Foreclosure estimates are high, but Professor Eric Johnson says that fewer people will walk away from their homes than we might think. Why?
One of the reasons that Modern Political Economy is such an enjoyable course to teach is that every term a real-life issue emerges that underscores the course’s contemporary relevance. What to do about the credit crisis that cascaded from the home mortgage debacle is the latest case in point.
High Line visionaries, architects, developers and city planners gathered for a panel discussion on October 13 about the 75-year-old elevated railroad that reinvigorated West Chelsea.
Dean Glenn Hubbard responds to Ben Bernanke's speech, and calls for more action in order to stop falling house prices.
New research using Megan’s Laws data confirms that property values decline when sex offenders move into a neighborhood — and points to how much it's worth spending on policies that prevent violent crime.
The decline in housing prices remains the elephant in the room in the discussion of the credit market deterioration. Let’s start there.
Many foreclosures are not preventable. However, if a foreclosure is preventable, and the borrower wants to stay in the home, the economic case for trying to avoid foreclosure is strong.
Sam Zell recently spoke about the economy and the real estate market as part of the Silfen Leadership Series. What investment opportunities does he see in the future?
The government takeover of Fannie and Freddie marks a stunning event in the historical legacy of these financial institutions.
What long-term structural changes in financial intermediation will result from the subprime turmoil?
How misaligned incentives between brokers, banks and borrowers encouraged widespread falsification on mortgage applications.
When I graduated in 1964, the market was down, jobs were tight, competition was fierce and America was fighting a polarizing war. It was, like now, a challenging time. How do we go forward in challenging times?
Today’s distressed mortgage market requires a new model for house pricing. Here are a few key takeaways from my research.
"It is one thing to know about real estate and know about companies but another to have teachers who can make the connections for you," says Robert Klein '04. Keep reading this alumni profile.
Should the government out the home lenders that it says isn't doing enough to help homeowners? Senior Vice Dean Chris Mayer shares his thoughts.
Economic indicators are all around us, from the number of empty store fronts to the volatility index for the stock market.
The Urban Land Institute reports that the aging of baby boomers will lead to a dramatic increase in single-person households, driving demand for more multifamily housing.
What was once a small desert city along the gulf coast is quickly becoming a large metropolis with miles of skyline and hundreds of man-made islands emerging from the Arabian Gulf.
The combination of financial innovation and a liquidity burst is a classic element of an asset bubble, Professor Frederic Mishkin told students at a recent economic forum.
A new orientation lecture about the financial crisis was created this year to give students an overview of the causes and key issues of the crisis.
The U.S. government has made it clear that Fannie Mae and Freddie Mac, the two big mortgage guarantors, are not going to run out of cash. Yet the stocks of both are still tumbling; what is going on?
As high salaries soar even higher, housing prices in the most attractive cities have tested their limits.
Noting that seller behavior doesn't always conform to standard economic theory, Chris Mayer explains why housing markets tend to function poorly in a down economy.
“The real heart of this crisis is that traditional means for recapitalizing these institutions have gone away,” says Prof. Greenwald.
Chris Mayer talks about housing market fundamentals, the U.S. housing boom and the surprising results of his recent study of U.S. house prices.
There are two ways the crisis will have an effect: through the trading route and through the asset route.
Low mortgage rates would substantially reduce the risk of further house price declines.
Things are busy at BlackRock this summer. There was a lot of acquisition in the early to mid 2000s, and now it’s time to really make those properties perform.
If the owner of a piece of land hires a developer to construct a building, the project's timing may hinge on the developer's own motives. How can the owner design a contract that aligns the interests of both parties?
Morgan Stanley's bribery scandal in China is by no means an isolated event.
Yesterday I asked Public Offering visitors the same question I asked my Modern Political Economy students: should the federal government intervene in the current crisis or simply let the market work its painful way out? Here are a couple student responses.
Senior Vice Dean Chris Mayer talks about the Treasury's proposal to lower mortgage rates.
Looking at Renzo Piano’s design for Manhattanville (the future home of CBS), one can see why this world-renowned architect is often described as “a master of light and art.”
As Washington weighs action to stabilize the housing market, a new proposal for stemming the tide of foreclosures from Professors Chris Mayer and Tomasz Piskorski of the Business School and Edward Morrison of Columbia Law School is gaining currency. The key, they argue, is to align the financial incentives of all stakeholders to modify loans that homeowners cannot afford and remove legal barriers that deter servicers from seeking loan modifications.
Regulation reform, house prices and bankruptcy are some of the issues that may shape the economy in the coming year.
A combination of an incentive fee program with a legislative initiative to modify servicing agreements can help reduce the number of foreclosures.
Christopher J. Mayer, the Paul Milstein Professor of Real Estate and director of the Paul Milstein Center for Real Estate since 2003, has been named the School’s next senior vice dean. Read more...
"Professor Chris Mayer points out that some $750 billion of annual mortgage lending has dried up as the securitization of subprime and jumbo loans has collapsed." Read more...
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Three teams competed for the Alexander Bodini Foundation Prizes in the Master Class in Real Estate Investment and Entrepreneurship Business Plan Competition 2009, held on Tuesday, April 21, 2009. Read more...
On Tuesday afternoon, February 17th, Sam Zell, Chairman of Equity Group Investments and a member of the Columbia Business School Real Estate Forum, spoke to students as part of the Silfen Leadership Series. Read more...
Prof. Chris Mayer comments on the Obama administration's housing plan. Read more...
Widespread lending risks in the financial sector paved the way for a national credit crisis, Prof. Chris Mayer says. Read more...
Prof. Eric Johnson contends that the foreclosure threat may be overstated, identifying the psychological forces that keep many homeowners from walking away from their mortgages. Read more...
Prof. Chris Mayer says the Obama administration's housing rescue plan doesn't provide enough assistance to those who need it most. Read more...
The government's housing-relief plan may send the wrong signal to some homeowners, warns Prof. Chris Mayer. Read more...
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The plan aims to facilitate mortgage modifications, and thus reduce foreclosures, by compensating servicers and removing some legal constraints. Read more...
Columbia Business School and Columbia Law School announced on January 7 a new joint proposal to stem foreclosures through loan modifications. The proposal focuses on privately securitized mortgages. These types of mortgages are at the core of the housing crisis, accounting for more than 50 percent of foreclosure starts. Read more...
Leading academics and experts gathered to examine the origins of the financial crisis and discuss what actions policymakers might take to prevent it from happening again. Read more...
In an op-ed, Dean Glenn Hubbard and Prof. Chris Mayer explain why the Treasury's plan to offer a 4.5 percent mortgage for home buyers is a good idea. Read more...
Columbia Business School's thought leadership on issues related to the U.S. housing crisis has gained the attention of the media and policymakers alike. This page is a guide to related background, analyses and opinions. Read more...
On November 20th 2008, the Paul Milstein Center for Real Estate hosted the annual Real Estate Alumni event at 640 Fifth Avenue. Read more...
As the Treasury and the Fed consider subsidizing cheaper mortgages for homeowners, Prof. Chris Mayer advocates extending lower rates to prospective home buyers as well. Read more...
A plan by Dean Glenn Hubbard and Prof. Chris Mayer to provide more affordable mortgages through Fannie Mae and Freddie Mac is discussed as one possible approach to keeping homeowners in their homes. Read more...
Columnist Joe Nocera considers the proposal put forward by Dean Glenn Hubbard and Prof. Chris Mayer for the government to refinance all residential mortgages at a lower rate, with the aim of stabilizing the housing market. Read more...
Among the keys to solving the current economic crisis are promoting bank recapitalization and stabilizing housing prices, speakers said. Read more...
Dean R. Glenn Hubbard and Prof. Chris Mayer discuss their plan for fixing falling housing prices. Read more...
In this op-ed, Dean R. Glenn Hubbard and Professor Chris Mayer propose a plan that would stimulate the housing market by pushing down the mortgage rate, an important step toward shoring up the broader economy. Read more...
In this op-ed Professor Chris Mayer calls on the government to target the heart of the financial crisis through direct assistance to home buyers and homeowners. Read more...
Proposals to extend tax credits to home buyers may be misguided, Professor Tomasz Piskorski warns. Read more...
Professor Christopher Mayer attributes falling housing prices to the credit crunch: lenders are having trouble raising the financing they need in order to extend loans to would-be buyers. Read more...
Two teams - Emerging Markets Real Estate Equities (EMREE) and Grosvenor - tied for first place in the 9th Annual Sheldon Seevak Real Estate Business Plan Competition, held on Wednesday, April 23rd. Read more...
An evening featuring the remarks of Ben Bernanke, chairman of the Federal Reserve, and Russell Carson '67, cofounder of private investment firm Welsh, Carson, Anderson & Stowe, raised more than $3 million for the School's programs and initiatives. Read more...
Professor Christopher Mayer explains the critical role Fannie Mae and Freddie Mac play in the mortgage market. Read more...
The Federal Housing Authority's spending to keep troubled mortgage holders in their homes in a falling housing market could ultimately lead to bigger losses, says Professor Christopher Mayer. Read more...
With setbacks to the redevelopment plan for Manhattan's West Side, advocates of a more gradual approach to commercial development, including Professor Lynne Sagalyn, suggest a change of course. Read more...
Andrea Wenner'05, founder and executive director of Out2Play, featured in Columbia Magazine, by Cristina Najarro CC'10. Read more...
Lynne B. Sagalyn, Earle W. Kazis and Benjamin Schore Professor of Real Estate, has been appointed Director of the Paul Milstein Center for Real Estate, effective July 1, 2008. Read more...
On Thursday, March 20, the Center on Japanese Economy and Business hosted a zadankai (informal discussion group) titled, Japan’s Economic Prospects: How Good Are They? Read more...
Dean Hubbard argues that the Fed should temporarily expand the Federal Housing Administration's authority to deal with the housing crisis. Read more...
"On the Public Offering blog, several students at Columbia Business School provide their view on what should be done about the current mortgage crisis. 'We have been living through at least 15 years of continuous asset-price inflation; will a government intervention in this deflation -- whether through buying up mortgages or reducing interest rates -- just create more of the same?' writes Erik Diehn." Read more...
The New York City Council officially approved the University’s construction of a new uptown campus, which will allow the business school to powerfully broaden its resources. Read more...
Paul Milstein Center and EMBA team up for the first EMBA/MBA Real Estate overview panel. Read more...
The Paul Milstein Center Hosts Annual Sheldon Seevak Real Estate Business Plan Competition Read more...
Omar Nasser Eddin '07 took home the top prize at the annual Sheldon Seevak Real Estate Business Plan Competition Reception Dinner on April 27th Read more...
Professor Chris Mayer presented an overview of real estate valuations to the Real Estate Roundtable in Washington, DC on April 26th Read more...
Twenty-Five Real Estate students visited Sao Paulo and Buenos Aires in March, as part of the Chazen International Real Estate Study Tour. Read more...
Alumnus Edward Mannix '04 takes on Global Warming Read more...
Professor Chris Mayer, Director of the Paul Milstein Center for Real Estate, discusses Alt-A loans on NPR's Marketplace Money. Read more...
Networking events become increasingly important to the business school experience as summer rapidly approaches and students rush to secure internships and full time positions. Read more...
On CNN?s ?In the Money? last week, Professor Chris Mayer gave viewers advice on whether to rent or buy their homes. Read more...
Chris Mayer Participates in WSJ Online Housing Economy Blog Read more...
On Thursday November 30th, the Real Estate Association and the Paul Milstein Center for Real Estate hosted the 2006 annual Real Estate Alumni Reception. Read more...
OUT2PLAY Cuts Ribbon on First Refurbished Playground Read more...
A recent study confronts misperceptions about the underlying drivers behind the decade-old real estate boom and refutes conventional wisdom saying there is a housing bubble. Read more...
Summer internship profile, by Maury Stern '06, Bottom Line. Read more...
Chris Flynn '04 is applying her MBA to community development and affordable housing with the Housing Development Corporation in New York City. Read more...
Real estate and community development, Bottom Line. Read more...
Joseph Azrack, MBA ?72, president and CEO of Citigroup Property Investors, generously donated the complete Urban Land Institute (ULI) ?library? to the School. Read more...
