About
- Professor of Finance and Real Estate and Lisle and Roslyn Payne Chair in Real Estate Capital Markets
- Model Validation Council, The Federal Reserve System (2013-2016)
- Financial Stability Advisory Council, Chicago Federal Reserve Bank (2025-Present)
- Office of Financial Research, U.S. Treasury (2012-2016)
Voting History
Question A:Some major private credit funds - including those offered by BlackRock, Cliffwater and Morgan Stanley - have maintained their redemption limits, not fully filling all investor requests.
The enforcement of restrictions on withdrawals from private credit funds predicts that the funds will substantially underperform indices of liquid high-yield corporate bonds over the next 18 months.
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Comment: My research on the PE funding of AI Centers that are using opaque off-balance sheet ABS collateralized by construction projects that are years away from delivering lease payments.
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Question B: Assets in the private credit funds that are restricting withdrawals are substantially overvalued relative to their true market value.
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Comment: Same response as the previous comment.
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Interest-bearing stablecoins, either via direct issuer payments or exchange-provided rewards, would measurably erode the deposit franchise of banks in developed-market economies.
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Comment: Many unresolved problems including; uncertain regulatory classifications; uneven reserve assurance (audits); fragmentation left to markets; issuer custodian risks; asset/liquidity risk; sanctions related to violation of KYC/AML; rehypothecation risks; economic
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Question A: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would reduce mortgage rates by more than 25 basis points.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: The historical performance of large scale agency MBS (TBA) purchase from 2010 - 2022 (other than the first announcement in QE1 that did lead to a 100bp change, but was followed by a $1.2T intervention) has never produce such a large response to such a SMALL purchase.
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Question B: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would measurably improve the affordability of home ownership.
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Comment: A very important response to the 2008 crisis was to REDUCE the GSE balance sheet holdings of MBS and mortgages. This was one of the mandates of the conservatorship??
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Question C: Restrictions on large institutional investors buying single-family homes would measurably improve the affordability of home ownership.
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Comment: The recent literature, other than sensational press reports, does not support this very negative effect of these purchases on overall housing costs. Instead, it reduces rents for large group of in surburban areas with good schools and very little rental supply!
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