What is the future of mortgage lending in the wake of unprecedented foreclosures? Did strategies to close the homeownership gap for minorities and low-income borrowers work to the detriment of the individuals and communities they were supposed to help? At the same time, are we moving toward a lending environment that disadvantages the communities and borrowers that have been most severely impacted by the foreclosure crisis?
Challenges and Opportunities for Homeownership in a Changing Financial Environment |
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Agenda (PDF - 44KB)
Convening Summary (PDF - 81KB) |
9:00-9:15 a.m. |
Opening Remarks
Scott Turner, Vice President, Federal Reserve Bank of San Francisco
Orson Aguilar, Executive Director, Greenlining Institute |
9:15-10:20 a.m. |
The Untold Costs of Subprime Lending: The Impacts of Foreclosure on Communities of Color in California
Dr. Carolina Reid (PDF - 1.93MB), Community Development Research Group, Federal Reserve Bank of San Francisco
Empirical analysis of the impacts of foreclosure on families and communities has been limited by the lack of data that combines information on borrowers by race and income with information on loan performance. This presentation will use a unique dataset to provide initial analysis of the effects of the foreclosure crisis on individuals and communities of color in California, and will discuss the implications of these findings for homeownership and asset building going forward. |
10:30 a.m.-12:00 p.m.
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Mortgage Lending: Lessons Learned from the Crisis
Vonda Eanes, Office of the Comptroller of the Currency (Moderator)
Brad Blackwell, Wells Fargo Home Mortgage
Dottie Sheppick, Bank of America
Ed Shanks (PDF - 355KB), U.S. Bank Home Mortgage
Laura Sparks, Citimortgage
A panel of lenders will discuss the mortgage lending tools and products that enabled homeownership for low-mod households, what worked, what didn’t and what changes they are making to their lending policies and guidelines |
12:00 p.m.-1:30 p.m. |
Re-examining Efforts to Promote Homeownership: What Have We Learned from the Foreclosure Crisis
Dr. Christopher Herbert (PDF - 234KB), Senior Associate, Abt Associates
Efforts to promote homeownership cover a broad range of interventions, including mortgage market regulation, direct subsidy programs, and support for housing counseling. In his talk, Dr. Herbert will review what we know about which efforts worked and which didn't work to promote sustainable increases in homeownership since the early 1990s and how lessons from the foreclosure crisis should shape future efforts. |
1:40 - 3:10 p.m.
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Overcoming Barriers to HomeownershipLori Bamberger, Bamberger Consulting (Moderator)
Mark Spates (PDF - 165KB), Freddie Mac
Danny Mendez (PDF - 667KB), U.S. Department of Housing and Urban Development
Katrina Vizinau, Community Housing Development Corporation of North Richmond
Public/private partnerships have been very instrumental in increasing homeownership and helping to overcome various barriers such as affordability, downpayment and weak credit. This panel will discuss innovations that have made a measurable contribution to successfully expanding homeownership and share their perspectives about the role of subsidy in the current market environment. |
3:10 p.m. |
Closing remarks & Wrap-up
Lena Robinson, Regional Manager, Federal Reserve Bank of San Francisco |
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