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?
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.
Regulation reform, house prices and bankruptcy are some of the issues that may shape the economy in the coming year.
From the Archive: A skewed sex ratio is fueling a highly competitive marriage market, driving up China’s savings rate and with it the global trade imbalance.
Simple mortgage modification programs may encourage a high rate of strategic default for those whose homes aren’t at risk of foreclosure.
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.
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?
Economic indicators are all around us, from the number of empty store fronts to the volatility index for the stock market.
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.
“The real heart of this crisis is that traditional means for recapitalizing these institutions have gone away,” says Prof. Greenwald.
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.
Why did subprime mortgage borrowers make the choices they did? In her new book, The Art of Choosing, Professor Sheena Iyengar examines how we make choices.
The government takeover of Fannie and Freddie marks a stunning event in the historical legacy of these financial institutions.
Today’s distressed mortgage market requires a new model for house pricing. Here are a few key takeaways from my research.
What long-term structural changes in financial intermediation will result from the subprime turmoil?
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.
As high salaries soar even higher, housing prices in the most attractive cities have tested their limits.
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?
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.
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.
There are two ways the crisis will have an effect: through the trading route and through the asset route.
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.
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 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.
"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.
How misaligned incentives between brokers, banks and borrowers encouraged widespread falsification on mortgage applications.
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.
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?
An easy-to-implement policy allows firms to determine the effect of future financing and performance milestones on pricing decisions, even when firms face uncertain market conditions.
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.”
A combination of an incentive fee program with a legislative initiative to modify servicing agreements can help reduce the number of foreclosures.
Low mortgage rates would substantially reduce the risk of further house price declines.
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.
Senior Vice Dean Chris Mayer talks about the Treasury's proposal to lower mortgage rates.
Dean Glenn Hubbard responds to Ben Bernanke's speech, and calls for more action in order to stop falling house prices.
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.
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.
Foreclosure estimates are high, but Professor Eric Johnson says that fewer people will walk away from their homes than we might think. Why?
Morgan Stanley's bribery scandal in China is by no means an isolated event.
Representative Dennis Cardoza of California has adopted the plan as part of the proposed Housing Opportunity and Mortgage Equity Act. Read more...
Paul Milstein, leading New York real estate developer, philanthropist, and friend to the School, died on August 9. Read more...
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da2120@columbia.edu 212-854-7903
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jeffrey.barclay@gs.com 212-883-2617
The Columbia Business School Real Estate Association is pleased to announce the co-presidents and vice presidents elected for the 2012-13 academic year. The officers, all in the class of 2013, were elected by the REA membership. Read more...
Hundreds of real estate alumni from the class of 1960 to 2012 graduates gathered on May 10, 2012, for the Annual Alumni Real Estate Reception. Held at the Columbia Club of New York, the event honored 2012 Distinguished Real Estate Partner Andrew L. Farkas, Managing Member, Chairman, and CEO, Island Capital Group. Read more...
Four teams of second-year students competed for the Alexander Bodini Foundation Prizes in the Project Class in Real Estate Investment and Entrepreneurship Business Plan Competition 2012, held on Monday, April 30. In an unusual outcome, two of the teams tied for first place due to the high quality of their presentations. Read more...
The Paul Milstein Center for Real Estate is pleased to congratulate Adjunct Professor J. Daniel Adkinson for receiving the 2012 Dean's Award for Teaching Excellence by Adjunct Faculty Member. Read more...
Paul Milstein Professor of Real Estate Christopher Mayer spoke at a Senate hearing on Wednesday, April 24, as part of the panel "Helping Responsible Homeowners Save Money Through Refinancing" convened by the Senate Subcommittee on Housing, Transportation, and Community Development. Read more...
The article features several remarks made by Prof. Mayer during his testimonial before the United States Senate Committee on Banking, Housing, & Urban Affairs. Read more...
TheSquareFoot, co-founded by Jonathan Wasserstrum '12 and hometown friends Aron Susman and Justin Lee, was awarded one of ten student scholarships to present at DEMO Spring 2012. Read more...
One country, 2 special administrative regions, 9 passport stamps, 12 company visits, 26 students, not to mention planes, trains, automobiles, and boats! The annual Columbia Business School Real Estate Association international study trip took place this past March 11-18 in China, visiting Shanghai, Hong Kong, and Macau. Read more...
The US housing market is on life support, said Professor Joseph Stiglitz at a forum sponsored by Columbia Business School, the Progressive Policy Institute, and Zillow April 4 and 5 in New York.
Real estate experts discussed possible solutions to the global and US housing downturns that have accompanied the worldwide financial recession on April 4 and 5 in New York at a forum. Read more...
Christopher Mayer quoted on risk of those strategic defaults Read more...
Three Columbia Business School students awarded 2012 scholarships from WX New York Women Executives in Real Estate Read more...
During Columbia Business School's spring break, 26 MBA students and 3 faculty members are touring Shanghai, Hong Kong, and Macau to learn about the real estate industry in China. Read more...
Milstein Center Research Director Christopher Mayer is quoted in the New York Times on the United States becoming more of a "renter nation." Read more...
Christopher Mayer's thoughts on the $26 billion agreement for homeowners. Read more...
Jeffrey Organisciak '13 interviews Jeffrey Barclay '83 to learn about Goldman Sachs Asset Management Real Estate Investment Group, and his thoughts on the current real estate market along with his take-a ways from the 2011 Real Estate Symposium and thoughts on how current students and alumni can make the most of Columbia Business School. Read more...
"Christopher J. Mayer, a real estate professor at Columbia Business School who has been a proponent of mass refinancing, said he could see little reason for Freddie to use such a complex investment scheme." Read more...
Mayer remarks that the plan is probably not as risky as it sounds. Read more...
Prof. Meier talks to Marketplace Radio about his study that finds an association between impatience and lower credit scores. Read more...
The New York Times’ Bucks blog discusses Prof. Meier’s study on the association between impatience and lower credit scores. Read more...
Professor Christopher Mayer discusses the limitations of the federal Home Affordable Refinance Program (HARP) with Bloomberg. Read more...
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Arvind Chary '11 is a co-founder of Altas Real Estate Partners Read more...
Jeffrey Barclay '83, managing director and CIO of Goldman Sachs Asset Management's Real Estate Investment Group, adjunct professor at Columbia Business School, and chairman of the 2011 Real Estate Symposium Steering Committee moderated the panel discussion on the state of the commercial real estate debt markets. Read more...
Professor Lynne Sagalyn kicked off the Fourth Annual Columbia Business School Real Estate Symposium with one word to describe the state of the Real Estate program: "strong." The 2011 Real Estate Symposium keynote address was delivered by Richard B. Saltzman, president of Colony Capital. Read more...
Andrew Jacobs '96, managing director and partner of Metropolitan Real Estate Equity Management and adjunct professor at the School moderated a discussion on investor demand within the real estate equity universe - from publicly traded REITs to real estate private equity and investments. Read more...
The Future Development in New York panel, moderated by Tommy Craig '82, senior vice president, Hines, and adjunct professor, Columbia Business School, addressed the challenges and opportunities of creating large, mixed-use development projects in New York. Read more...
The main panel on designing and executing investment strategies centered on an outlook of cautious optimism amidst a backdrop of unprecedented uncertainty for real estate markets over the next few years. Read more...
Elliott Cohen '06 is the co-founder and CEO of City Maps, a service popular with NYC brokers. Read more...
Real Estate Adjunct Professors Jeffrey Barclay '83, Goldman, Sachs & Co. and Thomas Craig '82, Hines speak about returning to the classroom in the latest issue of Hermes. Read more...
Columbia Business School Real Estate Forum Member David Henry of Kimco Realty Corporation discusses holiday sales on CNBC. Read more...
John Crotty '96 of Workforce Housing Advisors quoted in the New York Times. Read more...
Thomas Craig '82 discusses his work at Hines and teaching at Columbia with the New York Times. Read more...
TheSquareFoot, co-founded by Jonathan Wasserstrum '12 and hometown friends Aron Susman and Justin Lee, started when Aron and his business partner were looking for office space after relocating to Orange County. Read more...
Tommy Craig '82 has been with Hines in New York since 1983. Read more...
David Sherman is the president of Metropolitan Real Estate Equity Management, a Real Estate Circle Leader and member of the MBA Real Estate Program Advisory Board. Interview conducted by Jason Chiang '12 Read more...
This semester, Columbia Business School appointed Kate Kerrigan as the administrative director of the Paul Milstein Center for Real Estate. Prior to her appointment, Kerrigan, a lawyer, was the executive director of the Dumbo Improvement District (BID), overseeing the daily operations of one of Brooklyn, and New York City's most dynamic BIDs. Read more...
The Columbia Business School Real Estate Association is excited to announce the debut of its new Alumni Mentorship Program for first-year MBA students. Read more...
Chris Mayer speaks with NPR about mortgage refinancing. Read more...
New York Times Endorses Mayer/Hubbard refinancing plan as "Lifeline for Homeowners." Read more...
The New York Times discusses Alan Boyce, R. Glenn Hubbard, and Chris Mayer's latest mortgage refinancing proposal. Read more...
The article features a mortgage refinancing plan proposed by Prof. Chris Mayer and Dean Glenn Hubbard, and how the plan could support the housing market and US economy. Read more...
Chris Mayer discusses mortgage refinancing with Bloomberg. Read more...
Professor Chris Mayer discusses the housing crisis and refinancing home loans with NPR. Read more...
The Atlantic discusses a study by Senior Vice Dean Chris Mayer that explores why consumers chose to default when they received news that their mortgage plan at Countrywide Financial was about to become part of a mortgage modification program. Read more...
The 2011 Annual Real Estate Alumni Reception took place on Thursday, May 5 at the Columbia Club in New York City. Read more...
Faculty finds that the creation of a nonprofit institution, “CommonMuni,” could enhance liquidity in the municipal bond market Read more...
Columbia University President Lee Bollinger, in consultation with Dean Glenn Hubbard and members of the Columbia Business School Board of Overseers, has chosen Elizabeth Diller of the New York-based architecture firm Diller Scofidio + Renfro to design the School's new facilities in Manhattanville. Read more...
Professor Calomiris argues that mortgage reform should include minimum downpayments for mortgage. Read more...
Prof. Meier's research finds math deficiencies increase foreclosure risk. Read more...
Prof. Bontempo discusses how buyers should negotiate in the current housing market in The Wall Street Journal. 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...
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...
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...
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...
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...
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...
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...
"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...
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...
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...
Alumnus Edward Mannix '04 takes on Global Warming 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...
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...
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...
