Finance Articles

How Does the Subprime Mortgage Crisis Affect the Real Estate Industry? New York Law School's Center for Real Estate Studies Holds Forum with Panel o

New York, NY (PRWEB) February 20, 2008 -- The Center for Real Estate Studies at New York Law School will discuss the subprime mortgage crisis and its effects on the real estate sector at a breakfast forum titled "The Subprime Mortgage Crisis: Implications for the Real Estate Market," Wednesday, February 27 at 8:15 a.m. at the Law School, located on 47 Worth Street.

"Although there is hardly a day that passes without a major news story detailing some aspect of the subprime mortgage crisis, we are only just beginning to understand fully its wide ranging impacts," Professor Andrew Berman, Director of the Center for Real Estate Studies, said. "The subprime mortgage crisis has disrupted the origination and refinancing of both residential and commercial mortgages, the entire commercial mortgage-backed security and residential mortgage-backed security markets, rating agencies, insurance and reinsurance companies, and the general availability of credit. But, we now need a comprehensive discussion of how this growing crisis affects the real estate sector and the economy as a whole, and how lawyers and policy planners are responding to these many challenges."

The keynote speakers are Tom Arnold, Managing Director at Cerberus Real Estate Capital Management, LLC; John E. Silvia, Chief Economist at Wachovia; and Joshua Stein, Partner in the Real Estate Practice Group at Latham & Watkins LLP.

Tom Arnold, CFA is Managing Director at Cerberus Real Estate Capital Management, LLC, where he is responsible for identifying, analyzing, and negotiating potential equity and debt investments, as well as the management of selected Cerberus Capital Management equity and debt positions. Prior to joining Cerberus, Arnold held positions at ING, Credit Suisse, and Salomon Brothers (now Citigroup). Prior to Salomon Brothers, Arnold practiced law for six years, principally with Holland & Knight, specializing in securities, tax, and real estate matters. Arnold graduated cum laude from the University of Florida, received a J.D. from the University of Florida School of Law, received a LL.M. from New York University, and an M.B.A. from the Amos Tuck School at Dartmouth College. He is a licensed attorney, registered securities principal, and also holder of the right to use the Chartered Financial Analyst (CFA) designation.

Dr. John E. Sylvia is Chief Economist at the Wachovia Corporation. He formerly worked on Capitol Hill as Senior Economist for the U.S. Senate Banking, Housing, and Urban Affairs Committee. Prior to that, he was Chief Economist of Kemper Funds and Managing Director of Scudder Kemper Investments, Inc. He is a member of the Blue Chip Panel of Economic Forecasters and also serves on an informal advisory group for the Federal Reserve Bank of Philadelphia. He is a director of the National Association of Business Economics and serves on the Economic Development Board for the State of North Carolina as appointed by Governor Mike Easley. Dr. Silvia holds a B.A. and a Ph.D. degree in economics from Northeastern University and has a master's degree in economics from Brown University.

Joshua Stein is a partner at Latham & Watkins LLP (New York office), where his practice emphasizes acquisitions, financing, leasing (particularly ground leases), development work, and hotels. A member of the American College of Real Estate Lawyers, he chaired the New York State Bar Association's Real Property Law Section for the year ending in May 2006. Since 1997, he has chaired the Practising Law Institute's annual two-day seminar on commercial real estate financing. He has written four books and well over 125 articles on commercial real estate law and practice and is one of the leading nonacademic writers on these topics in the United States. His name regularly appears in published lists of leading lawyers, such as the Chambers guides. Since 1997, he has operated a Web site called www.real-estate-law.com, which offers reprints of many of his publications and information about his books. He received his undergraduate degree from University of California and his law degree from Columbia University, where he was a managing editor of the law review.

This event is open to the public and free of charge. Registration is required and seating is limited. To register, please visit www.nyls.edu/realestate or call 212.431.2135.

About the Center for Real Estate Studies

The Center for Real Estate Studies (CRES) at New York Law School provides students with a unique educational opportunity to study both the private practice and public regulation of real estate. Leveraging the School's location in the prime real estate market of New York City, the Center enables students to gain practical experience in the real estate community and make contacts for future employment. Launched in 2007, the Center offers an extensive selection of classroom courses, advanced seminars, and independent study projects, as well as externships in governmental offices and real estate firms. It also sponsors conferences, symposia, and continuing legal education programs on a broad spectrum of issues. The Center for Real Estate Studies aims to help bridge the existing gap between the private practice and academic study of real estate, and will become one of the premier research centers in the country for the study of real estate.

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