US Housing and Housing Finance Conference
APRIL 12, 2018
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Overview

After a tumultuous decade, the US housing and housing finance markets have settled into a new state in recent years. Low home ownership and interest rates, limited single family construction, unresolved housing finance reform, strong mortgage credit quality and home price appreciation have all become features of the environment. In doing so, their coexistence defies many historical and expected trends.  

However, change lies ahead. The only sure thing about the current recovery and economic expansion is when, not if, conditions will shift. Meanwhile, policy makers are increasingly re-evaluating and further moderating their responses to the financial crisis, and the credit box is loosening. 

Moody’s Housing and Housing Finance Conference provides a unique platform to network and to have an intelligent conversation around these critical topics.  Policy experts, senior industry leaders, and senior Moody’s analysts from various ratings groups engaged in housing will help you think about the trends and issues relevant to assessing what’s coming next.

The following will be discussed:

  • What risks are being under-appreciated after a period of low rates and volatility and a pause in regulatory changes?
  • Which policy reforms and disruptive innovations are having a real impact on the housing and housing finance markets? 
  • How will tax reform affect the housing market?
  • How much further will credit availability expand, or is there a tightening over the horizon?
  • How will rising interest rates and supply/demand dynamics impact home prices amid falling affordability?
Don’t miss this unique opportunity!
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Agenda

8:15 AM
Registration & Breakfast
8:15 AM
Pre-Conference Workshop: Adding insight to your analysis through Moody’s CreditView and DataBuffet
9:00 AM
Welcoming Remarks
Gregory W. Bauer, Managing Director, Global Banking, Moody’s Investors Service
9:15 AM
Opening Address
Mark Zandi, Chief Economist, Moody’s Analytics
9:45 AM
Macro-trends: Policy Initiatives & Market Innovation
This panel will explore the key issues and trends impacting US housing and housing finance over the medium term as the recovery reaches a later stage, policy makers reassess the actions taken following the financial crisis, and market participants continue to innovate.
  • What risks are being under-appreciated after a period of low rates and volatility and a pause in regulatory changes?
  • Which policy reforms and disruptive innovations are having a real impact on the housing and housing finance markets?
  • How will tax reform affect the housing market?
  • How much further will credit availability expand, or is there a tightening over the horizon?
  • How will rising interest rates and supply/demand dynamics impact home prices amid falling affordability?
SPEAKERS
  • Anne Van Praagh, Managing Director, Credit Strategy & Research, Moody’s Investors Service (Moderator)
  • Meg Burns, Senior Vice President for Mortgage Policy, Housing Policy Council, The Financial Services Roundtable
  • Edward Golding, Nonresident Fellow, Urban Institute
  • Eric Kaplan, Director, Housing Finance Program, Milken Institute – Center for Financial Markets
  • Mark Zandi, Chief Economist, Moody’s Analytics
10:45 AM
Networking Break
11:00 AM
Market Responses: Today’s Opportunities and Challenges
This panel will highlight how home builders, lenders, landlords, housing finance authorities and others are approaching the current environment and preparing for what comes next. 
  • How are practitioners responding to demographic trends and industry changes?
  • What “disruption” is actually having an impact on the housing and housing finance markets?
  • How are housing and housing finance businesses preparing for the next stages in the economic and policy environments?
SPEAKERS
  • Luisa De Gaetano, Associate Managing Director, Structured Finance, Moody’s Investors Service (Moderator)
  • David Singelyn, Chief Executive Officer, American Homes 4 Rent
  • Bryan Sullivan, Chief Financial Officer, loanDepot
  • Hazim Taib, Chief Financial Officer, Connecticut Housing Finance Authority
  • Douglas C. Yearley, Jr., Chief Executive Officer, Toll Brothers
12:00 PM
Luncheon & Keynote Address
A leading industry advisor offer his take on the long view with a focus on the demographic and technological developments that have begun to come into play and will shape the landscape over the next decade.
John Burns, Chief Executive Officer, John Burns Real Estate Consulting; author of Big Shifts Ahead: Demographic Clarity for Businesses
1:30 PM
Breakout Sessions I
Track A: Disruptive Technologies and their Impact on Housing and Housing Finance
This session will discuss how technology is changing and potentially disrupting the housing and housing finance markets. It will discuss the potential credit implications for lenders, servicers, home builders, REITs, public housing agencies, mortgage insurers and the securitization markets. 
  • What “disruption” is actually having an impact on the housing and housing finance markets?
  • What is the impact of eClosings and eMortgages on housing finance?
  • What is the potential of Blockchain to disrupt?
Track B: Home Builder Optimism Continues to Grow
This session will discuss how reclaiming peak ratings by the cross over homebuilding credits will be very challenging despite their excellent operating performance, how consolidation activity can impact ratings migration, and how obtaining a low cost, secure land supply without tying up significant capital will inure to the
benefit of those who can pull it off.
  • Buy, or be bought. Consolidation activity heating up
  • Hurdles for Ba1 homebuilders to cross over to Investment Grade
  • Obtaining a secure lot supply – new paradigms
Track C: Evolving Trends in U.S. Rental Markets – A Cross-Sector Perspective
This session will discuss how evolving trends in the rental market impact the performance and decision-making of REITs, housing finance agencies and multifamily and single-family rental securitizations. Particular emphasis will be placed on affordability and demographic trends.
  • The future of affordability and how it will affect the rental market
  • Changing demographics and their influence on different rental sectors
  • Drivers of future growth
Track D: How the RMBS Market’s New Era of Growth Is Shaping Up
This session will discuss developments affecting RMBS as a new era for the market matures, including how an expanding credit box is affecting prime deals, how the GSEs’ risk transfer programs are changing and the latest issues in mortgage servicing.
  • Origination, issuance and performance trends in prime and re-performing loans, warehouse lines, reverse mortgages and more
  • What’s new in GSE risk transfer deals: affordability programs, flexibilities for lenders and non-synthetic deals
  • Dissecting the servicing landscape, with updates on regulatory and technological developments
2:40 PM
Breakout Sessions II
Track E: State Housing Finance Agencies Adjust to Changing Market
This session will discuss the evolution of the HFA business model in 2018, our expectations for single and multifamily loan originations, as well as financial performance trends.
  • HFA business model in 2018
  • Loan originations and loan performance
  • Financial performance
Track F:  How will the remarkable gain in non-banks’ prominence shape the mortgage lending industry?
The mortgage lending market has shifted dramatically from banks to non-bank mortgage companies over the last several years. This breakout session will explore the key drivers and credit implications of this trend.
  • What has driven and what continues to drive non-banks market share gains?
  • Impact of the changing industry landscape on financing, mortgage products, and borrower experience?
  • Impact of technology on business models – who is ahead in the tech race?
  • How will the evolving regulatory environment affect the banks vs the non-banks?
Track G: Regional Housing Market Outlook: Divergence Starts to Increase
This breakout session will look at the housing outlook by region. In addition to the usual regional imbalances, U.S. housing markets now face continued interest rate tightening by the Fed and reduced tax deductibility for home purchasers. How different housing markets react to these shocks will depend on their current housing affordability, existing rent burden, and the combination of current home valuation and property tax rates.
3:40 PM
Conference Concludes
This panel will explore the key issues and trends impacting US housing and housing finance over the medium term as the recovery reaches a later stage, policy makers reassess the actions taken following the financial crisis, and market participants continue to innovate.

Featured Speakers

John Burns
Chief Executive Officer
John Burns Real Estate Consulting: author of Big Shifts Ahead: Demographic Clarity for Businesses
Meg Burns
Senior Vice President for Mortgage Policy
Housing Policy Council, The Financial Services Roundtable
Edward Golding
Nonresident Fellow
Urban Institute
Eric Kaplan
Director, Housing Finance Program
Milken Institute – Center for Financial Markets
David Singelyn
Chief Executive Officer
American Homes 4 Rent
Chief Financial Officer
loanDepot
Hazim Taib
Chief Financial Officer
Connecticut Housing Finance Authority
Douglas C. Yearley, Jr.
Chief Executive Officer
Toll Brothers
Mark Zandi
Chief Economist
Moody's Analytics

Event Countdown

Venue

Join us at Moody's Headquarters:
7 World Trade Center
250 Greenwich Street
New York, NY 10007

Contact

Minsun Pak, Assistant Director, Events and Outreach
212.553.3268  /  minsun.pak@moodys.com

Press inquiries to email: mediarelations@moodys.com

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