On September 16th, 2009, FHFA and the FDIC cohosted a symposium on “Improving Assessment of the Default Risk of Single-Family Mortgages.” The research papers presented at the event were selected from submissions received in response to a Call for Papers issued in the spring. That Call for Papers can be downloaded here. Housing and mortgage market experts from industry, academia, and government attended the event, which was held at the FDIC's Seidman Center.
The symposium agenda included sessions on: Collateral and Appraisal Issues, Underwriting Standards, and Issues in Default Modeling. The papers presented during these sessions are downloadable below. Short presentations reflecting developments in vendor models were also given. Those presentations may become downloadable at a later date.
Mortgage Default Assessment Symposium List
- “The Contagion Effect of Foreclosed Properties,” John P. Harding, The University of Connecticut, Eric Rosenblatt, Fannie Mae and Vincent Yao, Fannie Mae.
- “Appraisals, Automated Valuation Models, and Mortgage Default,” Austin Kelly, FHFA.
- “Taking the Lie out of Liar Loans,” Michael LaCour-Little, California State University-Fullerton and Jing Yang, California State University-Fullerton.
- “Liar’s Loan? Effects of Loan Origination Channel and Information Falsification on Mortgage Deliquency," Wei Jiang, Columbia University, Ashlyn Nelson, Indiana University, and Edward Vytlacil, Yale University.
- “Why Don't Lenders Renogotiate More Home Mortgages: Redefaults, Self-Cures and Securitization,” Manuel Adelino, MIT and FRB Boston, Kristopher Gerardi, FRB Atlanta, Paul Willen, FRB Boston.
- “Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States,” Andra Ghent, Baruch College, CUNY, and Marianna Kudlyak, FRB Richmond
- “Securitization and Mortgage Default: Reputation vs. Adverse Selection,” Ronel Elul, Federal Reserve Bank of Philadelphia