Tom White is an adjunct fellow at the American Enterprise Institute (AEI). An expert in housing policy, White has public service and technical experience in the financing, building, and managing of multifamily and single family housing. At AEI, he continues his work in housing policy, including housing finance and affordable housing.
Early in his career, White served as a Michigan State legislator (11th District). He went on to work for the Michigan State Housing Agency where he oversaw the development (construction lending) and financing of single-family and multifamily housing. Later, at the US Department of Housing and Urban Development, he was in charge of bond finance and state agency programs for housing policy. White has also worked in senior positions at the National Council of State Housing Agencies, at Bear Stearns Investment Bank, and at Fannie Mae until his retirement in 2001. Since then, he has been a trustee of Center Line Capital, which specializes in multifamily finance and equity investments.
White has a B.A. in history from Wayne State University. He has also done postgraduate work in sociology.
Notwithstanding the recent collapse of our government dominated housing finance system, the housing lobby is once again trotting out the usual arguments for all-encompassing federal guarantees: All homebuyers should be able to obtain high-loan-to-value mortgage loans on all houses in all areas of the country in all market conditions.
We begin with a simple concept -- the American taxpayer should not be on the hook for the losses incurred by privately owned and operated businesses. Providing extensive government guarantees for multifamily lending is corporate welfare and crony capitalism and should be rejected as government policy.
At this event, industry experts Tom White and Charlie Wilkins will argue that the federal guaranty should be phased out and will present findings from their interviews with a host of multifamily and capital-markets experts.
The federal government offers the owners of multifamily rental housing guarantees. The guarantees and artificially low interest rates increase mortgage debt on the nation's multifamily stock. This may cause serious problems if not corrected.
At this event, Thomas White and Charlie S. Wilkins, drawing on their long involvement in multifamily finance, will present their prescription for the future of multifamily housing finance reform, and John C. Weicher and Thomas Watts will draw from their own deep wells of experience to comment on the presentation.
No Federal Guaranties in Multifamily. Period. Everyone now agrees that it was a bad idea to have an implicit federal guaranty for the multifamily activities of Fannie Mae and Freddie Mac. The public debate is now focused on the question of whether there should be explicit federal guarantees for at least some multifamily loans, in at least some market conditions.