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On May 28-29, 2008, the National Governors Association Center for Best Practices hosted the State Summit on Foreclosures and Housing Solutions in Arlington, Virginia. Minnesota Governor Tim Pawlenty and Pennsylvania Governor Edward G. Rendell opened the session with a governors roundtable discussion moderated by Diana Olick, CNBC’s Emmy Award winning real estate correspondent. The roundtable was also joined by Dr. Mickey Levy, chief economist for Bank of America. The State Summit on Foreclosures and Housing Solutions offered state policymakers the opportunity to hear from national experts on actions states could take to mitigate the rising number of foreclosures, prevent future foreclosures, and sustain neighborhoods in a weakening economy. Sessions held during the summit addressed: - Current and projected economic conditions, including housing and related industries;
- Programs and strategies for working with at-risk borrowers to avoid foreclosure;
- Efforts to sustain neighborhoods hard-hit by multiple foreclosures;
- Policies to improve the loan origination process to avoid future foreclosure risks and fraud; and,
- What state policymakers can learn from past housing crises.
Meeting Resources - Agenda
- Speaker Bios
- Sessions Materials:
- Economic Context
- The Economic Impact of Foreclosures Presentation
- Governors’ Roundtable Summit Video | Summit Audio
- Q&A with Expert Economists
- Remarks Dr. Alice Rivlin
- Lessons from the Past Presentation
- Dr. Susan Wachter, Professor of Financial Management and Real Estate, The Wharton School, University of Pennsylvania
- Panel Discussions
- Working with At-Risk Borrowers
- Neighborhood Stabilization
- Joseph Schilling, Director of Policy and Research, National Vacant Properties Campaign
- Ali Solis, Vice President for Public Policy, Enterprise Community Partners
- Dr. Ira Goldstein, Director of Policy & Information Services, The Reinvestment Fund
- Policies to Prevent Future Foreclosures
- Michael Stevens, Senior Vice President and Director of Regulatory Affairs, Conference of State Bank Supervisors
- Alan Mallach, Visiting Scholar, Federal Reserve Bank of Philadelphia
- State Initiatives
- Comprehensive State Foreclosure Prevention Programs Presentation
- State Innovations Presentation
- Dean Martinez, Secretary, Illinois Department of Financial & Professional Regulation
- Tom E. Perez, Secretary, Maryland Department of Labor, Licensing and Regulatio
- NGA Resources:
Economic Context
The Economic Impact of Foreclosures
Dr. Mark Zandi, Chief Economist, Moody’s Economy.com, provided an overview of the economic landscape in the midst of a rapidly changing housing market. He examined the impact of falling housing prices and what this means for states. Additional Resources Governors’ Roundtable
Governors Pawlenty and Rendell along with Dr. Levy discussed the challenges of the housing market and opportunities for sustaining homeownership. The governors discussed state efforts help homeowners at risk of foreclosure, while Dr. Levy provided a national economic perspective.
To watch or listen to the Governors’ Roundtable:
Summit Video | Summit Audio
Moderator: Diana Olick, Real Estate Reporter, CNBC - Governor Tim Pawlenty, State of Minnesota, NGA Chair
- Governor Edward G. Rendell, Commonwealth of Pennsylvania, NGA Vice Chair
- Dr. Mickey Levy, Chief Economist, Bank of America
Additional Resources: Q&A with Expert Economists
This session was designed to give state participants the opportunity to ask two of the nation’s top economists about their opinions on the causes of current economic conditions and the future of the economy.
Moderator: John Thomasian, Director, NGA Center for Best Practices - Dr. Mark Zandi, Chief Economist, Moody’s Economy.com
- Dr. Mickey Levy, Chief Economist, Bank of America
Additional Resources Luncheon Remarks
Dr. Alice Rivlin, Senior Fellow, Brookings Institution, discussed federal policy on foreclosure and how states fit in to the federal response. Lessons from the Past
Dr. Susan Wachter, Professor of Financial Management and Real Estate, The Wharton School, University of Pennsylvania, gave an overview of lessons learned based on policy responses to past housing crises. Panel Discussions
Working with At-Risk Borrowers
This panel discussed the importance of reaching out to at-risk borrowers and connecting them with counseling and resources to help them stay in their homes.
Moderator: Ingrid Beckles, Vice President of Servicing & Asset Management, Freddie Mac - Mark Pearce, Deputy Commissioner of Banks, North Carolina Office of the Commissioner of Banks
- Faith Schwartz, Executive Director, HOPE NOW
- Eileen Fitzgerald, Chief Operating Officer, NeighborWorks America
- Dr. Chris Hoene, Director of Policy and Research, National League of Cities
Additional Resources Neighborhood Stabilization
This panel examined strategies for preventing neighborhoods experiencing multiple foreclosures from falling into decline, including efforts to deal with abandoned and bank-owned properties.
Moderator: Ben Hecht, President and CEO, Living Cities - Joseph Schilling, Director of Policy and Research, National Vacant Properties Campaign
- Ali Solis, Vice President for Public Policy, Enterprise Community Partners
- Dr. Ira Goldstein, Director of Policy & Information Services, The Reinvestment Fund
Additional Resources Policies to Prevent Future Foreclosures
In this session, speakers discussed policy options for combating future foreclosures. The panel also explored the tension between government regulation and financial innovation.
Moderator: Bill McKinney, Vice President of Member and Market Development, Thrivent - Michael Stevens, Senior Vice President and Director of Regulatory Affairs, Conference of State Bank Supervisors
- Kieran Quinn, Chairman, Mortgage Bankers Association
- Alan Mallach, Visiting Scholar, Federal Reserve Bank of Philadelphia
Additional Resources State Initiatives
Comprehensive State Foreclosure Prevention Programs
State representatives discussed their states’ comprehensive approaches to help at-risk borrowers, sustain neighborhoods, prevent foreclosures, and address the needs of displaced children and families.
Moderator: Garth B. Rieman, Director of Housing Advocacy and Strategic Initiatives, National Council of State Housing Agencies - Heather Peters, Chair, California Governor’s Interdepartmental Task Force on Non-Traditional Mortgages
- Jennifer Flatter, Legislative Liaison, Ohio Department of Commerce
Additional Resources State Innovations
State representatives discussed unique programmatic and legislative efforts to curb foreclosures and assist homeowners.
Moderator: James M. Peffley, Director of Housing Finance Authority Business Strategies, Fannie Mae - Dean Martinez, Secretary, Illinois Department of Financial & Professional Regulation
- Tom E. Perez, Secretary, Maryland Department of Labor, Licensing, and Regulation
- Daniel C. Crane, Undersecretary, Massachusetts Office of Consumer Affairs and Business Regulation
Additional Resources - Fannie Mae Foreclosure Resources
- Illinois Foreclosure Prevention Resources:
- Maryland Foreclosure Prevention Resources:
- Massachusetts Foreclosure Prevention Resources:
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