When looking for a balanced perspective about the housing industry and those charged with regulating it, the ideal source would seem to be someone with experience on both sides.
Having worked in the mortgage industry as a government regulator and an executive in the private sector, WL Ross & Co. LLC Vice Chairman James Lockhart will bring to the stage a viewpoint that is about as well-rounded as one could hope for during his keynote address at the National Settlement Services Summit (NS3) in San Antonio. His address is titled "Washington and the Secondary Market: At the Center of Your Business."
Before diving into the myriad of details surrounding the hot-button topic of reforming the government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, as well as other matters facing the housing industry, Lockhart said he will probably start off by addressing the broad scope of activity happening in Washington.
During his many years in Washington focusing on issues such as Social Security reform and pension reform, Lockhart learned first-hand how slowly Congress can move. Such experience has informed his expectations for future legislation.
After touching on the political atmosphere and how it might affect the industry in the near and distant futures, Lockhart will transition toward the multiple proposals put forth for modifying the GSEs; something many agree should happen but not necessarily on how to do it.
Lockhart, having worked as director of the Federal Housing Finance Agency (FHFA), regulating Fannie Mae and Freddie Mac along with 12 federal home loan banks, will offer his unique insight regarding some of the individual aspects of each proposal that could be in the cards for future GSE legislation, as well as ideas that may fall flat.
“I’ll be talking about some of the various alternatives out there and what it looks like it’s going to shake down to,” he said. “They have some common themes to them and I’ll probably be talking a little bit about those and where I think the traction is going to be.”
He also plans to devote time to discussing potential changes in financial regulation and what effects those changes could have on mortgage markets. Lockhart is well-versed in the concerns of modern investors as a member of the management committee and investment committees for the WLR Recovery Funds, Invesco Mortgage Recovery Funds and others.
“We’ve been very active investors in financial services companies in the U.S. and throughout the world,” Lockhart said. “We actually rolled up probably about 20 bank charters into five different platforms, all community banks, and a whole series of mortgage companies.”
He previously co-founded and served as managing director of NetRisk, a risk management software and consulting firm serving major financial institutions, banks, insurance companies and investment management firms worldwide.
Lockhart also has served as chairman of Federal Housing Finance Oversight Board and as a member of the Financial Stability Oversight Board. He spent four years as deputy commissioner and Chief Operating Officer of the Social Security Administration, was a member of President George W. Bush’s management council and served in President George H.W. Bush’s administration as executive director of the Pension Benefit Guaranty Corp. from 1989 until 1993.
For more information on the 2017 NS3, including the agenda and a list of speakers, click here. You can register for NS3 online or click here to get information on how to register via mail, fax or phone. For sponsorship opportunities, email [email protected]