SAN DIEGO—Robert Broeksmit, president and CEO of MBA began the opening general session at MBA CREF24 conference Monday morning by talking about the importance of moving affordable housing into high gear. He also said that "we need congress to expand the low income housing tax credit." Another point he made in his opening speech was that zoning and permitting reform are the real answer to affordable housing.
Next up was Mike Fratantoni, Chief Economist and Senior Vice President of Research and Industry Technology, Mortgage Bankers Association, along with economic advisor Mohamed El-Erian, president, Queens College, Cambridge; Chief Economic Advisor, Allianz; Former CEO and Co-Chief Investment Officer, PIMCO, who brought fresh perspectives to the challenges that central bankers face.
When talking about the rest of the global world, it makes us realize how good the U.S. has it, explained El-Erian. For example, El-Erian started by talking about the slowdown in China. Is it disastrous? He says, no but says it is a shame that China isn't on the front anymore.
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"For China, it illustrates two issues. There is an inclination to think that China can deal with its problems through stimulus, but they have problems," he says. "The way they grow has to change. They can no longer use the global economy as a tailwind. They have to reform."
He also pointed out that China has pockets of excessive debt and leverage–real estate being one–and they have to figure out a way to deflate it. "Bottom line is to not look at China to become the engine of growth. It will take them a number of years to bounce back."
According to Fratantoni, there are significant geopolitical challenges and financial challenges. "Concerns about shipping through the Red Sea, for example, or concerns about a spike in oil prices are out there." El-Erian says that the silver lining of a pretty awful situation is that "it hasn't escalated to where people thought. There is hardly any geopolitical risk in the marketplace right now. The escalation risk hasn't played out."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
