Guaranteed to Fail: Freddie, Fannie and the Debacle of U.S. Mortgage Finance
Presented by Prof. Stijn Van Nieuwerburgh
NYU Stern School of Business
Original webcast on March 1, 2011
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This presentation will discuss the origins of the US housing finance system, with a special emphasis on the role of the GSEs Fannie Mae and Freddie Mac. It will discuss how the GSEs became some of the most systemically risky institutions in the entire financial sector and how they became involved in a race to the bottom with the private sector's large complex financial institutions. It will discuss the crisis and conservatorship episode. Finally, the presentation will cover a proposal for how to fix the US housing finance system and contrast it with the U.S. Treasury's recently released proposal.
PRESENTER: Stijn Van Nieuwerburgh joined New York University Stern School of Business as an Assistant Professor in the Finance Department in August 2003.
Professor Van Nieuwerburgh’s primary research areas include finance and macroeconomics. His current work focuses on general equilibrium asset pricing and the role of housing in the macro economy. This research studies investors who are constrained in their borrowing by the value of their housing collateral. This collateral mechanism has important implications for risk premia on stocks and bonds. In new work, he focuses on optimal portfolio choice in the presence of information processing constraints. This research explains the apparent lack of diversification in individual and institutional asset portfolios, both domestically, and internationally.
Prior to earning his Ph.D., Professor van Nieuwerburgh obtained a masters degree in Financial Mathematics from the Mathematics department at Stanford, and a bachelor degree in Economics from the University of Gent in Belgium. He also received the Olin Fellowship from the Stanford Institute for Economic Policy Research and was elected as a National Bureau of Economic Research faculty fellow.
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