Programs & Events
A Crisis is a Terrible Thing to Waste: Transforming America’s Housing Policy
Date: Thursday, February 12th 2009
On February 12 and 13, 2009, the Furman Center for Real Estate and Urban Policy, with support from the Rockefeller Foundation and the MacArthur Foundation, hosted A Crisis is a Terrible Thing to Waste: Transforming America’s Housing Policy, a national, invitation-only conference. By bringing together national and local policymakers, developers, advocates, academics, and private sector leaders from fields as diverse as finance, urban development, environmental protection and child advocacy, the conference presented realistic perspectives on which of the most ambitious and creative ideas in housing can be introduced and brought to scale by the new administration. The conference will result in a white paper, which will provide President Obama, Congress, and the president’s appointees in housing and urban policy with specific recommendations for how to reconstruct the mortgage finance system, bring new models for first-time homeownership to scale, link affordable rental housing with economic opportunities for families, and forge more effective connections between housing programs and transportation, environment and education policy. Read the press release.
Keynote Address:
Shaun Donovan
Secretary, Department of Housing and Urban Development
Conference Address:
Bruce Katz
Vice President and Director of the Metropolitan Policy Project, The Brookings Institution; Leader, HUD Agency Review Team, Obama-Biden Transition
Henry Cisneros
Executive Chairman, CityView; former Secretary, Department of Housing and Urban Development
Keynote Roundtable Discussion:
After the Credit Freeze Thaws: Are Mortgage-Backed Securities the Best Way to Finance American Homeownership?
Mortgage-Backed Securities supposedly created an efficient, low-risk mechanism for international capital markets to finance homeownership for large numbers of Americans. Now that we have seen some of the downsides of MBS, what role should they play in the mortgage finance system? Should we instead require mortgage originators to retain more of the risk of loan default – perhaps through covered bonds? This keynote roundtable featured some of the leading thinkers in finance, academia and government debating these questions.
Panels:
Panel 1: Connecting the Dots Between Housing, Transportation, Energy and the Environment
How can the federal government encourage more sustainable housing development in denser, less auto-dependent, more energy efficient communities? Can we make substantial gains in sustainability without significantly increasing housing prices?
Panel 2: From Front Yards to Schoolyards: Linking Housing Policy and School Reform
This panel explored how a child’s housing and neighborhood conditions affect his or her educational experience and performance. It also examined the ways in which housing investment and construction decisions shape schools and neighborhoods. Panelists discussed what we know, and what we need to learn, about the way that education policy fits into a broader discussion of community development and federal housing policy.
Panel 3: Where Do We Go From Here?: The Future of Fannie and Freddie
Fannie Mae and Freddie Mac historically have played a central role in the housing finance system, but after being placed in conservatorship this summer, their future is unclear. This panel addressed whether the post-crisis Fannie and Freddie should be wholly owned by the government, completely privatized, or regulated under a public utility model.
Panel 4: Reclaiming the Promise of Homeownership: New Models to Help First-Time Homebuyers Achieve Stability and Build Wealth
Over the last several years, first time homeownership has been transformed from a stepping stone to the American Dream to a nightmare. This panel examined the most promising models for promoting sustainable homeownership for working class and low income families. The panelists also explored the specific steps the new administration should take to move the best ideas to scale.
Panel 5: Affordable Rental Housing Programs: Building Real Opportunities for Families
How can the federal government better support the creation of affordable rental housing that not only provides shelter for low-income households, but also opens doors for low income families to improve their economic opportunities? Speakers explored how to improve coordination between production and voucher programs to ensure that affordable rental housing is built in high opportunity neighborhoods with good schools and jobs, and is paired with programs to help tenants acquire skills, earn more, and build savings.
