Awarded Two Grants from Pew Charitable Trusts to Develop Two Papers for Housing Conference

The first paper analyzes the properties that become real estate owned (REO) after foreclosure. Focusing on three diverse cities, we will identify the characteristics of the properties that enter and exit REO, assess who purchases the properties and for what purposes, and analyze what then happens to the properties.  The second paper, which will be written with Professor Howell Jackson of Harvard Law School, will assess the nature and extent of potential losses from the default or write down of second liens, analyze whether and how second liens are impeding actions that could hasten the stabilization of the housing market, and evaluate alternative ways to address those two problems.  Pew will host the conference where these papers will be presented in June 2012.