Category: Finance

Subprime discussion part three: When will the dust settle?

In Part 3 of our five-part series on the subprime market, real estate finance Professor Anthony Sanders, Jeffrey Coles, chairman of the finance department at the W. P. Carey School of Business and Steven Davidson, vice president, capital market research, for the Securities Industry and Financial Markets Association (SIFMA), predict when the dust will settle. They discuss why things will look dismal in 2008 and why loan fraud is in the way of people getting the help they need. Davidson was a featured speaker at the Risk, Reward and Real Estate Conference in Phoenix, sponsored by the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

Subprime discussion part two: Mapping subprime in Phoenix

In Part 2 of our five-part series on the subprime market, real estate finance Professor Anthony Sanders maps the occurrence of subprime loans in the metro Phoenix market. Jeffrey Coles, chairman of the finance department at the W. P. Carey School of Business and Steven Davidson, vice president, capital market research, for the Securities Industry and Financial Markets Association (SIFMA), join the conversation to talk about the resulting impact on property taxes. Davidson was a featured speaker at the Risk, Reward and Real Estate Conference in Phoenix, sponsored by the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

Gordon DuGan: How subprime mortgage woes spread through the financial system

A first-time homebuyer with limited earning power and a sketchy credit history would seem to have little in common with a blue chip corporation. But thanks to some creative investment vehicles they’ve now been tied together. Subprime mortgage problems have spread throughout the financial system and created a full-blown credit crisis, says Gordon DuGan, president and CEO of W. P. Carey & Co., but fear among investors may be overblown. DuGan addressed a recent conference sponsored by the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

Subprime discussion part one: What is the subprime market and why do we need it?

Knowledge@W. P. Carey recently taped a discussion about the subprime market between Jeffrey Coles, chairman of the finance department at the W. P. Carey School of Business, Anthony Sanders, professor of real estate and finance at the school and Steven Davidson, vice president, capital market research, for the Securities Industry and Financial Markets Association (SIFMA). Knowledge@W. P. Carey begins a five-part series that explores the scope and the internal workings of the subprime market, and the consequences of subprime failures. In part one, experts discuss the definition of a subprime borrower, the necessity for these loans, the complexity of the subprime market itself, and the reason why so many people are affected. Davidson was a featured speaker at the Risk, Reward and Real Estate Conference in Phoenix, sponsored by the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

Steven Davidson: Don’t blame CDOs for the subprime crisis

The collapse of the subprime residential real estate market last summer has Wall Street investment banks and international financial titans reeling. Underneath it all is the widespread deterioration of billions of dollars of pooled investment vehicles called collateralized debt obligations, or CDOs. Always difficult to understand, the CDO is taking the rap for a lot of credit pain. But the blame should be directed not to the CDOs but to the underlying collateral — the subprime assets, said Steven Davidson, vice president, capital market research, for the Securities Industry and Financial Markets Association (SIFMA) in Washington, D.C. Davidson was a featured speaker at the Risk, Reward and Real Estate Conference in Phoenix, sponsored by the Center for Real Estate Theory and Practice at the W.P. Carey School of Business.

Kieran Quinn: ‘Things will be fine in 2009’

To sum up where the real estate finance markets are today, Kieran Quinn, chairman and CEO of Column Financial, Credit Suisse’s Atlanta-based mortgage lending subsidiary for commercial properties, relied on a poetic quote from an associate: "Things will be fine in 2009." Quinn was speaking at the Risk, Reward and Real Estate Conference in Phoenix, sponsored by the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.