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Session 13: Alternative Mortgage Products
This session addresses some important policy questions related to alternative mortgage products and possible answers.
Links of Interest
Center for Economic and Policy Research Housing Issues
Mortgage Bankers Association of America
Presentations
Dean Baker : Danger in the Mortgage Market
Douglas Duncan: Alternative Mortgage Products
Anthony Yezer : Alternative Mortgage Markets
Speakers
Carl R. Tannenbaum
Chief Economist
LaSalle Bank
and President, NABE, moderator
Dean Baker
Co-Director
Center for Economic Policy and Research
Dean Baker is co-director of the Center for Economic and Policy Research in Washington, DC. He previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. His blog, Beat the Press , features commentary on economic reporting. He received his Ph.D in economics from the University of Michigan.
He has written numerous books and articles, including The United States Since 1980, Cambridge University Press, forthcoming 2007; The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer, Center for Economic and Policy Research, 2006; Social Security: The Phony Crisis (with Mark Weisbrot), University of Chicago Press, 1999; "Asset Returns and Economic Growth," (with Brad DeLong and Paul Krugman), Brookings Papers on Economic Activity (2005); "Financing Drug Research: What Are the Issues," Center for Economic and Policy Research, 2004; "Medicare Choice Plus: The Solution to the Long-Term Deficit Problem," Center for Economic and Policy Research, 2004; The Benefits of Full Employment (with Jared Bernstein), Economic Policy Institute, 2004; "Professional Protectionists: The Gains From Free Trade in Highly Paid Professional Services," Center for Economic and Policy Research, 2003; "The Run-Up in Home Prices: Is It Real or Is It Another Bubble," Center for Economic and Policy Research, 2002.
His book Getting Prices Right: The Battle Over the Consumer Price Index (M.E. Sharpe, 1997) was a winner of a Choice Book Award as one of the outstanding academic books of the year. He also was also the author of the weekly online commentary on economic reporting, the Economic Reporting Review (ERR), from 1996 - 2006. He has worked as a consultant for the World Bank, the Joint Economic Committee of the U.S. Congress, and the OECD's Trade Union Advisory Council. His columns have appeared in many major media outlets including the Atlantic Monthly, the Washington Post, and the London Financial Times. He is frequently cited in economics reporting in major media outlets, including the New York Times, Washington Post, CNBC and National Public Radio.
Douglas G. Duncan
Chief Economist
Mortgage Bankers Association of America
Douglas G. Duncan is chief economist and senior vice president at the Mortgage Bankers Association (MBA). As leader of MBA's Research and Business Development Group, Duncan is responsible for providing economic and policy analysis services in the areas of real estate finance, legislative and regulatory proposals and industry trends for MBA and its members. He also oversees the education products and services of the association as well as its Industry technology committees and standards efforts. He has oversight responsibility for the Research Institute for Housing America (RIHA), the Mortgage Industry Standards Maintenance Organization, the Secure Identity Standards Accreditation Corporation (SISAC) and Lender Technologies Corporation (MISMO).
Since joining MBA in 1992, Duncan has served as director and senior director of MBA's Research and Business Development Group. During his tenure in these positions, Duncan broadened and deepened MBA's understanding of mortgage market and mortgage company data for purposes of policy analysis and industry economic analysis including company performance benchmarking. Duncan also oversees mortgage industry technology initiatives and standards development, including the development of data standards, electronic mortgages and secured electronic transactions technology.
Prior to joining MBA, Duncan served as a LEGIS fellow with the U.S. House of Representatives Committee on Banking, Finance and Urban Affairs. Duncan received his doctorate from Texas A&M University, B.S. and M.S. degrees from North Dakota State University and A.A. degree from Fergus Falls Community College.
Anthony M. Yezer
Professor of Economics
The George Washington University
Professor Yezer is a member of the Department of Economics of The George Washington University where he directs the Center for Economic Research. He teaches courses in regional economics, urban economics, microeconomics, and the economics of crime. He has been a Fellow of the Homer Hoyt School of Advanced Studies in Real Estate and Urban Economics since 1991.
He served as an expert witness for the Federal Trade Commission testifying in connection with the trade regulation rule governing Consumer Credit Practices. His research interests have included the measurement and determinants of credit risk in lending, the effects of regulations on credit supply, and fair lending. He recently served on the National Research Council’s Panel on Disaster Research Needs in the Social Sciences.
His articles have appeared in the Journal of Finance, Journal of Real Estate Finance and Economics, Economic Inquiry, Journal of Law and Economics, Real Estate Research, Journal of Economic Perspectives, Land Economics, Journal of Economics and Business, Journal of Urban Economics, Journal of Regional Science, Regional Science and Urban Economics, and Southern Economic Journal. He edited the monograph Fair Lending Analysis: A Compendium of Essays on the Use of Statistics, currently serves on the editorial boards of five journals and is editor of the American Real Estate and Urban Economics Association monograph series.
Professor Yezer received a Bachelor's degree from Dartmouth College, continued his studies at the London School of Economics and Political Science where he earned an M.Sc. degree, and holds a Doctoral degree from the Massachusetts Institute of Technology. He was Rhodes Scholarship finalist and received a National Collegiate Athletic Association Scholar-Athlete Fellowship.
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