| 00:00:28 |
Geithner, Timothy F. - Secretary
AT BROOKINGS. YOU HAVE GOOD TIMING FOR YOUR CONFERENCE TODAY AND I'M GLAD YOU GAVE ME TIME TO COME IN AT THE BEGINNING. WE OBVIOUSLY GOT A LOT OF THINGS...
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| 00:25:06 |
Q & A W/Geithner, -
ALTERNATIVE PROPOSALS. WE'RE GOING TO SEE MORE ALTERNATIVES LAID OUT OVER THE COURSE OF TODAY'S CONFERENCE. ALL TOLD, IT SEEMS LIKE WE MIGHT BE A...
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| 00:31:14 |
Elliott, Doug - Managing Director
RESEARCHERS AND CURRENT AND FORMER PUBLIC OFFICIALS THAT HAVE AGREED TO PARTICIPATE TODAY. OUR FIRST PANEL IS INTENDED TO PROVIDE SOME THOUGHTS ON...
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| 00:37:53 |
Rivlin, Alice M. - Director
JUST LEARNED, WE SHOULD HAVE LEARNED A LONG TIME AGO. IN FACT, HAVE LEARNED IN PREVIOUS CATASTROPHES. LESSON ONE, LENDING TO PEOPLE WHO PROBABLY CAN'T...
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| 00:46:44 |
Pinto, Edward - Real Estate Financial Services Consultant
PROPOSALS AND LOOK FORWARD TO A ROBUST DISCUSSION ABOUT MOVING FORWARD. I WANT TO AGREE WITH WHAT ALICE STARTED WITH, EXCEPT I HAVE A SLIGHTLY DIFFERENT...
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| 00:56:38 |
Q & A, -
PINTO QUOTED AN ACTIVIST CALLING FOR NARROW UNDERWRITING. WHAT I WOULD LIKE TO KNOW IS THIS ADVOCACICY PROVIDING FOR HOMEOWNERSHIP AND FLEXIBLE STANDARDS...
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| 00:57:20 |
Pinto, Edward - Real Estate Financial Services Consultant
LOOSENED UNDERWRITING, LOWER DOWN PAYMENTS, DIFFERENT DEFINITIONS OF DOCUMENTATION, OTHER WAYS OF LEVERAGING BORROWERS. THAT WAS PROGRESSIVE PROGRESS....
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| 00:58:29 |
Rivlin, Alice M. - Director
ALICE? >> I THINK AS ED SAID IN THE BEGINNING, WE MAY COME OUT IN THE SAME PLACE. I WOULD PUT MUCH LESS EMPHASIS ON THE ROLE OF FANNIE AND FREDDIE...
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| 00:59:26 |
Elliott, Doug - Managing Director
RUDELY TALKING THROUGH THINGS GETTING SET UP HERE. WE'RE TRIG TO PACK A LOT IN HERE. DIANE AND WAYNE ARE RESEARCHERS IN THE RESEARCH AND STATISTICS...
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| 01:00:53 |
Passmore, Wayne - Economist
BY DIANA HANCOCK AND MYSELF. IT'S CALLED KATZ STROPHIC MORTGAGE INSURANCE AND THE REFORM OF FANNIE MAE AND FREDDIE MAC. CLEARLY THE RESULTS IN THIS ...
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| 01:12:38 |
Quigley, John - Director
OKAY. SO THE ISSUE IS THE PROVISION OF CATASTROPHIC MORTGAGE INSURANCE BY THE PUBLIC SECTOR AS A PART OF THE REFORM OF FANNIE MAE AND FREDDIE MAC. THE...
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| 01:23:33 |
Mayer, Christopher J. - Professor
THANKS A LOT. WHO KNEW OR MAYBE YOU DID EXACTLY HOW TIMELY THIS CONFERENCE WAS GOING TO TURN OUT TO BE? SO I APPRECIATE THE OPPORTUNITY TO COMMENT ON...
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| 01:34:03 |
Elliott, Doug - Managing Director
ALL RIGHT. THANK YOU, ALL. ALSO FOR SAYTAYING VERY MUCH ON TIME, WHICH I APPRECIATE. I DID THINK IT MIGHT MAKE SENSE TO GIVE TWO MINUTES IF YOU WANTED...
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| 01:34:47 |
Hancock, Diana - Deputy Associate Director
IT AND MOVE ON BEFORE THEY HAD TO BEAR A LOT OF LOSSES. AND THAT'S A CLASSIC KIND OF RUN PROBLEM THAT A BANK HAS WITH ITS DEPOSITORS. THEY DON'T WANT...
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| 01:36:38 |
Passmore, Wayne - Economist
I WANT TO SAY THAT I THINK FOR -- I WANT TO THANK YOU FOR YOUR COMMENTS, CHRIS AND JOHN. JOHN, I THINK YOU'RE RIGHT, BASICALLY WHAT WE'RE TALKING ...
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| 01:38:59 |
Q & A, -
THE FINANCIAL CRISIS. I CAN UNDERSTAND WHAT THE PRICING WOULD BE IN THE QUOTE/UNQUOTE NORMAL MARKET, BUT WOULD YOUR INTENTION BE THAT THE NORMAL PRICING...
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| 01:39:50 |
Hancock, Diana - Deputy Associate Director
MAKE THE PAYOUTS. AND SHOULD IT NOT HAVE SUFFICIENT RESERVES, IT WOULD THEN DRAW ON THE LIQUIDITY FACILITY AND THEN TAX THE INDUSTRY GOING FORWARD. MUCH...
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| 01:40:55 |
Passmore, Wayne - Economist
HAD A LOT OF PRESSURE ON IT TO CUT DEPOSIT PREMIUMS LEADING UP TO THE CRISIS TO KEEP THEM VERY LOW AND THE LIKE. YOU KNOW, ON THE OTHER HAND, YOU...
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| 01:43:53 |
Baily, Martin Neil - Senior Fellow
ISSUES. WE HAVE TWO GREAT DISCUSSANTS. THE FIRST IS DICK HERRING, WHO IS -- EAST CODE OF GODFATHER OF THE FINANCIAL RESEARCH. HE'S BEEN -- HE'S BEEN...
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| 01:45:02 |
Dynan, Karen - Vice President
TREASURY'S WHITE PAPER. IT HAS A LIMITED ROLE FOR GOVERNMENT AND THE HOUSING MARKET, EVEN IN GOOD TIMES. SO WHEN THE PAPER WAS IN ITS EARLY STAGES,...
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| 01:49:04 |
Dynan, Karen - Vice President
TALKED ABOUT. BUT WE PROBABLY WANT TO MOVE FASTER ON THOSE ELEMENTS THAT ARE RELATED TO RESTORING PRIVATE LENDING. THEN THE OTHER ELEMENTS LIKE DEALING...
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| 01:52:26 |
Gayer, Ted - Co-Director
PLAN. >> THANK YOU, KAREN. ACTUALLY HAVING SAT THROUGH THE FIRST FEW PRESENTATIONS IT REFRESHING TO SEE THERE SAY LOT OF OVERLAPS. SO SOME OF WHAT...
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| 02:01:43 |
Herring, Richard - Professor
OKAY. THANK YOU VERY MUCH. AND THANKS FOR THE OPPORTUNITY TO LOOK AT THIS VERY, VERY INTERESTING PAPER WITH SOME CARE. I WANTED TO START WITH THIS...
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| 02:14:55 |
Jaffee, Dwight - Professor
GREAT. IT IS GOOD TO BE BACK AT BROOKINGS. I ACTUALLY LOOK BACK AND I GAVE A PAPER HERE, MY FIRST MAJOR MORTGAGE POLICY PAPER WAS GIVEN HERE IN...
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| 02:31:34 |
Baily, Martin Neil - Senior Fellow
YOU. >> WE ARE RUNNING TIGHT ON TIME. LET ME GIVE THE AUTHORS, DO YOU WANT A CHANCE TO QUICK RESPOND? >> WE'LL MAKE IT QUICK. >> DO YOU WANT TO DO IT...
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| 02:31:59 |
Dynan, Karen - Vice President
OF EMPHASIS. WE WILL FORGET ABOUT THE PAIN OF THIS EPISODE AS NORMAL CONDITIONS RETURN. THANK YOU FOR MAKING THAT POINT. ON QUALMS, WHY FOCUS ON PLAIN...
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| 02:33:20 |
Gayer, Ted - Co-Director
PLAN. >> AS A QUICK ADD-ON. THE CONFERENCE HAS BEEN ELUCIDATING BECAUSE IT HAS BEEN IDENTIFYING THIS KEY ISSUE. THE REAL QUESTION IS THE GENIE BACK...
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| 02:34:24 |
Baily, Martin Neil - Senior Fellow
THAT UNIVERSAL ENTHUSIASM FOR EUROPE. IF I LOOK AT SPAIN, THE UK, IRELAND, ICELAND, AND THEN EVEN IF I LOOK AT THE CONTINENTAL EUROPE, A LOT OF THEIR...
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| 02:35:25 |
Herring, Richard - Professor
WRITE IT INTO LAW. WE, FRANKLY, DO NOT KNOW HOW TO WRITE AN EXPLICIT ACTUARIALLY FAIR PRICE FOR SOMETHING THAT HAPPENS VERY RARELY AND HAS AN UNKNOWN...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.