The Citizens Housing and Planning Council recently brought together a wide range of practitioners from the housing industry to discuss investor concern over subprime mortgages and global illiquidity, and the current turmoil that it has caused in financial markets. The discussion was led by Dan Levitan, a founding partner of the Home Mortgage Acceptance Corp. (HMAC), one of New York Citys premiere brokerage firms. HMAC was acquired by Countrywide Financial Corp. in December 2006. Mr. Levitan currently works at The Manhattan Mortgage Company.

This brief has been written by Jeffrey Otto, and adapted from a discussion held at CHPC on August 27, 2007. The following persons were in attendance: Sandra Acosta, John Daviglio, Tanya Dempsey, Henry Lanier, Dan Levitan, Marvin Markus, Lucille McEwan, Jeffrey Otto, Jerilyn Perine, Vincent Rizo, Richard Roberts, Brian Siegel, Gordon Shanks, Harold Shultz, Phil Tugendrach, John Warren, and Marian Zucker.

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By Jeffrey Otto