| 00:00:04 |
Farrell, Diana - Deputy Director
THANK YOU FOR JOINING US TODAY. WE'RE VERY PLEASED TO HAVE COLLECTED SUCH A GREAT GROUP OF EXPERTS FROM ALL THE VARIOUS STAKEHOLDERS INVOLVED IN THIS....
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| 00:02:27 |
Geithner, Timothy F. - Secretary
AND COMPLEX SHAUN DONOVAN AND HIS COLLEAGUES AT THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. MARY GOOD MEN FROM THE NEC AND AUSTIN) AND OTHERS. ALL...
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| 00:08:39 |
Donovan, Shaun - Secretary
FINANCE. THE FAILURES THAT PRODUCED THIS CRISIS IN THE SYSTEM THAT WE HAVE TODAY WERE BIPARTISAN. THE SOLUTIONS MUST BE AS WELL. THIS IS A TEST. THE...
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| 00:18:22 |
Geithner, Timothy F. - Secretary
AND IMPORTS AND PURCHASED A FAMILY WILL MAKE, RUNNING ON AVERAGE FIVE TIMES THE HOMEOWNERS AVERAGE INCOME. FEW WOULD BE ABLE TO TAKE THAT STEP WITHOUT...
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| 00:19:36 |
Wachter, Susan M. - Professor
STREET PERFORM HAS DONE. IT HAS PROVIDED AN IMPORTANT FOUNDATION FROM WHICH TO BUILD INCREASING OVERSIGHT FOR THE INDUSTRY, REQUIRING MORE SKIN IN THE...
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| 00:22:00 |
Pollock, Alex J. - Resident Fellow
BARBARA DESOER RUNS BANK OF AMERICA'S MORTGAGE BUSINESS. THAT IS A MAJOR PLAYER IN THE MORTGAGE FINANCE SYSTEM OF THE UNITED STATES. IT OVERSEAS ACCOUNTS...
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| 00:26:10 |
Ellen, Ingrid Gould - Professor
I APPRECIATE IT. ALEX? >> THANK YOU TO THE TREASURY FOR INVITING ME HERE. >> I WILL SAY THIS TO SAVE YOU THE TROUBLE. IF YOU DO NOT USE YOUR TIME TO...
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| 00:30:33 |
Morial, Marc H. - President and CEO
YOU. I WANT TO FOCUS ON ONE POINT -- THE NATURE OF THE FEDERAL GUARANTEE. I HAVE BEEN GRAPPLING WITH THIS QUESTION OF THE FUTURE OF THE GSTE. WE CONCLUDED...
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| 00:37:15 |
Desoer, Barbara J. - President
WELL BY THIS NATION. THEY HELPED CREATE THE MIDDLE- CLASS. THEY HELP PEOPLE BECOME HOMEOWNERS FOR THE FIRST TIME. IN THE OLD DAYS OF THE 1920'S AND...
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| 00:38:47 |
Gross, Bill - Co-Founder and Co-Chief Investment Officer
WHERE PEOPLE ARE INFORMED AND EDUCATED AND THEY UNDERSTAND THEIR RISK -- SOMETIMES THEY WILL WALK AWAY FROM THE DECISION TO BUY A HOME. SOMETIMES THEY...
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| 00:43:30 |
Geithner, Timothy F. - Secretary
TO -- THIS IS WASHINGTON'S DAY. TOMORROW, WHEN I RETURN TO NEWPORT BEACH, IT WILL BE BACK TO WORK. WE NEED TO RECOGNIZE THAT AMERICA HAS BEEN OVER HOUSE...
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| 00:43:54 |
Pollock, Alex J. - Resident Fellow
MUST MAKE A SECULAR SHIFT FROM HOUSING TO THE PRODUCTION OF THINGS THAT ARE IMPORTANT IN A GLOBAL ECONOMY. TO THAT END, RENTAL HOUSING PLAYS AN IMPORTANT...
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| 00:47:49 |
Wachter, Susan M. - Professor
ROLE HE WOULD PRESERVE. YOU LAID OUT A FRAMEWORK TO SUBSTANTIALLY REDUCE THE SCALES OF SUBSIDIES NOW PROVIDED. IT SOUNDS LIKE YOU WANT TO RETAIN SOME...
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| 00:50:25 |
Ellen, Ingrid Gould - Professor
NON-MARKET TRANSACTIONS, AND THEY WOULD MOVE INTO HUD AND BECOME PART OF THE FHA/ENGINE E-MAIL COMPLEX -- GINNIE MAE COMPLEX AND WOULD BE SUBJECT TO...
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| 00:51:31 |
Geithner, Timothy F. - Secretary
DO WHAT? >> I DID SAY THEY WERE HERE SINCE 1934. THEY WOULD DO WHAT THEY HAVE ALWAYS DONE. THEY WOULD FOCUS ON THE SOUNDNESS OF ITS MUTUAL PORTFOLIO....
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| 00:52:24 |
Morial, Marc H. - President and CEO
GEITHNER YO, SAID, IN A RECESSION, THE GOVERNMENT WILL STEP IN SO THAT THE RECESSION DOES NOT BECOME A DEPRESSION. THE GOVERNMENT STEPS IN TO ASSURE...
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| 00:55:34 |
Geithner, Timothy F. - Secretary
MORTGAGES. THEY COULD CHOOSE TO GO TO THE FULLY PRIVATE SECTOR AS WELL. >> OK. I THINK PART OF THE DEBATE, OF COURSE, GOES TO THE QUESTION ABOUT WHAT...
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| 00:58:33 |
Desoer, Barbara J. - President
PEOPLE THROUGH COLLEGE, HELPED CREATE BUSINESSES, HELPED CREATE EQUITY TO PASS ON TO THE NEXT GENERATION. WE CREATED WEALTH. THERE HAS TO BE AN ANALYSIS...
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| 01:00:17 |
Gross, Bill - Co-Founder and Co-Chief Investment Officer
PROVIDING RELATIVELY GENEROUS FINANCING TO AMERICANS WHO WANT TO BUY A HOUSE OF MORE MODEST SIZE AND PROPORTION? >> THAT IS CERTAINLY A POSSIBILITY. IT...
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| 01:02:32 |
Pollock, Alex J. - Resident Fellow
TO PRESERVE SOME ROLE FOR THE GOVERNMENT IN PROVIDING LIQUIDITY AND ACCESS ACROSS THE CYCLE, WITHOUT REGRADING THE BASIC INCENTIVE DYNAMICS -- RECREATING...
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| 01:03:42 |
Geithner, Timothy F. - Secretary
ON THE CONSISTENCY AND CLARITY OF THE UNDERWRITING STANDARDS AND THE QUALITY OF THE PRODUCTION AND ALL OF THOSE THINGS WE HAVE CONSIDERED IN TERMS OF...
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| 01:05:21 |
Gross, Bill - Co-Founder and Co-Chief Investment Officer
ABLE MORTGAGES GOING FORWARD IS TO PROVIDE THE GOVERNMENT GUARANTEE. IT INVOLVES THE PRINCIPLE AND THE INTEREST, PAYMENT AT MATURITY. IT WOULD BE PROVIDED...
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| 01:05:46 |
Wachter, Susan M. - Professor
THAT, INSTEAD OF ALLOWING NO DOC'S, PROVIDES ADEQUATE SUPERVISION FOR ANY MORTGAGE GOING FORWARD. IT WOULD INCORPORATE THE NECESSITY FOR LOWER DOWN PAYMENTS...
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| 01:06:35 |
Pollock, Alex J. - Resident Fellow
I THOUGHT YOU MIGHT LIKE TO RESPOND TO THAT, ALEX. >> I SEE YOU WILL BE A STRONG BID FOR GINNIE MAE. [LAUGHTER] ON GUARANTEES AND THE PRICE OF GUARANTEES...
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| 01:08:50 |
Gross, Bill - Co-Founder and Co-Chief Investment Officer
WOULD WANT TO HAVE A -- IN TERMS OF WHAT QUALIFIES FOR A NEW CONFORMING MORTGAGE IN THIS BRAVE NEW WORLD -- WOULD YOU WANT TO HAVE UNDERWRITING STANDARDS...
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| 01:11:47 |
Geithner, Timothy F. - Secretary
LOAN? YOU CAN WORK INTO THE DEFINITION OF WHAT IT SHELBY TO BE SECURITIZED AND IT WOULD HAVE THIS COUNTERCYCLICAL ELEMENT AND IF I COULD ADD THIS. A...
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| 01:12:31 |
Ellen, Ingrid Gould - Professor
WHAT IS TO STOP OVER TIME THE NON-PRIME FROM TAKING MORE MARKET SHARE? >> WE HAVE TO ADDRESS THAT. >> HOW DO WE DO THAT? >> I AM YIELDING MY TIME. [LAUGHTER]...
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| 01:13:58 |
Geithner, Timothy F. - Secretary
IN YOUR VISION OF A NEW REALISM YOU WOULD HAVE A SHARE OF THE MORTGAGE MARKET THE GOVERNMENT IS PROVIDING SUPPORT THROUGH CAPTURE A LARGER SHARE OF THE...
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| 01:19:23 |
Donovan, Shaun - Secretary
OF HISTORICAL VANTAGE POINTS ON THIS CRISIS, SO I WANT TO START TO FOCUS ON THE HISTORICAL LESSONS AND BROADEN IT OUT TO TRY TO CONNECT THE DISCUSSION...
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| 01:23:27 |
Zandi, Mark M. - Co-Founder & Chief Economist
LET ME MAKE TWO POINTS. IT IS CLEAR THE GOVERNMENT SHOULD PLAY A LARGER ROLE IN THE HOUSING MARKET. THAT INVOLVES TWO THINGS. IT IS CLEAR THE GOVERNMENT...
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| 01:29:18 |
Heid, Michael - Co-President
SENSE OF HOW YOU WOULD CHANGE POLICY TO AVOID THE KIND OF CRISIS WE HAVE BEEN. >> TO PREVENT A CRISIS, HISTORY CAN GIVE A USEFUL GUIDE IN TERMS OF MISTAKES...
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| 01:34:22 |
Ranieri, Lewis - Chairman and CEO
SENSE OF WHAT THE KEY MOMENTS WERE WHERE THEY GSE'S GOT OFF TRACK THAT LED US TO WHERE WE ARE. >> I WOULD LIKE TO GIVE YOU A MINUTE -- I FEEL LIKE MARK...
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| 01:41:46 |
Ibrahim, S. A. - Chief Executive Office
IT HAS BEEN ONE OF THE HALLMARKS OF THE AMERICAN SUCCESS STORY. THERE HAVE BEEN MANY GOOD INNOVATIONS THAT REQUESTS UNMET NEEDS AND REDUCE COSTS AND CREATED...
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| 01:49:24 |
Seidman, Ellen - Executive Vice President
AN ANSWER TO THE FIRST PART OF THE QUESTION, AT THESE STATISTICS ARE TELLING. WITH HOUSE PRICES LOWER, WE HAD 18.6 MILLION HOUSEHOLDS SPENDING MORE...
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| 01:59:35 |
Stegman, Michael - Director
LOOK OVER THE HISTORIC ARC OF HOUSING FINANCE, I THINK THE HOUSING FINANCE SYSTEM HAS BECOME OVER THE LAST 25 YEARS IN A MUCH MORE DOMINANT SHAPER OF...
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| 02:07:45 |
Donovan, Shaun - Secretary
PANEL ABOUT -- SEEMINGLY SOME CONSENSUS AROUND THE ISSUE OF EXPLICIT VS IMPLICIT GUARANTEES. ONE OF THESE CENTRAL QUESTIONS BROUGHT UP AROUND CONNECTING...
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| 02:09:03 |
Seidman, Ellen - Executive Vice President
THAT PARTICULARLY AS WE ARE GOING INTO ATTEMPTING TO SOLVE THE FISCAL CRISIS, RELYING
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| 02:10:23 |
Ranieri, Lewis - Chairman and CEO
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| 02:13:05 |
Heid, Michael - Co-President
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| 02:14:31 |
Stegman, Michael - Director
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| 02:16:10 |
Zandi, Mark M. - Co-Founder & Chief Economist
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.