25th Anniversary Pamphlet - International Housing Finance Program

the international
housing finance
program
YEARS
anniversary celebration:
[ JUNE 17 + 18, 2010 ]
Samuel Zell/Robert Lurie Real Estate Center
The Wharton School, University of Pennsylvania Philadelphia, PA
OBJECTIVES:
provide neutral and state of the art
education to housing finance industry leaders
- - - To
mission
The International Housing Finance Program (IHFP) was established
in 1985 to foster excellence in housing policy and housing finance
education, research, and technical advisory services, with a
specific focus on developing and emerging market economies.
and policymakers in housing finance system
development; including profitability issues and
risk management in housing finance, innovative
financial instrument design, alternative funding
models, safety and soundness and regulatory
standards, and housing policy analysis.
- - - To provide research and advisory services to
governments and private and non-profit housing
institutions on policy reform and technical and
institutional issues related to housing finance.
- - - To assist academic and professional training
institutions to emerging economies in establishing
high quality education and
capabilities in housing finance.
research
international housing finance program
25 Y E A R S
ORIGINS
1995
THE INTERNATIONAL
HOUSING FINANCE
PROGRAM:
The idea to establish an executive
education program in Housing Finance
with a focus on developing countries was
conceived by Marja Hoek-Smit, then of
the Public Policy School of the University
of Pennsylvania, as a result of her work
in Africa and Asia, while Jack Guttentag
of the Wharton School at the University
of Pennsylvania had independently
2000
a history
{1985–2010}
Between 1985 and 2010 was an exciting
time in housing finance, when housing
finance took off all around the world—
and just about destroyed the global
financial system. The International
Housing Finance Program (IHFP) was
in the middle of much of it, particularly
on the glorious side — the upswing
in mortgage lending in developing
2009
countries. And it just may have played
a small role in preventing the export
of some of the more nefarious parts of
housing finance systems of advanced
economies to emerging markets. At
least it tried. Why did we start the IHFP
and how did the program change with
the needs of the times?
Among the first participants in the IHFP program was the newly
appointed president of Thailand’s Government Housing Bank (GHB),
who was tasked with reforming GHB into an efficient commercial entity
that would compete with the private banks rather than crowd them out.
His relationship with the IHFP developed into an informal advising liaison
between the IHFP and the GHB. All subsequent presidents of the GHB
have attended the program in their first or second year in office, and
IHFP has trained two or three of GHB’s senior staff each year.
been thinking about the need for such a
program. It took William Grigsby of the
City and Regional Planning Department at
Penn to bring the two together, and when
Anthony Santomero, then the Deputy
Dean of the Wharton School, joined, the
IHFP was launched. The first course was
offered at the Public Policy School in
January 1986, with participant funding
from USAID.
Urbanization and population growth had
caused ballooning housing shortages
during the 1970s and 1980s and special
programs like upgrading and siteand-services schemes were woefully
insufficient to address the problem.
Without a strong housing finance sector,
formal housing provision would remain
inadequate. However, housing finance was
mostly provided by government entities
using hidden funding subsidies and below
market interest rates. The Mexican debt
crisis in 1982, the meltdown of Brazil’s
public sector finance system in the
mid-1980s and the ensuing structural
adjustment programs focused attention
on the need for balanced government
budgets, the elimination of hidden
government subsidies and inefficient
government finance systems and the
importance of policies that would support
a larger role for the private sector.
In this context, the first IHFP program was
designed. It was three weeks long and
oriented towards public sector and state
bank officials who lacked experience in
the business of mortgage lending, but
whose role in the development of the
sector was critical. Jack Guttentag taught
the fundamentals of mortgage lending
and mortgage instrument design. But the
most challenging part of the course—
and the topic of fierce discussions—was
Tony Santomero’s lecture on profitability
and risk principles of housing finance
institutions and the limits these pose to
down-market lending.
Apart from the main course at the
University of Pennsylvania, IHFP conducted
a special course for public and state bank
officials from Indonesia (1987), a regional
course for South East Asia (1991), and
workshops for private bankers in India
(1993, 1995, 1996).
international housing finance program
25 Y E A R S
THE VALUE OF
INDEPENDENCE
THE BIRTH OF TRANSITION ECONOMIES
A new challenge presented itself when
former communist countries began the
process of transitioning to market-based
systems, including establishing mortgage
systems where none existed. Debates
ensued about the optimal types of
property rights that would sustain private
housing markets, the most appropriate
types of mortgage lending regimes and
ways to fund the sector, and reforms
of housing subsidies. No mortgage
terminology existed in the Russian
language.
IHFP became an active partner in that
debate. In 1993 IHFP’s Jack Guttentag,
with the help of Russian bankers,
developed the first Glossary of Mortgage
Terms in Russian, and IHFP prepared
the first housing finance curriculum for
transition economies with all readings
and lectures translated into Russian.
The first course in Russian was taught
at the simultaneous translation facilities
at Wharton in the same year. Several
long and shorter courses at Penn and in
transition economies followed: Russia,
Croatia, and later Vietnam, China
and Uzbekistan for the Central Asian
region. Strong emphasis was given
to requirements for and workings of
housing markets as a precursor to the
development of mortgage systems in the
sections taught by Bill Grigsby and Marja
Hoek-Smit.
The early training for transition economies focused on senior government officials
and managers of state financial institutions. In subsequent years more of the
participants from Russia and Poland, in particular, were from the private sector.
Several alumni from those years were encouraged by their experience in the
program to establish innovative mortgage banks or mortgage companies in their
countries using the latest technology for underwriting and originating of loans that
IHFP brought into the classroom.
The neutrality and comparative nature of IHFP became attractive not just for
practitioners from emerging market countries but from advanced economies as well.
The Europeans, specifically Denmark, began to frequent the course; it even attracted
participants from the United States. At the same time, the number of participants
from the private sector increased. In response the main program was shortened
to two weeks, and, in 1995, Peter Linneman welcomed the IHFP to the Zell/Lurie
Real Estate Center of the Wharton School of the University of Pennsylvania. This
move better reflected the IHFP’s mixed business and policy nature. The main course
became an increasingly rich cross-sector and cross-country learning environment,
balancing discussion and instruction.
Those years of transition to market
systems were often confusing for
transition economies and developing
countries alike. There were many systems
and approaches to housing finance to
choose from and many came with strong
proponents who did not always have the
best interests of the receiving country
at heart. An international smorgasbord
of funding systems, types of lending
institutions and instruments, and subsidies
linked to finance existed. What would the
requirements be of all these different
systems and what specific constraint and
risks would they address?
Jack Guttentag developed an entire
lecture on “borrowing models from other
countries” and the factors that should
be taken into account before any such
borrowing would be considered. Michael
Lea joined the team in 1996 to broaden
the international experience. IHFP was
increasingly looked upon as a strong
but neutral voice in the discussion of
alternative ways to develop a mortgage
system. The debate of the pros and cons
of each system, not least the U.S. system,
has remained an important component of
the program.
international housing finance program
25 Y E A R S
Dutse, Nigeria
MBNA, 2005
THE BIG EXPANSION
From the early 1990s onward more
and more developing and emerging
market countries began to experience
a stabilization of their macro-economy:
inflation decreased, economic growth
picked up and the financial sector
expanded. Mortgage lending by private
and public financial institutions increased
globally and access to capital markets
for mortgage lending began to expand in
some countries.
This glorious decade of expansion was not
without its crises, however. Some were a
direct result of non-prudential expansion
of real estate and other lending (the Asian
crisis of 1996/98), while others, such as
the Mexican crisis of 1993/94 and the
Russian crisis of 1998, had mostly other
roots. All had serious negative effects on
mortgage lending, not just domestically
but by contagion in other countries.
Weak regulatory regimes in developing
and emerging market countries raised
concerns among the IHFP team in the
light of private sector expansion in
mortgage lending. In June 1996, Dick
Herring brought his deep understanding
of international banking and safety and
soundness issues related to real estate
lending to the program. Jack added
sessions on consumer protection and
mandatory disclosure. Marja expanded
her lecturers on subsidized finance
systems and their effects on markets.
Practitioners from emerging market
countries were frequent lecturers. Mark
Zaltzman, a Mexican practitioner from
the mortgage company sector, joined
the team in 1996 to teach hands-on
underwriting and loan servicing practices
for lower- income households and, over
time, the requirements for securitization
of mortgage pools. He has not missed a
year since.
Topics such as mortgage insurance (Roger
Blood), and alternative legal products for
countries with weak legal regimes (Steve
Butler) received more attention over the
years, as did non-collateralized mediumterm lending for housing. International
experts from the World Bank provided
detailed cases of mortgage funding
mechanisms.
An increasing number of participants have come from Africa, where the mortgage
sector is still extremely weak. The need for housing finance is, however, enormous
since Africa has the highest urbanization rate. Specifically Nigeria has shown serious
commitment. Participants include high level regulators and SEC staff, CEOs and senior
management of private banks, independent consultants and developers, and local
public officials. IHFP has conducted several workshops, lectures and advisory jobs in
Africa starting in 2000—Nigeria, East Africa and South Africa. Since housing finance is
not taught in Sub-Saharan Africa, IHFP has started to train faculty from the Business
School of Witwatersrand University in Johannesburg and has jointly taught housing
finance programs for the sub-continent. The idea is to gradually decrease IHFP’s
involvement.
READY FOR
SECURITIZATION?
With growing domestic capital
markets in many countries, the
demand for hands-on knowledge
of structured finance and mortgage
bond instruments and systems made
us decide to add a “Workshop on
Securitization” in 2004, which includes
mortgage bond and hybrid instruments
as well. The workshop is conducted
by practitioners — legal/institutional
experts (David Barbour and Fredrico
Oporto), financial securities experts
from different investment banks and
rating agency specialists in structured
finance. The early structured deals in
emerging markets nearly always have
originators invest in a sizable part
of the deal — “skin in the game,” a
system now promoted for advanced
economies.
Notably, the interest in this
workshop has hardly diminished
despite the crisis in structured finance.
The main difficulty is to find people who
have actually closed deals recently!
WHAT DOES
THE FUTURE HOLD?
THE BIG DIPPER
The recent financial crisis was caused
by advanced economies’ increased risk
taking without appropriately pricing
for the risk. The consequence has
been a withdrawal of private lenders
from the mortgage sector in countries
that were affected by the crisis or in
those highly dependent on foreign
banks. In countries where government
housing finance systems still existed,
the outcome has been an increase in
market share of government lenders.
For example in the United States and
Mexico more than 90 percent of new
mortgage loans are made by public
sector entities. Many countries are
interested to learn from the mistakes
that led to the crisis and the danger
signs that can warn policy makers
and private participants that the
sector may be exposed to undue risks.
IHFP has expanded the sections on
cycles and bubbles, and all lecturers
include lessons from the crisis and
new ways forward. The adjusted
regulatory module by Dick Herring
and Tony Santomero’s expanded Risk
Management offering are of critical
importance in this context.
The need for neutral assessments of different systems and their pros and cons
has never been greater—but with a major difference. The smorgasbord of legal
and financial options has grown and some emerging market systems now have
some important lessons for countries that are still developing their mortgage
markets. There is a growing need to share that information, the new laws and
regulations, financial tools, mortgage market information, etcetera, and IHFP
jointly with the World Bank/IFC and FMO has established a web portal that
facilitates such exchange: HOFINET. But such a portal does not replace the need
for an analytical and discussion forum. IHFP expects to continue offering such a
forum for as long as it is needed.
-- Marja Hoek-Smit,
IHFP Director
international housing finance program
25 Y E A R S
regional
+ country programs
IHFP teaches courses tailored to the needs of specific
countries or client institutions overseas. Such courses
are sponsored by governments, housing finance trade
associations, private financial institutions, international
development agencies and local universities.
BANGLADESH {1999}
BRAZIL {2002 - 2006}
CENTRAL ASIA {2007}
CHINA {2006, 2010}
EAST AFRICA - KENYA, TANZANIA,
UGANDA {2005}
EGYPT {2007}
INDIA {1993, 1995, 1996}
INDONESIA {1987, 1995, 1997, 2001,
2007}
LATIN AMERICA/ the Inter-American
Development Bank {1997, 2002}
MEXICO {2004}
MONGOLIA {2000}
[SUB-SAHARAN AFRICA TRAINING]
IHFP partners with the Business School of Witwatersrand University
in Johannesburg, South Africa to build up housing finance teaching
capabilities in the country. Housing Finance is not taught anywhere on
the sub-continent. The workshop attracts participants from all over SubSaharan Africa and is co-taught by Wharton and Wits faculty and local
practitioners. The goal is for local faculty and instructors to take over the
teaching fully within the next few years.
MOROCCO AND TUNISIA {1995}
NIGERIA {2005}
RUSSIA, UKRAINE, GEORGIA {1993}
RUSSIA {2004}
SERBIA {2002}
SOUTH AFRICA - SUB-SAHARAN AFRICA
{1999, 2002, 2003, 2006, 2008, 2010}
SOUTH-EAST ASIA {1991}
SRI LANKA {1998}
THE CARIBBEAN REGION {1996}
VIETNAM {2005}
WORLD BANK HOUSING POLICY
WORKSHOP {March 2009}
international housing finance program
25 Y E A R S
executive education
program alumni
Executive Education Program Participants have
come from a broad array of countries. The actual
composition of executive classes has changed over
time with the needs for housing finance training in
different regions.
ANGOLA
Development Workshop Angola
ARGENTINA
Banco Hipotecario S.A.
ARMENIA
Armenian Mortgage Market Participants
Association
First Mortgage Company
KfW Entwicklungsbank
AZERBAIJAN
Azerbaijan Mortgage Fund
Azeriqazbank
National Bank of Azerbaijan
Rabita Bank
Respublica Bank
Standard Bank
State Committee for Securities
Unibank
BANGLADESH
Organization for Landless (Radol)
The World Bank
BARBADOS
National Housing Corp.
BELGIUM
European Mortgage Federation
BOLIVIA
Construcciones S.A.
Nacional Financiera Boliviana S.A.M.
B O T S WA N A
Botswana Building Society
BRAZIL
ABECIP, Associacao Brasiliera Das Entidades De
Credito Imobiliario E Poupanca
ABN AMRO
Accenture
international housing finance program
25 Y E A R S
Bairro Novo S.A.
Banco Bradesco S.A.
Banco Central do Brasil
Banco Real
Banco Real- ABN AMRO
Caixa Economica Federal
Central de Administracao de Creditos
Imobiliarios S.A
Cities Alliance Regional Advisor / Latin
America
Delphos Servicos Tecnicos SA
Economisa
Grupo Santander Brasil
Ministry of Finance
Rossi Residencial
Sao Paulo State Housing Secretariat
Secretariat for Economic Policy
Sergio Porto Engenharia
Servicos Financeiros Imobiliarios Lida.
Sysin Sistemas e Servicos de Informitaca
Ltda
CANADA
Canada Mortgage & Housing Corporation
CMHC International
CHINA
AIG/United Guaranty
China Macroview Holding Group Co. Ltd.
China Construction Bank
People’s Bank of China
State + Local Provident Funds
The World Bank
COLOMBIA
Banco de la Republica
Fondo de Garantias de Instituciones
Financieras
Titularizadora Colombiana
Inter American Development Bank
COTE D’IVOIRE
Ministry of State, Ministry of Planning
and Development, Government of Côte
d’Ivoire
C R O AT I A
Faculty of Economics
Hrvatska postanska banka
DENMARK
Danske Bank A/S
Housing Economy Research
Nykredit Realkredit A/S
Realkreditradet-Association of Danish
Mortgage Banks
Realkredit Danmark
Realkredit/Landsbankernes Reallanefond
ECUADOR
Admunifondos, S.A.
EGYPT
Central Bank of Egypt
Chemonics International
Egyptian Arab Land Bank
Egyptian Housing Finance Company
Egyptian Mortgage Refinance Company
Egypt Ministry of Investment
HSBC Bank Egypt S.A.E.
International Finance Corporation
Ministry of Economy and Foreign Trade
Ministry of Housing, Utilities & Urban
Development
Taamir Mortgage Company
Tamweel Mortgage Finance Holding
The Mortgage Finance Authority
The World Bank
Sao Paulo, Brazil
ETHIOPIA
UN High Commission
GHANA
Home Finance Company, Ltd.
HFC Bank, Limited
FIJI ISLANDS
Housing Authority of Fiji
HONDURAS
INCONHSA
INDONESIA
Bank Indonesia
Bank Jabar
Bappenas, National Planning Agency
Menara Bank BTN
Ministry of Finance
Ministry of Housing
National Development Planning Agency
Perum Perumnas / NUDC
PT Bank Central Asia Tbk
PT Bank Tabungan Negara (Persero)
PT Bank Rakyat Indonesia (Persero) Tbk.
PT. Danareksa (Persero)
PT Sarana Multigriya Finansial (Persero)
U.S. Agency for International Development
Universitas Gadjah Mada Jogjakarta
FINLAND
Housing Fund of Finland
Ministry of the Environment
Mortgage Society of Finland
Municipality Finance Plc
The Finnish Real Estate Federation
HONG KONG
Hong Kong Housing Authority
IRELAND
First National Building Society
H U N G A RY
Habitat for Humanity InternationalEurope & Central Asia
ISRAEL
The World Bank
FRANCE
Centre National de la Recherche
Scientifique
OCDE, Organisation for Economic
Cooperation and Development
INDIA
Housing Development Finance
Corporation Limited
Madhava, Opp. Sales Tax Office
National Housing Bank
Sundaram Home Finance Ltd.
GAMBIA
Social Security and Housing Finance
Corporation of Gambia
GEORGIA
State Chancellery
GERMANY
Am Luftschiffhafen
Bausparkasse Schwaebisch Hall AG
BHW Holding AG
LBS Bayerische Landesbaurparkasse
Westdeutsche Landesbausparkasse
JAMAICA
Caribbean Housing Finance Corporation
CASHFI - Caribbean Association of Housing
Finance Institutions
Jamaica Mortgage Bank
National Housing Development
Corporation Ltd.
National Housing Trust
international housing finance program
25 Y E A R S
JORDAN
Jordan Mortgage Refinance Company
The Housing Bank
K A Z A K H S TA N
Agency on Regulation and Supervision
of Financial Market and Financial
Organizations
Bank Caspian
Bank Turan Alem Ipoteka
Kazakhstan Mortgage Company
Kazakhstan Mortgage Guarantee Fund
Ministry of Economics
Ministry of Economy and Budget Planning
OJSC Joint Bank Lariba Bank
K E N YA
Commercial Bank of Africa (CBA)
Company for Habitat & Housing in Africa
Savings and Loan Kenya Ltd.
Savings & Loans (Kenya Commercial Bank)
Shelter Afrique
KOREA
Korea Housing Bank
K Y R G Y Z S TA N
Administration of Kyrgyzstan
Financial Market Supervision and
Regulation Service
Kyrgyz Investment and Credit Bank
Ministry of Economic Development and
Trade
Ministry of Finance
National Bank of Kyrgyzstan
OJS Asia Universal Bank
OJS Commercial Bank “Kyrgyzstan”
State Agency on Architecture and
Construction
M A L AY S I A
Bank Negara Malaysia
MEXICO
Banamex, S.A.
Conafovi
Financiamiento Azteca, S.A. DE C.V.
INFONAVIT
Sociedad Hipotecaria Federal, S.N.C
The World Bank
MONGOLIA
Bank of Mongolia
Capitron Bank
“Credit Mongol” LLC
Deltasan Finance Company
Mongolian Mortgage Corporation
XacBank
Zoos Bank
MOROCCO
The World Bank
Various State, Public, and Private Housing
Finance Institutions
MOZAMBIQUE
GAPI- Sociedade de Investimentos, SA
Ministry of Planning
L AT V I A
Mortgage and Land Bank of Latvia
Valsts agentura Majoklu Agentura
LESOTHO
Lesotho Building Society
M A L AW I
NBS Bank
The New Building Society
NAMIBIA
Government Institutions Pension Fund
National Housing Enterprise of
Namibia(NHE)
NETHERLANDS
Institute for Housing and Urban
Development Studies
Netherlands Development Finance Company
(FMO)
Stichting Waarborgfonds Eigen Woningen
NEW ZEALAND
Panagaea Consulting Limited
Union Home Savings and Loans PLC
United States Agency for International
Development (USAID/Nigeria)
Wits Business School
Zenith Bank PLC
N O R WAY
The Norwegian State Housing Bank
PA K I S TA N
Askari Commercial Bank Limited
State Bank of Pakistan
The World Bank
PA R A G U AY
Consejo Nacional de la Vivienda
NICARAGUA
Banco de la Vivienda de Nicaragua/
Provivienda
NIGERIA
African Green Projects Ltd.
Accord Savings and Loans Ltd
Akwa Savings & Loans Ltd., MBAN
ASO Savings and Loans, LTD.
Bureau of Public Enterprises
Central Bank of Nigeria
Crown Realties PLC
Diamond Mortgages
Faculty of Environmental Sciences,
University of Lagos
FBN Mortgages Limited
Federal Mortgage Bank of Nigeria
Global Partners and Co. Ltd
Haggai Community Bank
Houses For Africa (Nigeria) Ltd.
Intercontinental Capital Markets Limited
Intercontinental Homes (Savings & Loans)
Limited
Jubilee Life Savings and Loans Limited
Ministry of Housing and Urban Development
Mortgage Banking Association of Nigeria
Mortgage Guaranty Savings and Loans Ltd
National Bank of Nigeria Limited
NTA Properties Investment Company Limited
Pentagon Real Estate Investment Ltd.
Real Estate Developers Association of
Nigeria
Securities and Exchange Commission
Spring Mortgage Limited
Trans-Atlantic Mortgages Ltd.
PERU
Inter American Housing Union (UNIAPRAV
I) IUHF
PHILIPPINES
Asian Development Bank
Bangko Sentral ng Philipinas
Commission on Audit
EDEO 1 Builders Corporation
Extraordinary Development Corporation
Goram Development Corporation
Government Service Insurance System
Home Development Mutual Fund
Home Development Mutual Fund Pag-IBIG
Home Insurance & Guaranty Corp.
Housing and Urban Development
Coordinating Council (HUDCC)
National Home Mortgage Finance
Corporation
Pag-IBIG Home Development Mutual Fund
Property Company of Friends, Inc
POLAND
Bank Zachodni WBK S.A.
Biuro Projektu Finansowania
Ministerstwo Gospodarki
Petrobank SA
State Office for Housing and Urban
Development
REPUBLIC OF SLOVENIA
Ministry of Finance
international housing finance program
Cairo, Egypt
25 Y E A R S
ROMANIA
National Housing Agency - Ministry of
Public Works, Transport, and Housing
SRI LANKA
Sri Lanka State Development Bank
Central Bank of Sri Lanka
RUSSIA
Agency for Housing Mortgage Lending
Bank of Housing Finance
The Institute for Urban Economics
Russian Parliament
S T. L U C I A
St. Lucia Mortgage Finance Co
R WA N D A
Ministry of Finance and Economic
Planning, Rwanda
Social Security Fund of Rwanda
S WA Z I L A N D
Swaziland Building Society
SENEGAL
SAGEF (Land Equipement Development
and Management Company)
SERBIA
USAID / Mission in Serbia
SINGAPORE
Ministry of Finance
SOUTH AFRICA
ABSA Bank
Banking Association of South Africa
Centre for Microfinance
DA Gauteng South Region, and Councillor,
City of Johannesburg
Eastern Cape Development Corporation
Finmark Trust
Gauteng Department of Housing
Gauteng Partnership Fund
Gauteng Provincial Government
HLGC
Marivate Magolego Attorneys
Mecene Investment
National Housing Finance Corporation
National Treasury of South Africa
Provincial Government
Tokumbo (Pty) Ltd
Trust for Urban Housing Finance
University of Witwatersrand
S PA I N
Argentaria
Basque Government
SURINAME
Planning Ministry
SWITZERLAND
The Aga Khan Agency for Microfinance
TA J I K I S TA N
Agency of Construction and Architecture,
Government of Tajikistan
Agroinvestbank
First Microfinance Bank
Ministry of Finance
Municipality of Dushanbe
National Bank of Tajikistan
TA N Z A N I A
Ardhi University, Institute of Human
Settlements
Azania Bancorp Limited
Bank of Tanzania
Commercial Bank of Africa, Tanzania Ltd.
National Housing Corporation
Office of the President
Presidential Trust Fund for Self Reliance
Stanbic Bank Tanzania
THAILAND
Government Housing Bank of Thailand
Ministry of Agriculture and Cooperatives
National Housing Authority
Thammasat University
TRINIDAD AND TOBAGO
Trinidad and Tobago Mortgage Finance
Co. Ltd.
TUNISIA
Various State, Public, and Private Housing
Finance Institutions
U Z E B E K I S TA N
Cabinet of Ministers
Capital Bank
Hamkor Bank
Ipak Yuli Bank
Ipoteka Bank
Ministry of Economics
Ministry of Finance
Mortgage Lending Support Fund
National Bank of Uzbekistan
TURKEY
Akbank
Capital Markets Board of Turkey
Emlak Konut Reic
European Housing Finance
Finansbank
Oyak Bank A.S.
Turk Enokomi Bankasi
UGANDA
Bank of Uganda
Housing Finance Company of Uganda
International Finance Corporation
UMACIS Consulting
VENEZUELA
Ministry of Finance
VIETNAM
Ministry of Construction
Ministry of Natural Resources and
Environment
State Bank of Vietnam
UK
Halifax Building Society
Homeless International
Homeloan Management Limited
UKRAINE
JSC Bank Arcadia
WEST INDIES
RBTT Merchant Bank Limited
U R U G U AY
Banco Hipotecario Del Uruguay
USA
AmeriCasas, S.A. De C.V.
Banco de la Vivienda de Nicaragua
Bankable Frontiers
Bello, Bello & Assocites
Countrywide Home Loans
Countrywide International Consulting Svcs
Elsevier
Equity International
Federal Housing Finance Agency
Federal Reserve Bank of New York
First American Real Estate Information
Services, Inc
Habitat For Humanity International
International Finance Corporation
Lenpex LLC
Ministry of Housing, Utilities, and Urban
Development
Overseas Private Investment Corporation
Radian Group
Republic Mortgage Insurance Co.
TIAA-CREF
United States Federal Government
Women’s World Banking
The World Bank
ZAMBIA
Bank of Zambia
Finance Building Society
ZIMBABWE
Beverley Building Society
Central Africa Building Society
Ministry of Finance
Ministry of Finance
Zimbabwe Building Society
Durban Metro Housing
Finmark Trust
Gauteng Department of Housing
Gauteng Partnership Fund
Gauteng Provincial Government
HLGC
National Housing Finance Corporation
Provincial Government
Reserve Bank of Zimbabwe
Trust for Urban Housing Finance
University of Witwatersrand
international housing finance program
25 Y E A R S
0 1 Marja Hoek-Smit, Richard
Herring, Michael Lea, and Loic
Chiquier pose with officials from
the People’s Bank of China at the
2006 overseas course in Beijing.
0 2 Dr. Michael Lea lecturing at
the 2010 program.
01
03
02
faculty +
lecturers
EXECUTIVE EDUCATION
PROGRAM
Faculty for the Executive Education Program
is largely from the Real Estate and Finance
0 3 Marja Hoek-Smit, Dr.
William Grigsby, and Dr. Jack
Guttentag during a question
and answer period at the 1995
Executive Education program.
0 4 Dr. Jack Guttentag lecturing
at the 2010 program.
Departments of the Wharton School, and is
complemented by a core team of lecturers
from both practice and academia. Each year,
selected visitors present case studies on
relevant topics or countries that vary from
year to year.
04
international housing finance program
25 Y E A R S
core faculty
DRS. MARJA HOEK-SMIT
{1985-present}
Drs. Marja Hoek-Smit is the Director of the International
Housing Finance Program of the Wharton School Zell/
Lurie Real Estate Center, and an Adjunct Professor in the
Wharton Real Estate Department and Department of City
and Regional Planning of the University of Pennsylvania.
She teaches Housing Market and Policy Analysis and the
Workshop on Subsidy Design.
DR. JACK GUTTENTAG
DR. RICHARD HERRING
{1996-present}
Dr. Richard Herring is Jacob Safra Professor of International Banking
and Professor of Finance at The Wharton School, where he is also
the Co-Director of the Wharton Financial Institutions Center. He
is the co-chair of the US Shadow Financial Regulatory Committee,
a member of the Financial Economist Roundtable, and sits on
the advisory board of the European Banking Report in Rome. He
teaches Safety and Soundness of Financial Institutions.
DR. MICHAEL LEA
{1996-present}
Dr. Michael Lea is the director of the Corky McMillin Center for Real
Estate at San Diego State University. He is also a principal of Cardiff
Economic Consulting, with a focus on the analysis of domestic
and international mortgage markets and institutions. He teaches
global mortgage market development, mortgage design and the
funding of mortgages.
{1985-present}
Dr. Jack Guttentag is a Professor-Emeritus of International
Banking at the Wharton School, and co-director of the IHFP.
He is a columnist in main newspapers and a housing finance
commentator for Yahoo. He teaches Mortgage Market
Development, Mortgage Design, and Consumer Protection
and Disclosure.
DR. WILLIAM GRIGSBY
MR. MARK ZALTZMAN
{2002-present}
Mr. Mark Zaltzman is the CFO and managing director for Hipotecaria
Vertice. He was previously the CFO of Hipotecaria Su Casita, where
he was responsible for all funding requirements for construction
and mortgage lending. He teaches the case study on Mexico, both
primary and secondary markets.
MR. DAVID BARBOUR
{2004-present}
{1985-2000}
Dr. William Grigsby is a Professor-Emeritus and one of the
pioneers of the University of Pennsylvania’s City and Regional
Planning Department. His research focuses of the provision
of adequate housing for disadvantaged groups, spanning
the US, Europe and developing market economies. With the
IHFP, he taught Housing Market Analysis.
DR. ANTHONY SANTOMERO
{1985-present}
Dr. Anthony Santomero is a Professor-Emeritus of Financial
Institutions at the Wharton School and the past President
of the Federal Reserve Bank of Philadelphia, a position he
held from July 2000 until April 2006. He is currently a senior
advisor in Risk Management at McKinsey Group. In the
course, he teaches Risk Management and the Valuation of
Financial Investments.
Dr. David Barbour is a partner in the Dallas, Texas office of
Andrews Kurth LLP, where he is head of the Firm’s Structured
Finance and Securitization Practice Group. He is the co-founder
of the Securitization Workshop and its leader since its inception.
He teaches the legal and institutional issues of securitization and
mortgage bonds.
DR. DOUGLAS DIAMOND
{1996 - 2007}
Dr. Douglas Diamond is an international housing finance specialist.
He has spent 12 years as a full-time independent consultant
specializing in housing and housing finance issues in developing
countries. He has taught in many of IHFP’s overseas courses
including the Caribbean Region, Vietnam, Central Asia, Croatia
and South Africa from 2001 - 2007. He has taught global mortgage
market development, mortgage design, and the funding of
mortgages.
international housing finance program
25 Y E A R S
lecturers
Mr. Razi Amin
PNB Paribas
Mr. Ken Dorph (2009-2010)
Sag Harbor Consulting
Mr. Terry Klein (2003)
Cosmas Partners
Dr. Elisabeth Rhyne
Accion International
Mr. Andre Asselin (2010)
CMHC, Canada
Mr. Kenroy Dowers (2006)
IFC
Mr. Michael Robertson (1986)
Infrastucture/ Finance Consultant
Dr. Guillermo Babatz (2006-2007)
SHF/Mexico, CNBV
Dr. Jeppe Laderkarl (2003-2009)
The World Bank
Mr. Hans-Joachim Dübel (2007)
FinPol Consult, Berlin
Mr. James Barth (2009)
Milken Institute
Dr. Peter Linneman (1996-2007)
Wharton
Mr. Donald Salmon (2009- 2010)
TBI Mortgage Company
Dr. Douglas G. Duncan (2006-2007)
MBA, FNMA
Mr. Roger Blood (2000-2010)
Mercer Management Consulting
Mr. Duncan MacLennan (1986 - 2007)
St. Andrews University - Edinburgh
Mr. Ryan Stark (2008-2009)
Deutsche Bank
Mr. Alan Elizondo (2008)
SHF/Mexico, CNBV
Mr. Michael Bookstaber (2007)
IFC
Mr. John Starke (1998-2002)
Consultant
Mr. Emilie Ernandez (2008-2009)
Deutsche Bank
Dr. Christopher Mayer (2001-2003)
Columbia University
Mr. Michael Boorish (2009)
CMHC, Canada
Mr. Scott A. Stengel (2010)
Orrick, Herrington, & Sutcliffe LLP
Roy Friedman (2003)
The World Bank
Dr. Stephen Mayo (1993)
The World Bank
Dr. James L. Bothwell (2004)
Financial Market and Regulatory
Strategies, LLC
Ms. Ann L. Strong (1993)
School of Design, UPenn
Mr. Mark Goldenberg (2008)
Standard and Poor
Mr. Rod McGinniss (2004-2008)
GMAC ResCap
Ms. Malhotra Mohini (2003)
The World Bank
Dr. Ray Struyk (1993)
Urban Institute, NORC
Ms. Lauren Moser
Shore Bank
Mr. Ken Thomas (2001)
CRA - Consultant
Mr. Christopher Nordeen (2004-2008)
GMAC - ResCap Jamaica
Dr. Rober Van Order (2004-2007)
Georgetown University
Mr. Alex J. Pollack (2006)
IUHF
Ms. Nancy Wagner-Hislip (2007)
The Reinvestment Fund, Philadelphia
Mr. Mark Pinsky (2000)
National Community Capital Association
Mr. Simon Walley (2007, 2008)
The World Bank
Mr. Stephen Butler (2006-2010)
NORC
Mr. Frank Byrne (2009)
Deutsche Bank
Dr. Mauricio Cardenas (2003)
Titulizadera Columbiana/ Brookings
Institution
Mr. Loic Chiquier (2006-2010)
The World Bank
Mr. Frederick N. Cooper (2008 – 2010)
Toll Brothers
Mr. Dennis Crosson (2004 – 2008)
GMAC ResCap
Mr. Marshall W. Dennis (1986-1996)
Remoc Associates
Mr. Gerard F. Greisser (1995)
Roach and Fox
Mr. Britt Gwinner (2006)
The World Bank, IFC
Dr. Hartwick Hamme (1998)
Public Bauspar
Mr. Oliver Hassler (2007-2009)
The World Bank
Mr. James Hokans (2009)
Bankable Frontier Associates
Mr. Donald R. Holton (1986-1990)
IUHF
Mr. Gerald Hurst (1986-1996)
GHR Mortgage
Mr. Dwight M. Jaffee (2006)
Berkeley University
Dr. Susan Watcher (1996)
Wharton
Dr. David Porteous (2006-2008)
Bankable Frontier Associates
Ms. Ellen Weintraub (1996 -1999)
Consultant
Mr. Frederico Porto (2004-2007)
GMAC ResCap
Ms. Karen Ramallo-Rodriguez (20092010), Moody’s Investors Service
Dr. Bertrand Renaud (1995 - 2000)
The World Bank
Mr. Ariel Weil (2004-2008)
Moody’s Investors Service
Dr. Stephen P. Zeldes (1994-2004)
Wharton, Columbia
international housing finance program
25 Y E A R S
th
anniversary
celebration
[THURSDAY, JUNE 17]
Special Conference on Policy and Regulatory Implications
of the Financial Crisis
Rittenhouse Hotel, Main Ballroom, 210 West Rittenhouse Square, Philadelphia
6.30 - 7.30 pm Welcome Cocktails
7.30 - 10.00 pm Dinner
The Aftermath of the US Mortgage Crisis: International Lessons
DINNER SPEAKER: Joseph Gyourko, Ph.D .
Director Zell/LurieReal Estate Center
[FRIDAY, JUNE 18]
The Wharton School, JM Huntsman Hall, Room 830, Philadelphia
9.00 -10.00 am KEYNOTE ADDRESS: SHEILA BAIR
Chairman of the US Federal Deposit Insurance Corporation (FDIC)
10.30 am - 12.30 pm Panel of prominent IHFP Alumnae
Policy and Regulatory Implications of the Financial Crisis
PANEL CHAIR:
RICHARD HERRING, Ph.D.
Professor of Finance, The Wharton School
- - - - - Alan Jesus Elizondo Flores
Vice President of Diverse Banking and International Affairs
Comision Nacional Bancaria y Valores (CNBV),
Ministry of Finance, Government of Mexico
- - - - - Ane Arnth Jensen
Director of Realkreditradet, Association of Danish Mortgage
Bankers, Copenhagen, Denmark
- - - - - Khan Prachuabmoh
President of the Government Housing Bank of Thailand
- - - - - - - Elena Klepikova
CEO of Housing Finance Bank, Moscow, Russia
25TH ANNIVERSARY KEYNOTE ADDRESS:
SHEILA BAIR,
Chairman of the US FDIC
Sheila C. Bair was sworn in as the 19th Chairman of
the Federal Deposit Insurance Corporation (FDIC)
on June 26, 2006. She was appointed Chairman
for a five-year term, and as a member of the of the
FDIC Board of Directors through July 2013.
As FDIC Chairman, Ms. Bair has
presided over a tumultuous period
in the nation’s financial sector. Her
innovations have transformed the
agency with programs that provide
temporary
liquidity
guarantees,
increases in deposit insurance limits,
and systematic loan modifications
to troubled borrowers. Ms. Bair’s
work at the FDIC has also focused on
consumer protection and economic
inclusion. She has championed the
creation of an Advisory Committee on
Economic Inclusion, seminal research
on small-dollar loan programs, and
the formation of broad-based alliances
in nine regional markets to bring
underserved populations into the
financial mainstream.
Since becoming FDIC Chairman, Ms. Bair
has received a number of prestigious
honors. Among them, in 2009 she was
named one of Time Magazine’s “Time
100” most influential people; awarded
the John F. Kennedy Profile in Courage
Award; and received the Hubert H.
Humphrey Civil Rights Award. In 2008,
Chairman Bair topped The Wall Street
Journal’s annual 50 “Women to Watch
List.” That same year, Forbes Magazine
named Ms. Bair as the second most
powerful woman in the world after
Germany’s Chancellor Angela Merkel.
Chairman Bair received a bachelor's
degree from Kansas University and a
J.D. from Kansas University School of
Law. She is married to Scott P. Cooper
and has two children.
international housing finance program
25 Y E A R S
2 5 T H A N N I V E RSA RY C E L E B R AT I O N PA N E L
Joseph Gyourko, PhD
PHILADELPHIA, U.S.
Dr. Joseph Gyourko is the Martin Bucksbaum Professor of Real
Estate, Finance and Business and Public Policy in the Real Estate
Department of the Wharton School. He is the chairman of the
department and the director of the Samuel Zell and Robert Lurie
Real Estate Center at Wharton. His research focuses on real estate
finance, urban and real estate economics, and housing markets.
J. Alan Elizondo Flores
MÉXICO CITY, MÉXICO
Mr. J. Alan Elizondo Flores has served as the Vice President
of Diverse Banking and International Affairs of the Comisión
Nacional Bancaria Y De Valores (CNBV) with the Mexican Ministry
of Finance since 2008. Here, he oversees risk management
activity in the financial system. Previously, he served as the Chief
Operating Officer and Chief Risk Officer of Sociedad Hipotecaria
Federal, SNC. (SHF).
Ane Arnth Jensen
COPENHAGEN, DENMARK
Ms. Ane Arnth Jensen has served as the Director General of the
Association of Danish Mortgage Banks in Denmark (Realkreditrådet)
since December 2006. Before joining Realkreditrådet, she was
the Managing Director of The Danish Institute of Certified Public
Accountants from 2000 to 2006.
Khan Prachuabmoh
BANGKOK, THAILAND
Mr. Khan Prachuabmoh has been Thailand’s Government Housing
Bank’s President since 2002. He has successfully transformed the
state bank into a highly-recognized and well-respected financial
institution domestically and internationally. GH Bank is Thailand’s
largest home provider with a market share of about 37 percent.
Elena Klepikova
MOSCOW, RUSSIA
Ms. Elena Klepikova has been the CEO of the Russian Housing
Finance Bank since 2009. From 2005 to 2009, Ms. Klepikova served
as the Senior Operations Manager in Housing Finance in Russia and
Central Asia at the International Finance Corporation’s Moscow
office. There, she assisted the development of private housing
finance markets with IFC advisory and investment instruments.