44th Annual Conference on Bank Structure and Competition

At the 2007 Bank Structure Conference, a number of speakers warned of forthcoming problems in mortgage markets and in credit markets more generally. In August 2007, markets began to seize up with adverse effects originating in the subprime mortgage markets quickly spilling over to alternative markets. The 44th annual Conference evaluated the causes of, implications of, and means to address the turmoil in credit markets. We brought together industry leaders, scholars and regulatory authorities to critically address these issues. Highlights are listed below.

Conference Highlights

Keynote addresses by:

• Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System


• James B. Lockhart III, Director, Office of the Federal Housing Enterprise Oversight


• James E. Rohr, Chairman and Chief Executive Officer, The PNC Financial Services Group

A panel of industry experts addressed Credit Market Turmoil: Causes, Consequences and Cures including:

• Richard Cantor, Managing Director, Moody's Investors Service
• William C. Dudley, Executive Vice President, Federal Reserve Bank of New York
• Richard J. Herring, Jacob Safra Professor of International Banking, University of Pennsylvania
• Jason H.P. Kravitt, Partner, Mayer Brown
• Joe L. Price, Chief Financial Officer, Bank of America Corporation

A panel of mortgage industry experts discussed Means to Address Current Mortgage Market Problems including:

• Sandra Braunstein, Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
• Jan Hatzius, Managing Director and Chief U.S. Economist, Goldman, Sachs and Co
• Kieran P. Quinn, Chairman, Mortgage Bankers Association
• Faith Arnold Schwartz, Executive Director, Hope Now Alliance

A panel discussed specific markets in turmoil, including:

Subprime Mortgage Markets
The Northern Rock Crises and Resolution
ABCP Vehicles: Which Banks Sponsored Them?

Additional panels and presentations covered:

Fringe Markets: Payday Loans, Bounced Checks and Usurious Loans
Determinants of Subprime Lending
Subprime Market Performance and Outlook
Loan Syndication
The Impact of Financial Relationships
Credit Channels
Financial Industry Structure