Location: Canada

Housing Finance in Today's World: Challenges, Opportunities and Crises

Day One – Wednesday, 20 September 2006

Housing Finance from a National Perspective

Opening Ceremony (8:30- 9:00)

Welcome by Ted McGovern - President, International Union for Housing Finance

Welcome by Karen Kinsley - President, Canada Mortgage and Housing Corporation

 

Keynote Address (9:00-10:30)

Housing Bubbles and Bubble Markets – Implications for Policy Makers, the Housing Finance Industry and Consumers

09:00 - 09:30 Robert Shiller - Yale University, USA

09:30 - 10:00 Jim Power - Friends First, USA

Moderator: Adrian Coles Building Societies Assoc. UK

10:00 - 10:30 Questions /debate and open discussion

 

Session 1 - Housing Finance and the Economy - Trends and Issues in Selected Regions (10:45-12:20)

Where is housing finance headed? Housing finance is undergoing a global transformation and it isn't limited to a few developed economies. This session will consider trends and key challenges for the next 5 years from both the larger mortgage markets, as well as some of the fastest developing economies. What is setting each market apart from the others, what opportunities does this market present and what dangers will it face?

10:45 - 11:05 Mattias Persson Sveriges - Riksbank/BIS, Sweden

11:05 - 11:25 Anish Shah - GE Money

11:25 - 11:45 Manuel Zepeda - UNIAPRAVI, Latin America

11:45 - 12:05 Depak Parekh - HDFC, India

Moderator: Torben Gjede Realktreditradet Denmark

12:05 - 12:20 Questions/Open discussion

 

Session 2 - Concurrent Sessions (13:50-15:35)

Session 2A. - Expansing the Reach of Housing Finance in Developing Countries & Emerging Economies

Making housing finance more affordable for more people and for underserved households is a challenge everywhere. Is housing finance more accessible today than five years ago? What are the recent success stories and promising new initiatives? What lessions have we learned? Are specialised housing finance institutions at risk with the growing involvements of universal commercial banks? This session will present succssful case studies from diverse continents.

13:50 - 14:10 Manuel Campos - Hipotecaria Su Casita, Mexico

14:10 - 14:30 Kapil Wadhawan - DHFL, India

14:30 - 14:50 Cas Coovadia - The Banking Association, South Africa

14:50 - 15:10 Zaigham Mahmood Rizvi - House Building Finance Corporation, Pakistan

Moderator: Anne Gaboury - Développement International Desjardins, Canada

15:10 - 15:35 Questions and Open Discussion

 

Session 2B. - Basel II

Changes to the bank regulations for risk based capital are likely to have a profound impact on all housing finance institutions. National regulators will retain a great deal of discretion in how they interpret and implement Basel II. What is happening in key markets and how are housing finance institutions responding? How can small institutions compete with larger ones, or institutions from emerging markets compete with multinational institutions? What will be the impact on institutions offering instruments such as securitisations and mortgage insurance?

14:00 - 14:20 Andreas Lehnert - US Federal Reserve, USA

14:20 - 14:40 Diane Casey Landry - America’s Community Banker, USA

14:40 - 15:00 Gary Miller, Genworth Financial, USA

15:00 - 15:20 Tomy Porter - PMI Mortgage Insurance Company

Moderator: Simon Walley - European Mortgage Federation, Belgium

15:20 - 15:30 Questions and Open Discussion

 

Session 3 - Concurrent Sessions (15:45-17:00)

Session 3A. - Regulatory Framework for Mortgage Insurance in New Markets

Mortgage insurance has played an important role in the success of several developed markets. Mortgage insutrance companies by their nature take on large amounts of credit risk. To be viable, mortgage insurance must balance the promotion of better access to housing finance with the need to ensure safety and soundness of the insurance and financial sector. What is the best approach to regulate mortgage insurance companies? What approached have been tried in new mortgage insurance markets such as Mexico or Serbia and what has been learned? What is the perspective of a global operator on entering a new market?

15:45 - 16:05 Guillermo Babatz - Sociedad Hypotecara Federal, Mexico

16:05 - 16:25 Aleksandar Jovic - National Mortgage Ins. Corp., Serbia

16:25 - 16:45 Eric Klopfer - United Guarantee, USA

Moderator: T. Elliot - CMHC, Canada

16:45 - 17:00 Questions and Open Discussion

 

Session 3B. - Role of Government

For almost every sucessful mortgage market, government has played a critical role in the market's development and on-going adaptation to changing environments. What have we learned from major developed and emerging markets about what works and what doesn't? More generally, what tools should governments apply and at what stages? When is it time for government to turn things over to the private sector? And what is the optimal balance between government and the private sector?

15:45 - 16:05 Khan Prachuabmoh - Government Housing Bank, Thailand

16:05 - 16:25 Alex Pollock - American Enterprise Institute, USA

16:25 - 16:45 Michael Coogan - Council of Mortgage Lenders, UK

Moderator: Loic Chiquier - The World Bank

16:45 - 17:00 Questions and Open Discussion

 

DAY 2 -Thursday, 21 September 2006

Housing Finance from a Business Perspective

Session 4 - Natural Disasters and Housing Finance: The Cases of Turkey and New Orleans (8:30-9:30)

Natural disasters have devastating effects on families and their loved ones. Survivors face the bureaucracy of insurance claim policies, pledged government support and/or depleting their savings in order to rebuild their housing or find new shelter. How have individuals and institutions coped through recent disasters in New Orleans and Turkey? Are there new roles for housing finance or insurance institutions?

08:30 - 08:55 Jay Brinkman - Mortgage Bankers Association, USA

08:55 - 09:20 Feyzullah Yetgin - Association of Real Estate Invest. Companies (GYODER)

Moderator: Stephen Timewell - The Banker

09:20 - 09:30 Questions and Open Discussion

 

Session 5 - Primary Market: Going Global? (9:30-10:45)

Building on domestic success, more and more mortgage lenders are exploring other markets. What is their strategic rationale for going global? What are the biggest risks and challenges for these mortgages lenders? What have been their preferred strategies? And most importantly, what have been the results? Should we expect an acceleration of this trend? This session will examine four case studies.

09:30 - 09:50 Renu Karnad - Housing Development Finance Corporation Limited, India

09:50 - 10:10 Christopher Nordeen - GMAC-RFC, USA

10:10 - 10:30 Patrick Field - Bank of Nova Scotia

10:30 - 10:50 Andreas Zehnder - European Federation of Building Societies, Germany

Moderator: Herbert Pfeiffer - Prvá Stavebná Sporitelna, Slovakia

10:45 - 11:00 Questions and Open Discussion

 

Session 6 - Secondary Market: Issues and Challenges (11:00-12:30)

As mortgage lending continues to grow throughout the globe, developing responsive and varied funding mechanisms become more critical. What does the future look like for mortgage bonds and securitisation in the USA and Europe? How has the secondary mortgage market evolved in Mlaysia and what instruments have been successful?

11:00 - 11:20 Michael Lea - Cardiff Economic Consulting, USA

11:20 - 11:40 Alexander Batchvaroiv - Merrill Lynch

11:40 - 12:00 Louis Hagen - European Covered Bonds Committee

12:00 - 12:20 Raj Vikash Verma - National Housing Bank, India

Moderator: Britt Gwinner - The World Bank

12:20 - 12:30 Questions and Open Discussion

 

Session 7 - Consurrent Sessions (14:00-15:35)

Session 7A. - IFI's, Multilateral and Bilateral Institutions: Lessons Learned in Housing Finance

The housing industry can be a major economic driver and therefore, within emerging and developing markets, several multilateral and bilateral agencies are raising their priority on the housing finance sector. This session will explore a number of critical questions such as: What is the best housing finance model? What is the right time to launch liquidity instruments or credit risk instruments? How do we create an operating environment in these new markets where local or regional companies can compete on an equal basis with North American and European companies?

14:00 - 14:20 Kenroy Dowers - International Finance Corporation

14:20 - 14:40 Loïc Chiquier - The World Bank

14:40 - 15:00 Robert Bestani - Asian Development Bank

15:00 - 15:20 Gerhard Engel - Netherlands Development Finance Company (FMO)

Moderator: Soula Proxenos - Housing Solutions International

15:20-15:35 Questions and open discussions

 

Session 7B. - Innovation / Alternative Housing Finance

Competition is a powerful driver of innovation and responses vary in different markets. Flexibility is the key for new mortgage products and services available in the United Kingdom. Some lenders, small and large, want to increase their competitiveness in off shoring their back office functions - how has this worked? In developing regions, new institutions are addressing specialised or underserved markets such as Shariah-compliant mortgages.

14:00 - 14:20 Mike Lazenby - Kent Reliance Building Society, UK

14:20 - 14:40 Larry Banda - Nationwide Building Society, UK

14:40 - 15:00 Tahir Naseem - Univorn Investment Bank

15:00 - 15:20 Friedemann Roy - Bankakademie, Germany

Moderator: Calder Hart - Home Mortgage Bank

15:20 - 15:35 Questions and Open Discussion

 

General Council Meeting (16:00 - 17:00)

 

DAY 3 - Friday, 22 September 2006

Housing Finance from a Consumer Perspective

Business respond to massive demands from an educated public with ever-increasing flexibility in products. But, in order to qualify borrowers, businesses need more private data - how are legislation and the industry handling this potential conflict? What is the basis for competition in different markets today - what separates  the leaders?

 

Session 8 - Housing Finance and the Consumer (8:30 - 09:50)

This session will explore the critical issues currently being debated in major regions and countries concerning consumer protection. Do laws and legal practices fairly represent the rights of both mortgage institutions and consumers? How can credit bureaus or other institutions that collect and disburse this data best abide by these laws and maintain ethical practices? What is the public perception of privacy questions? Is consumer over-indebtedness an issue? Whose issue is it?

08:30 - 08:50 Doug Duncan -Mortgage Bankers Association , USA

08:50 - 09:10 Chumpunute Sumanaseni - Government Housing Bank, Thailand

09:10 - 09:30 Annik Lambert - European Mortgage Federation, Europe

Moderator: Matthew Bullock - Norwich and Peterborough Building Society, UK

09:30 - 09:50 Questions and Open Discussion

 

Session 9 - How Organizations Adapt to New Consumer Needs (10:05-11:05)

How do leading companies attract and retain customers? What feedback mechanisms do they employ to identify consumer needs and preferences? What is their customer service philosophy and how are they organised to deliver it? What has been the impact? Leaders and wared winning institutions tell us how it is done.

10:05 - 10:20 Tony Moroney - EBS Building Society

10:20 - 10:35 Ian Warner -  VanCity, Canada

10:35 - 10:50 Andy Bielanski - Countrywide, USA

Moderator: Johhan Ertl - Raiffeissen Bausparkasse

10:50-11:05 Questions and Open Discussion

 

Session 10 - Lessons Learned and Best Practices (11:05 –12:15)

Review and summary of discussions, conclusions and learning points from previous two and a half days.

Annik Lambert - European Mortgage Federation, Europe

Cas Coovadia - The Banking Council, South Africa

Manuel Zepeda - UNIAPRAVI, South America

Doug Duncan - Mortgage Bankers Association, USA

Pierre David - Canada Mortgage and Housing Corporation

Moderator: Adrian Coles - Building Societies Association, UK

 

Closing Speech (12:15-12:30)

Incoming President, International Union for Housing Finance