Zillow Progressive Policy Institute and Columbia Business School Present: April 4th and 5th, 2012 New York, New York Table of Contents Welcome and Introduction Five years into the deepest and longest housing recession in recent history, this country’s 3 Welcome and Introduction housing market is still facing unparalleled challenges. Although a bottom in home values is Stan Humphries, Dr. Christopher J Mayer, Jason R. Gold in our sights, almost a quarter of homeowners with mortgages languish in negative equity, and home values are still falling in the majority of markets. 4 Housing in a Global Context April 4th, 6:00 pm, Columbia Club, 15 West 43rd Street During this housing recession, we’ve seen prolific public policy innovation aimed at solving the daunting problems confronting the housing and mortgage markets. Moreover, the Special Presentations by Nobel Prize Winning Economist Joseph E. Stiglitz and Ronnie private sector has not waited for policy direction before tuning existing business practices Chan, Chairman of Hang Lung Properties, Ltd. or seizing new opportunities. Builders have slashed operating expenses and learned to be profitable with fewer sales, real estate brokerages have learned how to buy and sell 6 America’s Housing Crisis Forum distressed inventory as never before, and investors are capitalizing on the booming rental April 5th, 8:00 am - 12 pm, Grand Hyatt New York, 109 East 42nd Street market by transforming once-distressed properties into much-needed rentals. Congressional Perspective: Representative Jim Himes, CT – D This week, Zillow, the Progressive Policy Institute and Columbia Business School are bringing together some of the individuals on the forefront of both public policy and private Private-Sector Responses to the Crisis: What’s Working and What’s Not? Moderated by S. Mitra Kalita, Writer, The Wall Street Journal sector innovation to discuss the latest efforts and how they are affecting the market as a whole. We’ll explore what has worked, what hasn’t, and what trends are around the corner. Policy Innovation in the Housing Sector: What Could Make Things Better? Moderated by Jason Gold, Senior Fellow, PPI Thank you for joining us. Stan Humphries Christopher J. Mayer Jason R. Gold Chief Economist Paul Milstein Professor of Real Estate Senior Fellow Zillow Inc. Columbia Business School Progressive Policy Institute 2 3 Housing in a Global Context Ronnie Chan April 4th, 6:00 pm, Columbia Club, 15 West 43rd Street Mr. Ronnie C. Chan is the Chairman of Hang Lung Group Limited and its subsidiary Special Presentations by Nobel Prize-Winning Economist Joseph E. Stiglitz and Ronnie Chan, Chairman of Hang Lung Properties Limited. Both are publicly listed companies in Hong Kong, dealing in real estate investment, development and management. Founded in 1960, it Hang Lung Properties, Ltd. has been expanding into mainland China since 1992. Following successes in Shanghai, since 2005 Hang Lung has been investing US$8.4 billion and building a number of Agenda world-class commercial complexes in several major Chinese cities, including Tianjin, Shenyang, Jinan, Wuxi, Dalian and Kunming. 5:45pm: Reception Mr. Chan also co-founded the privately held Morningside group which, in the past two decades, has owned and managed businesses in manufacturing, public transport operations, outdoor advertising, media, healthcare, online game operators, high-tech and biotech investments, developmental capital investments and other 6:30pm: Introduction by Christopher Mayer, Columbia Business School venture capital investments around the world. 6:35pm: Special Presentation by Nobel Prize Winning Economist Joseph E. Stiglitz Mr. Chan is actively involved with many non-profits, philanthropic endeavors, and educational organizations. He is Chairman of the Executive Committees of the One Country Two Systems Research Institute and of the Better Hong Kong Foundation. He founded and chairs the China Heritage Fund, is a co-founding director of The Forbidden City Cultural 6:55pm: Special Presentation by Ronnie Chan, Chairman of Hang Lung Properties, Ltd. Heritage Conservation Foundation, Beijing, and is an Advisor and former Vice President of the China Development Research Foundation in Beijing. Internationally, Mr. Chan is a Co-Chair of the Asia Society and Chairman of its Hong Kong Center, a Director of the Board of the Peter G. Peterson Institute for International Economics and a member of the 7:15pm: Audience Q&A Council on Foreign Relations, the National Committee on United States-China Relations, and the Committee of 100. He is the founding Chairman Emeritus of the Asia Business Council, a former Chairman of the Hong Kong-United States 7:30pm: Adjourn Business Council, and a former member of the governing board of the World Economic Forum. He serves or has served on the governing or advisory bodies of several think tanks and universities, including Tsinghua University, University of Southern California, East-West Center, Pacific Council on International Policy, Eisenhower Fellowships, and The Maureen and Mike Mansfield Foundation. Mr. Chan is a frequent speaker at international conferences and has published numerous articles in International Herald Tribune, Financial Times, Newsweek, Fortune, Asian Wall Street Journal, Far Eastern Economic Review and Japan Times. Joseph E. Stiglitz Joseph E. Stiglitz is University Professor at Columbia University, the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 IPCC report, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisors under President Clinton and chief economist and senior vice president of the World Bank for 1997-2000. Stiglitz received the John Bates Clark Medal, awarded biennially to the American economist under 40 who has made the most significant contribution to the subject. He was a Fulbright Scholar at Cambridge University, held the Drummond Professorship at All Souls College Oxford, and has also taught at M.I.T, Yale, Stanford, and Princeton. Stiglitz helped create a new branch of economics, “The Economics of Information,” exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but also of policy analysts. His work has helped explain the circumstances in which markets do not work well, and how selective government intervention can improve their performance. At Columbia, Stiglitz co-chairs the Committee on Global Thought and is founder and co-president of the Initiative for Policy Dialogue. He is also president of the International Economic Association, co-chair of the Commission on the Measurement of Economic Performance and Social Progress and chair of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System. He is the author most recently of Freefall: America, Free Markets, and the Sinking of the Global Economy. 4 5 America’s Housing Crisis Forum Janice Eberly April 5th, 8:00 am - 12 pm, Grand Hyatt New York, 109 East 42nd Street Assistant Secretary for Economic Policy Treasury Department Agenda Dr. Janice Eberly serves as the US Department of the Treasury’s Assistant Secretary for Economic Policy. In this role, Dr. Eberly leads the Office of 8:00am: Breakfast Economic Policy, which is responsible for analyzing and reporting on current and prospective economic developments in the US and world economies and 8:30am: Opening Remarks, Spencer Rascoff, CEO of Zillow assisting in the determination of appropriate economic policies. 8:40am: Overview of the Nation’s Housing Market: Zillow Chief Economist Stan Humphries Dr. Eberly most recently served as the John L. and Helen Kellogg Distinguished Professor of Finance at the Kellogg School of Management at Northwestern University, where she has been a member of the faculty since 1997. 9:00am: Congressional Perspective: The Honorable Jim Himes, U.S. House of Representatives Dr. Eberly previously served on the staff of the White House Council of Economic Advisers and on the advisory panels of the Bureau of Economic Analysis and the Congressional Budget Office. She was a Sloan 9:30am: Private-Sector Responses to the Crisis: What’s Working and What’s Not? Foundation Research Fellow in Economics and is a Research Associate of the National Bureau of Economic Moderator: Research. Her research has been funded by the National Science Foundation, and she has held editorial · S. Mitra Kalita, Writer, Wall Street Journal positions at major academic journals, including the American Economic Review and the Journal of Monetary Panelists: Economics. Dr. Eberly publishes widely on macroeconomics and finance, focusing on capital investment and · Richard A. Smith, Chairman, CEO and President of Realogy Corp. household decisions. The American Economics Association elected her to its Executive Committee in 2007. · Peter M. Orser, President and CEO of Weyerhaeuser Real Estate Co. Prior to her time at Northwestern, Dr. Eberly was a faculty member at the Wharton School of the University · Laurie Goodman, Senior Managing Director, RMBS Strategy, Amherst Securities Group of Pennsylvania. · Jack Macdowell, Chief Investment Officer, Carrington Capital Management, LLC Dr. Eberly holds a B.S. from the University of California, Davis, and her Ph.D. in Economics from M.I.T. 10:20am: Audience Q&A 10:35am: Short Break (10 minutes) Jason R. Gold Senior Fellow 10:45am: Policy