October 7, 2024
Cornell Law School is Hiring a Transactional Clinician
Cornell Law School is hiring! We are looking for a clinical professor of entrepreneurship law who will work with our Entrepreneurship Law Clinic and our newly formed Blassberg-Rice Center for Entrepreneurship Law. Our students work with clients with a diverse range of entrepreneurial efforts, and in the process gain valuable skills for their legal careers. If you are interested in helping to train the next generation of entrepreneurs and the lawyers who will serve them, please consider applying. Or if you know of other suitable candidates, please let them know of this great opportunity in Ithaca. The job positing is here.
October 7, 2024 | Permalink | No Comments
September 18, 2024
The History of Housing Finance
I was happy to present on the History of Housing Finance as part of the Structured Finance Association’s SF Academy series, hosted by Elen Callahan, the SFA’s Head of Research & Education. You need to sign up to access the SF Academy content (although I have covered similar content in many other venues) for those who do not want to bother). The SFA website states that the
September 18, 2024 | Permalink | No Comments
September 17, 2024
Structured Finance Journal Launch
I am excited to be part of the launch of the Structured Finance Journal (SFJ), a double-blind, peer-reviewed publication dedicated to advancing the practices within the structured fixed-income markets. The press release continues,
SFJ is more than just a platform for publishing research—it is a collaborative effort led by an esteemed editorial board and guided by a distinguished advisory council, ensuring the highest quality and relevance of the work we publish.
In tribute to the highly respected but now defunct Journal of Structured Finance, formerly edited by Mark Adelson, we believe in the power of original research to drive practical applications and foster innovation in the field. SFJ is designed for professionals who are dedicated to contributing valuable insights that will help shape the industry’s future.
We invite submissions from industry experts and academics alike. If you have research that offers fresh insights and practical implications, we want to hear from you. Manuscripts should be between 2,500 and 3,500 words, excluding abstracts and references, and must be original work that has not been previously published or is under consideration elsewhere.
In line with our commitment to integrity and transparency, any use of AI tools in your manuscript should be limited to mechanical tasks like editing or citation management, with full disclosure required. Our strict guidelines ensure that only high-quality, relevant, and ethically produced research is featured in the journal.
Submissions must adhere to the Chicago Manual of Style (CMS) for formatting, with specific requirements for typography and content organization. We encourage authors to carefully structure their work, starting with a clear and concise title and abstract, followed by a compelling introduction, organized headings, and a well-rounded conclusion. Exhibits should be properly sourced, and permissions obtained for any previously published material. Details may be found on our online submissions platform.
Join us in advancing the structured finance industry by sharing your expertise and research. Submit your manuscript today and contribute to the growing body of knowledge that SFJ proudly supports. Please contact Elen Callahan at elen.callahan@structuredfinance.org with your questions and interest.
I am excited to join Elen Callahan and the other members of the Editorial Board in this venture:
Mark Adelson, Independent Consultant Content Director, Portfolio Management Research
William Black, Founder and Principal, Black Analytics
Nicole Byrns, Founder and Principal, Dumar Capital
Chun Lin, Managing Director and Head of U.S. Residential Mortgage Modeling, Bank of America
Debra Lofano, Partner, Alston & Bird LLP
Phillip Millman, Advisor, Federal Housing Finance Agency
Tim O’Neil, Managing Director and Head of Canadian Structured Finance, Morningstar DBRS
David Reiss, Clinical Professor of Law & Research Director of the Blassberg-Rice Center for Entrepreneurship Law, Cornell Law School & Cornell Tech
Jeff Schwartz, CFA, Securitized Products Investor
September 17, 2024 | Permalink | No Comments
September 6, 2024
Shaping the NYC Skyline
David Shamshovich, Camila Almeida, and Brenda Slochowsky just posted an episode of their podcast, Shaping The NYC Skyline. In this episode (mysteriously titled “Uncovering the Whole Elephant: The Evolution of Real Estate” — mysterious, that is, until you listen to it).
They interviewed me back in May when I was at Brooklyn Law School. The Apple podcast write-up states
Buckle up, Skyliners, for an illuminating episode featuring Professor David Reiss, formerly of Brooklyn Law School and now at Cornell Law School and Cornell Tech. Renowned for his expertise in real estate finance and community development, Professor Reiss has shaped countless legal minds, including our very own David Shamshovich, with his practical approach to complex concepts. This episode offers a rare glimpse into his journey from NYU Law School and prestigious law firms to his influential role in academia, where he has spent over two decades demystifying real property law.
Starting as an associate at major law firms, David soon discovered his passion for teaching. This led him to Brooklyn Law School, where he served as a professor and the founding director of the Community Development Clinic. His dedication to education is matched by his commitment to real-world impact, evidenced by his work with not-for-profits and his previous role as Chair of the NYC Rent Guidelines Board.
In this episode, David delves into the critical role the Community Development Clinic has played in providing hands-on experience to students, preparing them for real-world transactional and corporate real estate challenges. He emphasizes the importance of consumer protection in the housing market, drawing lessons from the subprime mortgage crisis. David also shares insights on the evolution of real estate finance, discussing the transition from mutual savings to sophisticated global capital markets, and the lasting impacts of historical events like the Great Depression and the 2007-2008 financial crisis.
Listeners will gain a deeper understanding of how these complex systems work and the importance of regulatory frameworks in protecting consumers and maintaining market stability. David’s ability to simplify intricate concepts has made him a beloved figure among students and colleagues alike, earning him a reputation as one of the best in his field.
Join us as we explore Professor David Reiss’s extraordinary career, his innovative approach to legal education, and his deep belief in the power of practical experience. Without further ado, we present Professor David Reiss, a beacon of knowledge and a guiding light in Shaping the NYC Skyline!
More on Shaping the NYC Skyline:
Website – https://www.seidenschein.com/podcast/
LinkedIn – https://www.linkedin.com/company/shaping-the-nyc-skyline/
Instagram – Shaping the NYC Skyline (@shapingthenycskyline)
YouTube – https://www.youtube.com/@ShapingtheNYCSkyline
September 6, 2024 | Permalink | No Comments
July 24, 2024
The Wayward Mission of the Federal Home Loan Bank System
I recently submitted this comment to the Federal Housing Finance Agency in response to its request for input about the mission of the Federal Home Loan Bank System. It opens,
The Federal Housing Finance Agency (the “FHFA”) has requested Input regarding the regulatory statement of the Federal Home Loan Bank System’s (the “System”) mission to better reflect its appropriate role in the housing finance system. I commend the FHFA for being realistic about the System in its Request for Input; it acknowledges that there is a mismatch between its mission and its current operations.
The System’s operations do not do nearly enough to support the System’s stated mission of supporting the financing of housing. The System should recommit to that goal in measurable ways or its name and/or mission should be changed to better reflect its current operations.
While the System was originally designed to support homeownership, it has morphed into a provider of liquidity for large financial institutions. Banks like JPMorgan Chase & Co., Bank of America Corp., Citibank NA and Wells Fargo & Co. are among its biggest beneficiaries and homeownership is only incidentally supported by their involvement with it.
As part of the comprehensive review of the System, we should give thought to at least changing the name of the System so that it cannot trade on its history as a supporter of affordable homeownership. Or we should go even farther and give some thought to spinning off its functions into other parts of the federal financial infrastructure as its functions are redundant with theirs. But best of all would be a recommitment by the System to the measurable support of financing for housing.
This comment draws from a column (paywall) I had published when the FHFA first embarked on its reevaluation of the FLBLS.
July 24, 2024 | Permalink | No Comments