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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
SECURITIZATION MEETING
Darrell Duffie and Kenneth Singleton, Organizers
November 12, 2009
NBER Offices,
30 Alta Road
Stanford, CA
PROGRAM
THURSDAY, NOVEMBER 12, 2009
7:30 am	Continental Breakfast- NBER West
8:15 am	Welcoming Remarks: KENNETH SINGLETON, Stanford University and NBER
8:30 am	Research Discussion Topics Chair: KENNETH SINGLETON,
	Stanford University and NBER
	MICHAEL FISHMAN, Northwestern University
	ARVIND KRISHNAMURTHY, Northwestern University and NBER
	Securitization and Liquidity Risk Management
	ERIK STAFFORD, Harvard University
	Collateral and Securitization
	MARK. CAREY, Federal Reserve Board
	Maturity Transformation and Securitization
9:35 am	Research Discussion Topics Chair: To Be Announced
	TOMASZ PISKORSKI, Columbia University
	Incentive Provision in the Subprime Securitization Market
	AMIT SERU, University of Chicago
	Contrasting the Incentive Problems with Other (Less Turbulent) Securitization Markets
	RICHARD STANTON and NANCY WALLACE , UC, Berkeley
	Redesigning House Price Indices
	VIKRANT VIG, London Business School
	The Effect of Securitization on the Renegotiation of Delinquent Loans
10:35 am	Coffee Break
11:00 am	General Research Discussion Chair: DARRELL DUFFIE,
	Stanford University and NBER
	Ratings, Incentives, and Delegated Monitoring in the Securitization Industry
	Panelists: ADAM ASHCRAFT,Federal Reserve Bank of New York
	CHESTER SPATT, Carnegie Mellon University and NBER
	PHILIP STRAHAN, Boston College and NBER
12:00 pm	Lunch- NBER West
1:30 pm	TOMASZ PISKORSKI, Columbia University
	AMIT SERU, University of Chicago
	VIKRANT VIG, London Business School
	Did Securitization Increase Foreclosure of Distressed Loans: Evidence from Early Pay Default Loans
	Discussant: MICHAEL ROBERTS, University of Pennsylvania
2:30 pm	ANTJE BERNDT and BURTON HOLLIFIELD, Carnegie Mellon University
	PATRIK SANDAS, University of Virginia
	The Role of Mortgage Brokers in the Subprime Crisis
	Discussant: AMIR SUFI, University of Chicago and NBER
3:30 pm	Coffee Break
4:00 pm	RICHARD STANTON and NANCY WALLACE, UC, Berkeley
	The Bear's Lair: Indexed Credit Default Swaps and the Subrpime Mortgage Crisis
	Discussant: PIERRE COLLINS-DUFRESNE, Columbia University and NBER
5:00 pm	Adjourn
6:00 pm	Dinner
	Zibibbo Restaurant
	430 Kipling Street
	Palo Alto, CA
11/5/09