Taking the Government out of Housing Finance
Principles for Reforming the Housing Finance Market
About This Event
Online registration for this event is closed. Walk-in registrations will be accepted.

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.
Agenda
8:30 a.m.
Registration and Breakfast

9:00
Briefing:

PETER J. WALLISON, AEI
ALEX J. POLLOCK
, AEI
EDWARD PINTO
, AEI


Question and Answer

10:00
Adjournment
Event Contact Information
Steffanie Hawkins
The American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-419-5212
Media Contact Information
Veronique Rodman
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-4870

Speaker Biographies

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.
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AEI Participants

 

Edward J.
Pinto
  • American Enterprise Institute (AEI) resident fellow Edward J. Pinto is the codirector of AEI’s International Center on Housing Risk. He is currently researching policy options for rebuilding the US housing finance sector and specializes in the effect of government housing policies on mortgages, foreclosures, and on the availability of affordable housing for working-class families. Pinto writes AEI’s monthly Housing Risk Watch, which has replaced AEI’s FHA Watch. Along with AEI resident scholar Stephen Oliner, Pinto is the creator and developer of the AEI Pinto-Oliner Mortgage Risk, Collateral Risk, and Capital Adequacy Indexes.


    An executive vice president and chief credit officer for Fannie Mae until the late 1980s, Pinto has done groundbreaking research on the role of federal housing policy in the 2008 mortgage and financial crisis. Pinto’s work on the Government Mortgage Complex includes seminal research papers submitted to the Financial Crisis Inquiry Commission: “Government Housing Policies in the Lead-up to the Financial Crisis” and “Triggers of the Financial Crisis.” In December 2012, he completed a study of 2.4 million Federal Housing Administration (FHA)–insured loans and found that FHA policies have resulted in a high proportion of working-class families losing their homes.

    Pinto has a J.D. from Indiana University Maurer School of Law and a B.A. from the University of Illinois at Urbana-Champaign.

  • Phone: 240-423-2848
    Email: edward.pinto@aei.org
  • Assistant Info

    Name: Emily Rapp
    Phone: 202-419-5212
    Email: emily.rapp@aei.org

 

Alex J.
Pollock
  • Alex J. Pollock is a resident fellow at the American Enterprise Institute (AEI), where he studies and writes about housing finance; government-sponsored enterprises, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks; retirement finance; and banking and central banks. He also works on corporate governance and accounting standards issues.


    Pollock has had a 35-year career in banking and was president and CEO of the Federal Home Loan Bank of Chicago for more than 12 years immediately before joining AEI. A prolific writer, he has written numerous articles on financial systems and is the author of the book “Boom and Bust: Financial Cycles and Human Prosperity” (AEI Press, 2011). He has also created a one-page mortgage form to help borrowers understand their mortgage obligations.


    The lead director of CME Group, Pollock is also a director of the Great Lakes Higher Education Corporation and the chairman of the board of the Great Books Foundation. He is a past president of the International Union for Housing Finance.


    He has an M.P.A. in international relations from Princeton University, an M.A. in philosophy from the University of Chicago, and a B.A. from Williams College.


  • Phone: 202.862.7190
    Email: apollock@aei.org
  • Assistant Info

    Name: Emily Rapp
    Phone: (202) 419-5212
    Email: emily.rapp@aei.org

 

Peter J.
Wallison
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