Turning Talk Into Action:
NTIC Housing and Banking Summit
Renaissance Chicago Hotel
One West Wacker Dr, Chicago, IL 60601
December 5th-7th, 2007 |
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Plenary and Workshop Descriptions
Lessons Learned: The Future of Subprime Lending
It is clear that the heyday of the Wild Wild West subprime mortgage industry has reached its breaking point. In the past two years, America has seen a dramatic increase in foreclosures, the demise of several subprime lenders and the tightening of underwriting standards to help reign in lax industry regulations and unscrupulous brokers. Mortgage products must change with the times and as less hybrid ARMs are originated, other products are being created and marketed to low and-moderate income borrowers. What are the lessons learned from the crisis in the subprime industry and what does the future of subprime lending look like?
Banking the Unbanked: The Present and Future of Non-Traditional Credit
Providing access to quality credit options is a good business opportunity. This workshop will explore the national landscape of how non-traditional credit is being used in the financial industry to open the doors of homeownership. Panelists will also identify ways in which non-traditional credit is being considered given the current tightening of underwriting guidelines.
Financing Models for Preserving HUD Assisted Housing
As the federal government moves further and further away from the provision of housing affordable to low-income families, it is left up to tenants, community organizations, and financial institutions to sort out the aftermath. How have tenant organizations filled the void left in the absence of Up-Front-Grants? How have Community Development Corporations managed to rehabilitate some of the most distressed properties? How have gentrifying communities managed to meet a growing need for low-income housing in the face of this federal disinvestment? Hear from top leaders of the industry, community and government about ways this crisis has been addressed and up-and-coming models of preservation financing.
The Nuts and Bolts of Being a Not-for-Profit Mortgage Broker
In their quest to create and preserve affordable housing and promote safe and stable neighborhoods, some non-profit organizations are adding “broker” to their list of services. Many are finding that the best way to promote affordable homeownership is by becoming mortgages brokers themselves. How does a non-profit organization decide to become a broker and begin the process? What are effective business models as a non-profit broker? What are the real challenges and opportunities in doing so? How do banks and the secondary market fit into the picture?
Local Strategies to Increase Affordable Housing
The devolution of housing policy continues to skirt the responsibility of low-income housing onto local municipalities. Meanwhile, federal housing resources for those greatest in need diminish. It is critical that non-profit community organizations partner with local community stakeholders to develop innovative locally driven solutions to the affordable housing crisis. This workshop will answer the questions: How have communities managed to meet the growing need for housing affordable to low-income families? What local models and strategies have been developed to increase affordable housing? What do successful local collaborations for increasing the supply of affordable housing look like and how can they be replicated?
Turning Talk Into Action: NTIC TASK FORCE RECOMMENDATIONS
Following NTIC’s first Housing and Banking Summit in 2005, NTIC formed three task forces that have been meeting throughout 2007. These task forces include a diverse mix of financial industry executives, government representatives, non-profit leaders and community experts. Thinking outside of the box, the task forces brainstormed, prioritized and developed many recommendations that address abusive lending, ways to increase home ownership to the underserved and ways to work with investors to keep people in their homes. The luncheon plenary is the stage to release the results of these task forces through an interactive session that will involve all Summit participants.
The Next 30 Years of the CRA
The Community Reinvestment Act (CRA) is known as one of the most important pieces of economic justice legislation for low and moderate people in America. As CRA celebrates its 30th anniversary this year, community groups, lenders and banking regulators will discuss what the next 30 years will look like for this critical piece of legislation and the role CRA can play in ensuring access to housing opportunities for all.
Strategies to Avoid Foreclosure and Keep People in their Home
As the foreclosure crisis continues to escalate across America, a variety of stakeholders and strategies are being used successfully to keep people in their homes. This workshop will discuss various foreclosure prevention and intervention strategies, including education, legislation, foreclosure prevention programs, industry policy changes and refinance and rescue products.
Payday Lending: A Bad Deal for All
Payday loans are short-term loans with triple digit interest rates, which are marketed as cash management solutions. However, they only serve to drive borrowers deeper into debt. The average annual interest rate on a payday loan is 470% - making it the costliest and most damaging way to borrow money. Many efforts are underway to protect communities and consumers from these loans. Jean Ann Fox, a noted expert on payday lending from the Consumer Federation of America, will moderate this panel on the strategies being used throughout the country to stop payday lending abuse.
The Crisis of Housing for Low Income Families
Affordable housing policy in the United States has evolved in recent decades from an emphasis on the construction of public housing to its destruction and demolition. Despite the federal shift in policies, more than half a million families still reside in public housing communities. While recent administrations have preferred the private sector investment leveraged by tenant-based approaches such as the Section 8 Voucher program, we are moving further away from any housing provision at all. The effect of such policies has been devastating to both gentrifying communities and declining economies. Hear from community leaders and nationally renowned advocates about efforts to preserve public housing and Section 8 Vouchers.
The Effect of a Decade of Welfare Reform on Housing
In 1998, the Quality Housing and Work Responsibility Act (QHWRA) was enacted in a trend of shifting housing policy to a local emphasis. While there have been several evaluations of a package of reforms, most have failed to center around those who have the greatest stake in public housing: those to whom public housing is a home and a community. This workshop looks at ten years of QHWRA, what it has accomplished, what has changed, and where we go from here. Panelists include the nation’s foremost community leaders, government officials, and non-profit advocates.
Mortgage-Backed Securities 101: How Does This Impact My Loan?
As mortgage originations soared over the past few years, mortgage-backed securities (MBS) paid huge dividends to investors as the mortgage revenue fueled the success of the markets. The impact and reach of mortgages and MBS are worldwide and can have dramatic repercussions for individual homeowners struggling to avoid the loss of their home from foreclosure. This workshop will contemplate how much we really understand about the connection between home loans and Wall Street. Panelists will discuss the role of the financial industry in how mortgages get packaged into securities and why communities should care about these investments.
Models of Tenant-Ownership
Tenant-ownership models for preserving affordable housing and creating mechanisms for low-income residents to build wealth have been used throughout the country in both public and private housing. This workshop will explore those models and give examples of successes as well as challenges, which have occurred in experimenting with tenant ownership. Hear from tenants who have organized “buy-outs” as well as officials of the U.S. Department of Housing & Urban Development who approve the deal.
Fair Lending Best Practices
A significant gap in home ownership rates continues to exist between people of different racial and ethnic backgrounds. Recent HMDA data and other studies confirm that upper-income African American loan applications are denied more often than lower-income whites. Studies also show that minority borrowers are much more likely to get inferior loans when they actually qualify for better deals. Minority borrowers are also disproportionately impacted by the collapse of the subprime mortgage industry. This workshop will be solution-oriented and will focus on how all community stakeholders have a role to play in complying with fair lending rules and how we can work together to reach parity in lending. |
