Thursday, August 12, 2010

Obama Administration Announces Details of Conference on the Future of Housing Finance

Today, the Obama Administration announced additional details about its August 17 Conference on the Future of Housing Finance, including a list of panelists and the conference agenda.

The following individuals will be panelists at the August 17 conference:

Barbara J. Desoer, President of Bank of America Home Loans

Ingrid Gould Ellen, Professor of Urban Planning and Public Policy at New York University's Wagner Graduate School of Public Service and Co-Director of the Furman Center for Real Estate and Urban Policy

Bill Gross, Co-founder and Co-chief Investment Officer of PIMCO

Mike Heid, Co-president of Wells Fargo Home Mortgage

S.A. Ibrahim, Chief Executive Officer of Radian Group Inc.

Marc H. Morial, President and Chief Executive Officer of the National Urban League

Alex Pollock, Resident Fellow at the American Enterprise Institute

Lewis Ranieri, Chairman of Ranieri and Company, Inc.

Ellen Seidman, Ellen Seidman, Executive Vice President for Mission and Strategy, at ShoreBank Corporation, and Chair of the Board of Directors at the Center for Financial Services Innovation

Michael A. Stegman, Director of Policy and Housing for the Program on Human and Community Development of the John D. and Catherine T. MacArthur Foundation

Susan Wachter, Richard B. Worley Professor of Financial Management, Professor of Real Estate, Finance and City and Regional Planning at the University of Pennsylvania's Wharton School

Mark Zandi, Chief Economist of Moody's Analytics

Details regarding the event, including topics for panel discussions and breakout sessions appear below.

WHAT: Conference on the Future of Housing Finance
WHEN: Tuesday August 17, 2010

9:00 a.m. – 1:30 p.m. EDT
WHERE: Cash Room
U.S. Treasury Department
1500 Pennsylvania Ave., NW
Washington, D.C. 20220

The event will also be streamed live on

9:00 AM EDT
Treasury Secretary Tim Geithner
Opening Remarks

9:15 AM EDT
HUD Secretary Shaun Donovan
Delivers Remarks

9:30 AM EDT
PANEL DISCUSSION ONE – Housing Finance Reform and Broader Financial Markets
Moderated by Treasury Secretary Tim Geithner

10:30 AM EDT
PANEL DISCUSSION TWO – Housing Finance Reform and Broader Housing Policy Goals
Moderated by HUD Secretary Shaun Donovan

11:45 PM EDT
Hosted by Senior White House, HUD, and Treasury Officials

Breakout Session Topics:

Breakout Session One: Key Players in a Reformed System: Role of the Private Sector and of Government

Breakout Session Two: Delivering Access and Affordability

Breakout Session Three: Funding Housing and the Role of Securitization

Breakout Session Four: Aligning Private Market Incentives in the Housing Finance Chain

Breakout Session Five: Supporting Capital for Multifamily Finance

Breakout Session Six: Managing the Process of Transition

1:15 PM EDT


  1. Yup all the geniuses in one room. Thanks be to Jesus we have these people looking out for our best interest at hand.

    ( I barf )

  2. Zandi again even after his EPIC FAIL STIMULUS. unreal. is that THE Shore Bank BTW? sigh.

  3. This is just a business development meeting for for bankers and money mgrs (geniuses one and all) who want to insure that the Future of Housing Finance is profitable for them. Business as usual for special interest groups. And another Obama promise gets flushed...

  4. Looks like the community banks are again outside looking in

  5. Bill Gross? What's he got to do with housing?

    Oh, that's right, he holds over $1T in UST which are being used to funnel money to Fannie and Freddie, which then subsidize the housing market.

    From the makers of The Biggest Bond Fund in the World, comes, The Biggest Housing Fund in the World.

    "PIMpCO, like food and water, it's necessary for your very survival.(R)"

  6. Where's Barny Frank? The party isn't complete without his "input". Thank God it's all just before the midterms otherwise we'd all b f__ked!

  7. Both the interest on the US 10 Year Note, TNX, and the interest rate on the 30 Year US Government Bond, TYX, started to rise August 12, 2010. These are going to explode voiding most of everything coming from that meeting.

    Short sellers of debt, invested in ETFs like TMV and TYO, and by investors going long in corporate, bank, and sovereign credit default swaps, will send interest rates exploding higher causing investors flight from bond investments of all types, such as mortgage-backed mutual funds like GSUAX, and the Emerging Market Bond ETF, EMB, and the US Government Bond ETF, TLT

    I suggest a read of the my linked article Peak Credit Likely Achieved Today As Total Bonds Turn Down, where I write that Total Bonds, BND, turned down August 12, 2010. Thus Peak Credit, that is Peak Debt, was likely achieved; and if this be the case, then ”bond deflation” has commenced.

    The weekly chart of Total Bonds, BND Weekly, shows a rise that has come carry trade investing. Now that carry trades are unwinding DMV:FXY and CEW:FXY, there is an additional stimulus for a sharp drop in bond values like that seen in bonds September and October of 2008.

    The world entered into Kondratieff Winter yesterday August 11, 2010 as currencies were sold off resulting in a sell off of stocks and commodities; and today, August 12, 2010, bonds traded down, commencing the end of credit.

    I believe in the nearer future, Credit Bosses, what I call Credit Seigniors, will be appointed to issue and manage credit, as the debt bubble implodes and the economy shatters.

    Here in the US, I envision, that out of a coming credit crisis, where there is no credit available, a Financial Regulator, will exercise Discretionary Governance, and announce a Home Leasing Program administered by the banks on their REO properties and those of Freddie Mac, Fannie Mae and the US Federal Reserve.

    I am of the conviction that mortgage lending and securitization of loans will cease, and leasing of homes will be a public private partnership cooperative endeavor. Companies that have done servicing mortgage-backed securities, such as Anworth Mortgage Asset Corporation, ANH, will quickly disappear from the economic landscape, as mortgage bond funds such as Goldman Sachs Mortgage Bonds, GSUAX, tumble in value

    I also envision that this Credit Seignior, perhaps in public private partnership with American Express, AXP, and Capitol One Finance, COF, will provide seigniorage for credit. He will provide finance and issue credit mostly to those companies which serve strategic national needs.

    It is important to understand that the two spigots of investment liquidity have been turned off.

    The first spigot to be turned off was the ending of TARP and other Federal Facilities on March 31, 2010.

    The second spigot to be turned off was the sell-off currencies on April 26, 2010, followed by a purchase of currencies on June 10, 2010 with the announcement of the EFSF monetary authority, and then a sell-off of currencies on August 11, 2010.

    With both spigots of investment liquidity turned off, it is like I write: the world has entered into Kondratieff Winter with stocks, many commodities and now bonds selling off. And as a result interest rates will be soaring. There will be a liquidity squeeze, where there will not be enough buyers for sellers, and as a result liquidity will evaporate, resulting in a credit crisis, where the only credit will come from a combine of government and banking and the credit will be distributed according to the security needs of the nation and industry.