Invited Papers
testimony before U.S. Senate Committee on Banking, Housing, and Urban Affairs, 13 November 2008.
Wharton Real Estate Review XII, Fall 2008.
Despite national economic and real estate market trends that are not unique in U.S. history, the housing market woes of the United States appear to be developing into a historic, adverse episode. Indeed, other countries have experienced the same forces and find themselves with nowhere near the level of U.S. economic repercussions, and their housing markets are not nearly as threatened. The authors argue that the United States experienced a unique expansion of credit and deterioration of residential mortgage lending standards. This shift in the credit supply temporarily fueled housing prices beyond levels justified by favorable demographic and macroeconomic conditions. The subsequent withdrawal of credit has resulted in severe housing market declines as well as contributed to the adverse macroeconomic conditions in place today.
Communities & Banking, Federal Reserve Bank of Boston, Spring 2008
testimony before The House Committee on Oversight and Government Reform hearing titled “Executive Compensation II: CEO Pay and the Mortgage Crisis” on March 7, 2008.
Building Geographic Management Systems: Tackling Critical Policy Needs for the Nation’s Future, Congressional Briefing, Consortium of Social Science Associations, June 14, 2006.
Federal Reserve Bank of Chicago, Conference Proceedings, Chicago, IL, April 2005.
Wharton Real Estate Review IX, Spring 2005.
Wharton Real Estate Review VIII, Spring 2004.
reprinted in Oversight of Government Sponsored Enterprises: The Risks and Benefits of GSEs, Committee on Governmental Affairs, Subcommittee on Financial Management, the Budget and International Security, U.S. Senate, Congressional Record, July 21, 2003, One Hundred Eighth Congress, Serial No. 108-215, 181 – 183.
Housing Welfare, Policy and Financing, (Seoul, Korea: Korean National Housing Corporation, 2002), 151-188.