFederalDepositInsuranceCorporationBoard.Beforethat,Datewasinterimleaderofthenewagency,servingasthespecialadvisortothesecretaryoftheTreasury.Beforehistimeinpublicpolicy,DatewasamanagingdirectorintheFinancialInstitutionsGroupatDeutscheBankSecurities,whereheledthefirm’sinvestmentbankingcoverageforthelargestUS-basedbanksandthrifts.Beforethat,DatewasseniorvicepresidentforcorporatestrategyanddevelopmentatCapitalOneFinancial,whereheledmergersandacquisitiondevelopmenteffortsacrosstheUSbankingandspecialtyfinancemarkets.HebeganhisbusinesscareerinthefinancialinstitutionspracticeoftheconsultingfirmMcKinsey&Company.Hehasalsoservedasanattorneyinbothprivatepracticeandgovernmentservice.Dateisa graduate of the College of Engineering at the UniversityofCalifornia,Berkeley,(highesthonors)andtheHarvardLawSchool(magnacumlaude).

managerofUSsecuritizedproductsresearchatUBSandpredecessorfirms,whichwererankedfirstbyInstitutional Investorfor11years.Beforethat,sheheldresearchandportfoliomanagementpositionsatseveralWallStreetfirms.ShebeganhercareerasasenioreconomistattheFederalReserveBankofNewYork.GoodmanwasinductedintotheFixedIncomeAnalystsHallofFamein2009.GoodmanservesontheBoardofDirectorsofMFAFinancialandArchCapitalGroup,isanadvisertoAmherstCapitalManagement,andisamemberofMorningstarCreditRatingsRegulatoryGovernanceBoard.Shehaspublishedmorethan200journalarticlesandhascoauthoredandcoeditedfivebooks.Goodmanhasabachelor'sdegreeinmathematicsfromtheUniversityofPennsylvaniaandmaster'sanddoctoraldegreesineconomicsfromStanfordUniversity.

Kelly Thompson Cochran is the deputydirectorofFinRegLab.BeforejoiningFinRegLab,CochranhelpedtostanduptheConsumerFinancialProtectionBureau,wheresheservedmost recently as the assistant directorforregulations.Inthatcapacity,sheoversawrulemaking

andguidanceactivitiesundertheDodd-FrankAct,ElectronicFundTransferAct,andvariousotherfederalconsumerfinanciallaws.Previously,shewascounselatWilmerHale,wheresheadvisedfinancialinstitutionsonawiderangeoflegalandregulatorymatters,includingproductdevelopment,compliance,enforcement,andlitigation.Shealsoconductedresearchonfinancialservicesinnovation,communityreinvestment,andothertopicsattheUniversityofNorthCarolinaatChapelHill.

SPEAKER BIOGRAPHIES


consumerprotection,andhousingfinancereform.SheservedassenioradvisertoDeputySecretarySarahBloomRaskinattheUSTreasury.BeforecomingtoWashington,DC,HarriswasanassociateatSullivan&CromwellLLPinNewYork,whereherpracticeincludedrepresentingfinancialinstitutionsincomplexregulatoryproceedingsandmergersandacquisitions.Whileatthefirm,HarrisservedasanadvisertoCoryBooker’s2013Senatecampaignand,beforethat,asdeputycampaignmanagerforhismayoralreelectionbidin2010.ShealsoservedasexecutivedirectorofthetransitionforManhattanDistrictAttorneyCyrusR.VanceJr.HarrisworkedasapresssecretaryinPennsylvaniaonPresidentObama’sfirstpresidentialcampaignin2008.From2007to2008,shewasajudicialclerkintheUnitedStatesDistrictCourtfortheSouthernDistrictofNewYorkfortheHonorableStephenC.Robinson.

Regis HadiarisisvicepresidentofRocketMortgageatQuickenLoans,thenation’slargestmortgagelender.HeisresponsiblefortheRocketMortgageexperienceandallconsumer-facingdigitalproducts.Mostrecently,HadiarisledtheteamthattookRocketMortgage,widely

recognizedasreinventingthemortgageindustry,fromconcepttolaunch.Underhisproductleadership,RocketMortgagecontinuestogrowandhelpAmericansbuyahomeorrefinancewitheaseandtransparency.Now,98percentofallQuickenLoansclientsuseRocketMortgagetechnologyintheoriginationprocess.HadiarisjoinedQuickenLoansin2004asadigitalmarketer.Inadditiontohisdailyfocusonthedigitalmortgageexperience,Hadiarisisaleadingexpertinfintechandmarketing.HisworkempoweringconsumersanddrivingmassivechangeinthemortgageindustryhasbeencoveredintheNew York Times, TIME, Forbes, CNBC, and othermediaoutlets.Hehasdeliveredthekeynotepresentationatdozensofeventsandholdsmultiplepatents,andhisteamshavebeenrecognizedwithnumerousawards.

Adrienne HarrisisaGatesFoundationSeniorResearchFellowwiththeCenterforFinance,Law,andPolicyattheUniversityofMichigan,wheresheisalsoaprofessorofthepractice.Harrisalsoadvisesfintechcompanies,incumbentfinancialinstitutions,and

largeventurecapitalfirms.Mostrecently,HarriswasthechiefbusinessofficerandgeneralcounselataSanFrancisco–based,insur-techstart-upforwhichsheisnowanadviser.HarriswasaspecialassistantforeconomicpolicyattheNationalEconomicCouncilintheObamaWhiteHouse,whereherportfolioincludedfinancialreform,financialtechnology,cybersecurity,


HousingmarketshaveslowlyrecoveredinthewakeoftheGreatRecession,butpressingquestionsremain.Regulatorsandotherpolicymakersaremakingcriticaldecisionseachday,andtheyneedinformation,evidence-basedanalysis,andsolutions.Urban'sHousingFinancePolicyCenter(HFPC)wascreatedtofillthisneed.Ourworkconnectscapitalmarketsandhousingmarketstopolicyissuesoftheday.Weprovidetimely,impartialdataandanalysis;showhowthehousingfinancesystemaffectshouseholds,communities,andthebroadereconomy;andcontributetosoundpublicpolicy,efficientmarkets,andeconomicopportunity.

OUR APPROACH

Ourresearchersconnectthefieldsofhousingpolicyandhousingfinance.Webringtogetherdata,research,andmarketandpolicyexpertisefrombothfieldsandserveasaknowledge-sharinghubforpolicymakers,industryparticipants,academics,andbankingandfinanceexperts.

Weofferdetailed,data-drivencritiquesoflegislativeandregulatorypolicyproposalsinthehousingfinancespacewithaclearfocusontheinterestsofconsumersandthebroadereconomy.

Wearearepositoryofalargeamountofcomplexhousingfinancedatathatwesharewithacademics,policymakers,communities,advocates,themedia,andthepublic.Weprovidetoolsandresourcestohelpparticipantsmakeinformeddecisionsandargumentsinhigh-stakespolicydebates.

Weembracemappinganddatavisualization,blogging,andsocialmediatoshareinsightsfromouranalysesasissuesare debated.

RECENT PROJECTS

HousingFinanceAtAGlancechartbook:Providingmonthlymetricsandquick,accessibleanalysisonthestateofthehousingfinancemarket.

Accessandaffordability:Examiningthestateofthecreditboxandcommentingonproposalsandpolicychangesthataffectfamilies’abilitytoachievehomeownershipandaffordablerenting.

MortgageServicingCollaborative:Identifyingreformsthatwilladdresslenderreluctancetooriginateandservicemortgages.

Emergingissues:Contributingtothedebateoverhousingfinancereform,single-familyrentals,creditscoring,racialhomeownershipgap,andnonbanks.

OUR FUNDERS

OngoingsupportforHFPCisprovidedbytheHousingFinanceInnovationForum,agroupoforganizationsandindividualsthatsupporthigh-qualityindependentresearchthatinformsevidence-basedpolicydevelopment.FundsraisedthroughtheForumprovideflexibleresources,allowingHFPCtoanticipateandrespondtoemergingpolicyissueswithtimelyanalysis.ThisfundingsupportsHFPC’sresearch,outreachandengagement,generaloperatingactivities,andthis2019symposium.

ABOUT THE HOUSING FINANCE POLICY CENTER


Inaddition,FICO,GenworthMortgageInsuranceandQuickenLoansprovideddedicatedfundingforthisyear’ssymposium.Wearegratefultothemandtoallourfunders,whomakeitpossibleforUrbantoadvanceitsmission.

TheviewsexpressedinHFPC’sworkarethoseoftheauthorsandshouldnotbeattributedtotheUrbanInstitute, itstrustees,oritsfunders.FundersdonotdetermineresearchfindingsortheinsightsandrecommendationsofUrbanexperts.FurtherinformationontheUrbanInstitute’sfundingprinciplesisavailableatwww.urban.org/support.

Laurie Goodman Vice President, Housing Finance Policy Alanna McCargo Vice President, Housing Finance Policy Jung Hyun Choi ResearchAssociate Todd M. Hill-Jones PolicyProgramManager

Karan Kaul ResearchAssociate

Sheryl Pardo SeniorManager,Communications

JimParrott NonresidentFellow

Alison Rincon Director,CenterOperations Ellen Seidman NonresidentFellow Sarah Strochak ResearchAnalyst John Walsh ResearchAssistant

Jun Zhu NonresidentFellow

Michael Neal SeniorResearchAssociate

Caitlin Young ResearchAssistant

HOUSING FINANCE POLICY CENTER STAFF


NOTES

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