This event will be livestreamed online at http://www.visualwebcaster.com/event.asp?id=77761
The white paper unveiled at this event is a follow-up to the Obama administration's February 11, 2011, report to Congress entitled "Reforming America's Housing Finance Market." In the report, the administration adopted some of the key points set out by AEI housing finance experts Peter J. Wallison, Alex J. Pollock, and Edward Pinto in their January 20 preliminary paper "Taking the Government out of Housing Finance: Principles for Reforming the Housing Finance Market."
The administration's paper broke new ground by including a private mortgage market as one of the three options for structuring the housing finance market in the future--a pivotal action, and a first for a Democratic administration. Whether most housing in the United States should be financed in a private market without a government guarantee is now open for consideration. In its paper, the administration raised reasonable concerns about this option. In this briefing, Wallison, Pollock, and Pinto will address these concerns and show how to produce a robust, stable private system for originating and financing mortgages, while protecting American taxpayers.
"Taking the Government out of Housing Finance: Principles for Reforming the Housing Finance Market" is designed to provide common ground around which a bipartisan agreement may be forged. Join us for the first presentation of this document and a chance to ask questions and participate in a general discussion.
Registration and Breakfast
Question and Answer
Peter J. Wallison holds the Arthur F. Burns Chair in Financial Policy Studies at AEI, where he codirects the institute’s program on financial market studies. He is also a cochair of the Pew Financial Reform Task Force and a member of the congressionally authorized Financial Crisis Inquiry Commission. Mr. Wallison previously practiced banking, corporate, and financial law at Gibson, Dunn & Crutcher LLP in New York and Washington, D.C. During 1986 and 1987, Mr. Wallison was White House counsel to President Ronald Reagan. From 1981 to 1985, Mr. Wallison was general counsel of the Treasury Department, where he played a significant role in the development of the Reagan administration’s proposals for deregulation in the financial services industry. He also served as general counsel to the Depository Institutions Deregulation Committee and participated in the Treasury Department's efforts to deal with the debt held by less-developed countries. Between 1972 and 1976, Mr. Wallison was special assistant to New York governor Nelson A. Rockefeller and, subsequently, counsel to Mr. Rockefeller when he was vice president of the United States.
Edward Pinto is a resident fellow at AEI. He has provided credit and marketing consulting services to the mortgage-finance industry for the last twenty years. Mr. Pinto was the executive vice president and chief credit officer at Fannie Mae from 1987 to 1989 and the senior vice president of marketing and product management from 1985 to 1987. Before his work at Fannie Mae, Mr. Pinto was senior legal counsel for the Mortgage Guaranty Insurance Corporation and general counsel for the Michigan State Housing Development Authority. Mr. Pinto's consulting clients have included GE Capital Mortgage Insurance Company, Dime Savings Bank, Mellon Bank, and Home Savings Bank. Mr. Pinto worked with the Loan Performance Corporation to develop their delinquency database, which is now the industry standard. He has appeared as an expert witness in real estate finance-related litigation and has published or contributed to articles in various publications and on the op-ed page of the Wall Street Journal. Mr. Pinto is frequently interviewed by newspapers and other news sources on real estate finance.
Alex J. Pollock is a resident fellow at AEI, focusing on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. Previously, he spent thirty-five years in banking, including twelve years as president and CEO of the Federal Home Loan Bank of Chicago. He is the author of numerous articles on financial systems and the organizer of the "Deflating Bubble" series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. He is a director of the Chicago Mercantile Exchange, the Great Lakes Higher Education Corporation, and the International Union for Housing Finance, and the chairman of the board of the Great Books Foundation.