US Housing & Housing Finance
The Future for Foreclosures and Mortgage Performance
After a long and unprecedented period of payment suspensions and foreclosure bans, housing obligations are resuming for many borrowers, and mortgage liquidations are picking up.
Join our analysts from the Financial Institutions and Structured Finance teams who will offer our insights on what’s ahead, and why things after this crisis will differ from conditions after the last housing-sparked recession.
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Agenda13:00 - 13:45EST
Home Price Boom Market and Solid Job Market Limits Risks as Unprecedented Forbearance Passes
Despite the severity of the pandemic and its impacts on mortgage performance, losses will likely be tame, reflecting positive factors from the introduction and carefully considered unwinding of forbearance programs, to soaring home prices and the relatively quick, if still incomplete, rebound in employment. Furthermore, although the stock of unresolved loans presents some risk to the housing market, the number of likely foreclosures and supply-demand conditions suggest the threat should be manageable.
Specific topics include
- What we expect to drive mortgage portfolio performance at financial institutions during the next phase of the pandemic-era
- How US RMBS have been affected by forbearance programs and foreclosure moratoriums, and potential implications of structural features as performance evolves
- How we expect housing market and economic conditions and the unwinding of borrower relief to interact with each other
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SpeakersJody Shenn Vice President - Senior Analyst, Structured Finance Group Moody's Investors Service
Florence Zeman Associate Managing Director, US Public Finance Moody's Investors Service
Karandeep Bains Associate Managing Director, US RMBS Moody's Investors Service
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Jody Shenn is a Vice President – Senior Analyst in the Structured Finance Group at Moody’s Investors Service. Mr. Shenn specializes in producing research across a range of both consumer and commercial asset securitization sectors. Prior to joining Moody’s in 2015, Mr. Shenn spent nine years covering residential mortgages, securitization and other fixed-income market topics as a journalist at Bloomberg News. Prior to that, Mr. Shenn worked as a reporter and/or editor at publications including American Banker, The Wall Street Journal and The Southampton Press. He is a graduate of Cornell University in Ithaca, New York
Jody Shenn is a Vice President – Senior Analyst in the Structured Finance Group at Moody’s Investors Service. Mr. Shenn specializes in producing research across a range of both consumer and commercial asset securitization sectors. Prior to joining Moody’s in 2015, Mr. Shenn spent nine years covering residential mortgages, securitization and other fixed-income market topics as a journalist at Bloomberg News. Prior to that, Mr. Shenn worked as a reporter and/or editor at publications including American Banker, The Wall Street Journal and The Southampton Press. He is a graduate of Cornell University in Ithaca, New York
Florence Zeman is an Associate Managing Director for the Housing Finance & State Revolving Funds Team, which is responsible for providing and maintaining ratings for state clean water and drinking water revolving funds and state and local housing finance agency single and multifamily bond programs. Under her direction the team publishes research and have updated methodologies on all of the sectors the team covers. Florence also participates in the ratings of other public finance credits, real estate and asset backed transactions and sovereigns and sub-sovereign credits. Prior to joining Moody’s, Florence was a Vice President in the Structured Finance Department at AMBAC. She holds a master’s degree in Public Finance and a bachelor’s degree in history, both from New York University
Karandeep Bains heads the US RMBS Surveillance team in the Structured Finance Group at Moody’s Investors Service. The RMBS Surveillance team monitors ratings on transactions in several sectors including prime jumbo, credit-risk transfer, reperforming, single-family rental, and reverse mortgages. Karandeep is also a member of the editorial board for the monthly newsletter ABS & RMBS Spotlight, which focuses on credit risk in the ABS and RMBS markets.
Karandeep joined Moody’s in 2006 and has extensive structured finance experience rating transactions backed by residential mortgages, commercial mortgages, credit card receivables, auto loans, and equipment loans and leases.
Karandeep holds a BS in Computer Engineering from Punjabi University, India and an MBA in Finance from the Yale School of Management.