Long Finance Roundtable: Time To Stop Betting The House
Speaker(s):
Professor Michael Mainelli,
David Steven,
Faisal Islam,
Con Keating
Date/Time: 02/03/2010, 2:30pm
Venue: Barnard's Inn Hall
Long Finance aims to 'improve society's understanding and use of finance over the long-term'. In a recent paper for Long Finance, 'Time to Stop Betting the House: Mortgages, Resilience and the Long Finance', David Steven identifies the problem of time inconsistency that was evident in the pre-crash mortgage market; short-term financing of house purchase resulted in an inordinate level of risk being borne by the consumer, and that in turn was reflected in the riskiness of these assets to the mortgage finance institutions. David presents two clear, as well as two quite different, regulatory visions for a more resilient mortgage market. Edited Choice suggests offering borrowers a limited menu of mortgage options. Melt the Glue aims to create resilience from the ground up. Neither vision is exclusive; both are worthy of discussion and debate. At this symposium David will highlight elements of his paper before a more general discussion, followed by a reception.
Sponsors:
Alpheus, City of London Corporation, Chartered Institute for Securities & Investment,
London Accord, Z/Yen Group
This symposium is one of several discussion events following on from the 02010 Long Finance Conference.
Lecture notes
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