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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors
September 1, 2011 at the Federal Reserve Board in Washington D.C., The Housing Market Going Forward: Lessons Learned from the Recent Crisis


Agenda & Materials

8:15 a.m.

Continental Breakfast Available

9:00 a.m.

Welcome and Introductions

  • David Buchholz, Policy Analysis Manager, Division of Consumer and Community Affairs, Federal Reserve Board of Governors
  • Sandra Braunstein, Director, Division of Consumer and Community Affairs, Federal Reserve Board of Governors

9:15 a.m.

Understanding the Boom and Bust

Eric Belsky, Managing Director, Joint Center for Housing Studies, Harvard University

9:45 a.m.

What Have We Learned?

Speakers will discuss the key lessons to be learned from the housing crisis. As policymakers think about prescriptions for the future, how do they think about which problems principally caused the bust? How can they use these lessons to re-build a functional housing and mortgage market that responsibly works for consumers and market participants?

Moderator: Faith Schwartz, Executive Director, HOPE NOW Alliance


  • Jay Brinkmann, Chief Economist and Senior Vice President of Research and Education, Mortgage Bankers Association
  • Michael Calhoun, President, Center for Responsible Lending
  • Jim Carr, Chief Business Officer, National Community Reinvestment Coalition
  • Marietta Rodriguez, Director, National Homeownership and Lending Programs, NeighborWorks® America
  • Peter Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute

11:15 a.m.


11:30 a.m.


Anna Alvarez Boyd, Senior Associate Director, Division of Consumer and Community Affairs, Federal Reserve Board of Governors

Rebalancing the Housing Market

Governor Elizabeth Duke, Member, Federal Reserve Board of Governors

12:30 p.m.

The Decision to Own: Smart Leverage or Unnecessary Risk?

With millions of foreclosures behind us and more on the way, it is clear that many homeowners were in a position they could not maintain. What do we learn from this? Is homeownership a leveraged path to wealth-building or an unnecessary risk to households? Do homebuyers understand the risks? What's the right path for low-income and low-asset families? How do we think about the homeownership gap by race and household wealth in the wake of the crisis?

Moderator: Ray Boshara, Senior Advisor, Federal Reserve Bank of St. Louis


  • Stella Adams, Director, Patricia Roberts Harris National Fair Housing Training Academy
  • George McCarthy, Director, Metropolitan Opportunity Unit, Ford Foundation
  • Karen Pence, Assistant Director, Division of Research and Statistics, Federal Reserve Board of Governors
  • Roberto Quercia, Director, Center for Community Capital, University of North Carolina
  • Paul Willen, Senior Economist and Policy Advisor, Research Department, Federal Reserve Bank of Boston

2:00 p.m.


2:30 p.m.

What Role Will Rental Housing Play?

The crisis has brought increased focus on the role of rental housing in this country. What does the current rental market look like? Is supply sufficient to meet increasing demand? What’s the state of affordable rental housing for lower-income tenants? Have attitudes about renting shifted? What role should government play?

Moderator: Erika Poethig, Deputy Assistant Secretary, Office of Policy Development and Research, U.S. Department of Housing and Urban Development


  • Mark Calabria, Director of Financial Regulation Studies, Cato Institute
  • Allison Clark, Program Officer, James D. and Catherine T. MacArthur Foundation
  • Sheila Crowley, President and CEO, National Low Income Housing Coalition
  • Joe Hagan, President and CEO, National Equity Fund, Inc.
  • Shekar Narasimhan, Managing Partner, Beekman Advisors

4:00 p.m.

What Should the New Normal Look Like?

Moving forward, how should a healthy, responsible, functioning, and efficient housing market be designed? What’s the right role for lenders, capital markets, regulators, insurers, servicers, governmental entities, and consumers?  How can transparency be provided and risks be properly understood?  What options will Americans of modest means have regarding their housing needs?

Moderator: Eric Belsky, Managing Director, Harvard University Joint Center for Housing Studies


  • Janis Bowdler, Director, Wealth-Building Policy Project, National Council of La Raza
  • Tom Deutsch, Executive Director, American Securitization Forum
  • Paul Leonard, Vice President of Government Affairs, Housing Policy Council
  • Alex Pollock, Resident Fellow, American Enterprise Institute
  • john powell, Executive Director, Kirwan Institute for the Study of Race and Ethnicity, Ohio State University
  • Sarah Rosen Wartell, Executive Vice President, Center for American Progress
  • Barry Zigas, Director of Housing Policy, Consumer Federation of America

5:25 p.m.


Allen Fishbein, Assistant Director, Division of Consumer and Community Affairs, Federal Reserve Board of Governors

5:30 p.m.


Until 7 p.m.

Last update: March 16, 2017