November 13, 2007
Robert T. Parry
Former President and CEO, Federal Bank of San Francisco
Michael W. Perry
Chairman and CEO, IndyMac Bancorp
Richard F. Syron
Chairman and CEO, Freddie Mac
Program: 4:00 PM - 6:00 PM
Reception 6:00 PM - 7:00 PM
The recent credit crunch in the mortgage market has infused capital markets with great tumult. These events created a timely opportunity for FCFI and the Ziman Center for Real Estate to bring together an elite group of speakers and audience members to discuss volatility in the markets and the global tightening of liquidity.
On November 13, the centers hosted an executive briefing on real estate markets and the macroeconomy. The event featured a discussion with three distinguished members of the business community: Robert Parry, Former President and CEO, Federal Reserve Bank of San Francisco, Michael Perry, Chairman and CEO, Indymac Bancorp, and Richard Syron, Chairman and CEO, Freddie Mac. Professor Richard Roll, Director of FCFI and Professor Stuart Gabriel, Director of the Ziman Center, chaired and moderated the briefing.
Panelists engaged in a candid discussion of factors that brought us to where we are today which include worldwide liquidity, historically low interest rates, public policy in favor of single family home ownership, innovation in mortgage lending, and all around fear and greed. Going forward, solutions offered included rent-to-own, rescuing a portion of sinking loans, greater transparency although not SOX restrictive, and greater attention to pricing risk.