| Preliminary
Agenda |
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Monday,
March 10, 2003
| 0830 |
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Breakfast
(outside H Auditorium, World Bank H Building,
600 19th Street, NW, Washington, D.C.) |
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Session
I: Housing Finance Challenges in Emerging Market
Countries
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0900–
0915
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Welcoming
Remarks
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Greeting
- Loic
Chiquier, Lead Housing Finance Specialist,
FSOPD, World Bank
|
0915–
0945 |
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Introduction
to Housing Finance in Emerging Markets
This
presentation will introduce the nature of housing
finance markets in developing countries. Why
is housing finance important? What are the relationships
between the housing sector, macro-economy and
housing finance in emerging markets? The discussion
will set the stage for further exploration of
housing finance policy and more technical discussions
of mortgage markets, securitization and other
topics.
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| Session
II: Infrastructure for Housing Finance Markets |
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0945–
1030 |
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Land
and Urban Development Regulations
What
role can land and urban development regulations
play toward making housing more affordable to
finance?
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1030–
1100 |
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Coffee
Break
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1100–
1145 |
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Urban
Land and Property Titles
Land
and property titles are a fundamental component
of an effective housing finance system. This
presentation will explore issues related to
property ownership, including: enforceability
and transferability of property; titling and
wealth creation; registration systems; insurance
and regularization programs. Why do some markets
witness unusually high levels of inefficient
or ‘dead’ assets? How can this problem
be addressed?
- Austin
Jaffe, Philip H. Sieg Professor of Business
Administration and Research Director, Institute
for Real Estate Studies, Smeal College of
Business Administration, Pennsylvania State
University (download
100 kb PDF)
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1145–
1230 |
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Housing
Collateral and Foreclosure Laws
What
legal, judiciary, and cultural factors impede
the development and implementation of effective
collateral and foreclosure laws, and what is
the impact on housing finance? This presentation
will explore the different types of liens, the
civil and common law environments, as well as
specific co-ownership issues, enforceable collateral
reforms and innovations. The speakers will apply
case studies from various emerging markets to
illustrate reforms in action.
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1230–
1400 |
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Lunch
(Participants will be provided
with vouchers for lunch in any of the World
Bank cafeterias.)
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| Session
III: Primary Mortgage Lending in Emerging Economies |
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1400–
1500 |
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Housing
Finance in Emerging Markets
This
presentation will lay out the key functions
of housing finance, including: origination,
underwriting, property appraisal, credit scoring,
and servicing. How can policymakers manage related
risks, and what models and institutions exist
for funding? The presentation will also explore
special circuits and the unbundling process,
and it will examine the design, affordability,
robustness, and profitability features of various
credit products in developing countries.
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1500–
1545 |
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Disclosure
and Consumer Protection
This
presentation will explore the benefits for lenders
and borrowers of disclosure and consumer protection
regulations. What have we learned about comparative
standards, household privacy, and credit information
schemes? How can policymakers provide the best
education and credit advice?
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1545–
1600 |
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Coffee
Break
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1600–
1645 |
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Case
Study
This
case study will offer a practitioner’s
perspective on primary mortgage lending in an
emerging market.
|
1645–
1730 |
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Microfinance
Applied to Housing
What
are the best practices in microfinance applications
for housing? This session will explore the bridges
to mortgage finance, policy implications, and
limits to the use of microfinance in the housing
sector.
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Tuesday,
March 11, 2003
| 0830 |
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Breakfast
(outside H Auditorium, World Bank H Building,
600 19th Street, NW, Washington, D.C.) |
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Session
IV: Mortgage Funding in Emerging Market Countries
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0900–
0935
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Deposit-based
Model
The
deposit-based model still prevails in many countries,
and has given rise to various types of housing
saving schemes and specialized depository institutions.
This presentation will explore these institutions,
their functions and benefits.
|
0935–
1010 |
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Contractual
Housing Savings Schemes
What
are the main features, variants, objectives,
policy, and regulatory lessons for such schemes
to operate as efficient housing finance policy
tools in emerging economies?
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1010–
1045 |
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Capital
Market Funding
How
do capital market funding models function in
emerging economies? This presentation will lay
out the respective features, purposes, economic
rationale and prerequisites of various models
for capital market funding in housing finance
markets.
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1045–
1100 |
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Coffee
Break
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1100–
1145 |
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Liquidity
Facilities
What
are the roles and limits of liquidity facilities?
What are the best practices in developing and
regulating them?
|
1145–
1215 |
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Case
Studies: Mortgage Liquidity Facilities
These
case studies will explore the best practices
and lessons learned from liquidity facilities
in various emerging markets.
|
1215–
1300 |
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Mortgage
Bonds
What
are the role and limits of decentralized mortgage
bonds issued by universal or specialized banks?
What best practice examples have we seen?
|
1300–
1400 |
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Lunch
(Participants will be provided
with vouchers for lunch in any of the World
Bank cafeterias.)
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| Session
V: Secondary Mortgage Markets in Emerging Market
Countries |
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1400–
1445 |
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Operational
Issues Related to Securitization
This
presentation will explore the basic operational
considerations related to securitization. For
example, what are the pre-requisites to securitizing
mortgages? What standards work best? How should
the servicer operate? Other issues will include:
conduits, true sale, credit enhancements, fiduciary
issues, etc.
|
1445–
1530 |
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State
Support of the Secondary Mortgage Market
What
is the economic rationale for state support
of secondary mortgage markets? What are the
requisite infrastructures and conduits? This
presentation will explore the successes and
failures to highlight the policy and regulatory
challenges for state support. Is there an optimal
form of state support?
|
1530–
1545 |
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Coffee
Break
|
1545–
1645 |
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Case
Studies of Secondary Mortgage Markets
The
Korea Case
The
Colombia Case
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1645–
1730 |
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Regulatory
Framework
What
is the appropriate regulatory framework for
mortgage securities? This presentation will
address the key features of a regulatory framework,
taxation and accounting, issuance and trading.
What is the impact of the revised Basle II for
regulation of mortgage securities markets?
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Wednesday,
March 12, 2003
| 0830 |
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Breakfast
(outside H Auditorium, World Bank H Building,
600 19th Street, NW, Washington, D.C.) |
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Session
VI: Design and Best Practices in Social Housing
Policy
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0900–
0945
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Rationale
and Issues Related to Social Housing Policy
The
first half of this session will look closely
at the design of social housing policy, including
the reciprocal relationships between the housing
sector and the macro-economy; affordability
issues and type of finance available; and the
rationale for housing subsidies. How can governments
effectively design and implement housing subsidy
programs?
|
0945–
1030 |
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Design
and Implementation of Housing Subsidy Programs
What
are the key principles for design and implementation,
including incentives, transparency, sustainability
and monitoring? This paper will explore different
targets and instruments and assess their usefulness
for housing finance (for example, delivery of
titled serviced land, neighborhood upgrade,
property tax breaks, interest rate subsidies,
payment buy-downs, upfront grants, rental vouchers,
household advisory services, government-sponsored
enterprise agencies, etc). What are the best
practices in developed and developing economies?
|
1030–
1045 |
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Coffee
Break
|
1045–
1130 |
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Rental
Housing Finance
This
presentation will explore various aspects of
social rented housing finance, including: How
do we bridge the gap between market rent and
affordable rent? What is the key role of finance?
What is the appropriate role of the private
and public sectors in this area?
|
1130–
1230 |
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Discussion
|
1230–
1400 |
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Lunch
(Participants will be provided
with vouchers for lunch in any of the World
Bank cafeterias.)
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| Session
VII: Housing Credit Insurance and Guarantee Schemes |
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1400–
1445 |
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Key
Policy Lessons for Credit Insurance and Guarantee
Schemes
This
presentation will lay out the various models,
objectives, pre-requisites, risks, policy and
operational best practices for credit insurance
and guarantee schemes. What lessons have been
learned from past failures? How can policymakers
manage these schemes to minimize adverse selection
and catastrophic risks? What are the optimal
forms of state sponsorship? What are the related
contingencies, regulations and sunset strategies?
|
1445–
1700 |
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Case
Studies of Credit Insurance and Guarantee Schemes
Following
the discussion of general policy frameworks,
a panel will share various experiences in the
application of these schemes.
- Sally
Merrill, Senior Associate, The Urban Institute
(download
252 kb PowerPoint presentation)
- Pierre
David, Directeur Exécutif, Canadian
Mortgage and Housing Corporation (download
408 kb PowerPoint presentation)
- Robert
M. Buckley, Lead Economist, TUDUR, World
Bank (download
312 kb PowerPoint presentation)
- Eric
Klopfer, Vice President, European Mortgage
Insurance Operations, GE Capital (download
580 kb PowerPoint presentation)
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| 1715 |
|
Bus
departs from outside H Auditorium for Fannie
Mae reception, located at 3900 Wisconsin Avenue,
N.W., Washington, D.C.
|
1745–
2000 |
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Reception
(Great Hall, Fannie Mae). Address by
Dan Mudd, Chief Operating Officer, Fannie Maw
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| 2000 |
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Bus
departs from Fannie Mae, returning to World
Bank H Building at 2015.
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Thursday,
March 13, 2003
| 0830 |
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Breakfast
(outside H Auditorium, World Bank H Building,
600 19th Street, NW, Washington, D.C.) |
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Session
VIII: Primary Market Essentials
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0900–
0945
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Case
Studies: Specific Products in Emerging Markets
This
presentation will examine specific products,
including: indexed credits, and Islamic housing
lending, and will address the issue of affordable
housing and special populations.
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0945–
1030
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Origination,
Marketing, and Interaction with Real Estate
Players
This
presentation will focus on origination and the
role that marketing plays. What are the roles
of the various real estate players?
|
1030–
1045 |
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Coffee
Break
|
1045–
1145 |
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Case
Study: Delinquency Management and Loss Mitigation
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1145–
1230 |
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Importance
and Ways of Achieving Standardization in the
Primary Market
- Scott
Whipple, Director of Operations, Core
Securitization, Fannie Mae
|
1230–
1400 |
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Lunch
(East Dining Room, World Bank MC Building,
C-1 Level, 1818 H Street, N.W., Washington,
D.C.)
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Session
IX (Track 1): Technology Impact—Please
note, this session will take place in the World
Bank I Building, Room I-8-300.
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1400–
1430 |
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New
Technology and Information Systems
This
presentation will address the impact of new
technology and information systems for cost
reduction and competitiveness.
- Ellen
McWilliams, Director of Information Systems,
Enteprise Systems and Operations, Fannie Mae
and Andrew F. Ellis,
Senior Manager, E-Business Sales/Support,
Fannie Mae)
|
1430–
1500 |
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Demonstration:
Automated Underwriting System
|
1500–
1515 |
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Coffee
Break
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1515–
1700 |
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Impact
of New Technology and IT System Adequacy
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| Session
IX (Track 2): Advanced Course on Mortgage Securitization—Please
note, this session will take place in the World
Bank H Auditorium. |
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1400–
1445 |
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Key
Functional Steps
This
presentation will explore the advanced technical
aspects of each step in the whole securitization
process: issuance, the security class alternatives
(pass-through, structured, stripped), cash flow
concepts, credit enhancement tools, prepayment
analysis, yield measurement, standards, pricing,
moral hazard, and information.
- Larry
Taff, Senior Consultant, Office of Corporate
Learning, Fannie Mae
|
1445–
1515 |
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Role
of the Rating Agency
This
presentation will lay out the role and functions
performed by the rating agency.
|
1515–
1600 |
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Security
Class Alternatives
What
are the main features of security class alternatives?
This presentation will explore the simple, more
common classes of securities.
|
1600–
1615 |
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Coffee
Break
|
1615–
1700 |
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Best
Practices for Mortgage Securities Disclosure
Transparency,
prospectus writing, investors’ protection
and education are all vital components of mortgage
securities disclosure. This presentation will
discuss best practices and the techniques that
work well in emerging markets.
- David
Kalinski, Associate General Counsel, Legal
Department, Fannie Mae
|
1700–
1800 |
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Loan
Pricing, Embedded Credit Options, and Loan Profiles
Effective
pricing of issues requires accurate cashflow
analysis, prepayment analysis, and yield measurement.
This presentation will lay out step-by-step
the processes.
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| 1800 |
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Adjournment
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