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Recent Developments in Consumer Credit and Payments

September 24-25, 2009
Federal Reserve Bank of Philadelphia
Ten Independence Mall, Philadelphia, PA 19106


Thursday, September 24, 2009

Executive Area Bridge (3rd floor)

5:00 p.m.


5:30 p.m.

Welcome and Reception

Friday, September 25, 2009

Pennsylvania Room (3rd floor)

8:00 a.m.

Continental Breakfast

8:45 a.m.

Introductory Remarks

9:00 a.m.

Session I

Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis

  • Tomasz Piskorski, Columbia University (with Amit Seru, University of Chicago, and Vikrant Vig, London Business School)
  • Discussant: Paul Willen, Federal Reserve Bank of Boston

Liar's Loan? Effects of Origination Channel and Information Falsification on Mortgage Delinquency

  • Ashlyn Nelson, Indiana University (with Wei Jiang, Columbia University, and Edward Vytlacil, Yale University)
  • Discussant: Ronel Elul, Federal Reserve Bank of Philadelphia

10:30 a.m.


11:00 a.m.

Session II

Information Disclosure, Cognitive Biases, and Payday Borrowing

  • Adair Morse, University of Chicago (with Marianne Bertrand, University of Chicago)
  • Discussant: Jeremy Tobacman, University of Pennsylvania

Data Breaches and Identity Theft

  • William Roberds, Federal Reserve Bank of Atlanta (with Stacey L. Schreft, The Mutual Fund Research Center, LLC)
  • Discussant: Edward S. Prescott, Federal Reserve Bank of Richmond

12:30 p.m.


1:45 p.m.

Session III

Did Bankruptcy Reform Contribute to the Mortgage Crisis?

  • Michelle J. White, University of California, San Diego (with Wenli Li, Federal Reserve Bank of Philadelphia, and Ning Zhu, University of California, Davis)
  • Discussant: Nicholas Souleles, University of Pennsylvania

2:30 p.m.


2:45 p.m.

Session IV

The Impact of the U.S Financial Crisis on Global Retail Lending

  • Jörg Rocholl, European School of Management and Technology (with Manju Puri, Duke University, and Sascha Steffen, University of Mannheim)
  • Discussant: Philip Strahan, Boston College

3:30 p.m.


3:45 p.m.

Session V

Legal Protection in Retail Financial Markets

  • Simon Gervais, Duke University (with Bruce I. Carlin, University of California, Los Angeles)
  • Discussant: Philip Bond, University of Pennsylvania

4:30 p.m.

Concluding Remarks

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  • Disclaimer: The views contained in the papers and presentations are those of the authors and not of the Federal Reserve Bank of Philadelphia or the Federal Reserve System.