FRANK E. NOTHAFT
2331 Augustus Court
Vienna, Va. 22180-6869
Home: (703) 280-4155
Office: (703) 903-2350
VITA
1986 - present: Federal Home Loan Mortgage Corporation (Freddie Mac) Vice President (2004-present) and Chief Economist (2001-present)
Deputy Chief Economist (1988-2001), Senior Economist (1986-88)
Primary responsibilities include:

Research support for the CEO and other policy makers

Prepare monthly forecast of macro economy, mortgage and housing
markets, and topical market trends piece

Oversee weekly market comment and economic data releases on
Chief Economist's web page

Frequent contributor to firm's institutional publications and speaker
at industry meetings

Extensive television experience including local stations and cable
networks. Numerous radio and newspaper interviews

Manage a staff of professionals
Current activities include research support for Making Home Affordable,
estimating product choice models, evaluating alternative house price indexes,
and modeling rental housing markets.
1983 - 1986:
Board of Governors of the Federal Reserve System Assistant to Governor Henry C. Wallich
Economist, Mortgage and Consumer Finance Section
Aided speech and manuscript development, and priming the Governor for
conferences. Economist responsible for preparing housing forecast for FOMC
meetings, analyzing construction and financing of income-producing
properties, and directing household surveys to obtain housing finance data.
Education:
Ph.D. (Economics), Columbia University, 1986
B.A. Cum Laude (Mathematics and Computer Science),
New York University, 1976
Completed M.B.A. coursework in Finance at NYU's Graduate School
of Business Administration
Media:
Extensive interview experience with TV, radio, internet and print media and at
press conferences. Appeared on CNN, CNBC, Bloomberg; forecasts posted on
YouTube; quoted in New York Times, Wall Street Journal, Washington Post.
University
Georgetown University – Lecturer, School of Continuing Studies (2010-12,
2014). Taught Urban and Real Estate Economics for Master's of Professional
Studies in Urban & Regional Planning and in Real Estate.
Johns Hopkins University - Senior Lecturer, Institute for Policy Studies
(2002-03). Taught Microeconomics for the Master's in Public Policy degree.
Columbia University - Instructor, Department of Economics (1981-83).
Taught Principles of Economics I and Intermediate Microeconomics.
Professional
Affiliations:
American Real Estate and Urban Economics Association (past president),
Financial Management Association (past member, Board of Directors),
Real Estate Research Institute (past member, Advisory Board), American Real
Estate Society, National Association for Business Economics (past chair, Real
Estate and Construction Roundtable), Weimer School of Advanced Studies in
Real Estate and Land Economics (Fellow)
Honors:
Freddie Mac Community Service Award, Sloan Foundation University
Fellowship, Columbia Fellowship, NYU Founders' Day Award
Public Policy:
Invited testimony before the Subcommittee on Housing and Community
Opportunity of the U.S. House of Representatives, June 16, 2004; presentations
to Congressional and state legislative staff. Co-author of Financing America’s
Housing: The Vital Role of Freddie Mac.
Publications:
Editor:
Co-Editor of Special Issue of Real Estate Economics (2012)
Refereed:
"Introduction to the James Berkovec Memorial Issue," Real Estate Economics
(2012, Volume 40, Issue S1), pp. S1-S7. Co-author Gabriel.
"Demystifying the Refi-Share Mystery," Journal of Real Estate Research
(October-December 2007), pp. 511-45. Co-author Chang.
"Mortgage Markets In Middle East and North African Countries: Market
Development, Poverty Reduction, and Growth," Journal of Housing Economics
(September 2005), pp. 212-41. Co-author Erbaş.
"The Contribution of Home Value Appreciation to US Economic Growth,"
Urban Policy and Research (March 2004), pp. 23-34.
"Duration of Residence In the Rental Housing Market," Journal of Real Estate
Finance and Economics (March/May 2003), pp. 267-85. Co-authors Deng and
Gabriel.
"The Evolution of Securitization In Multifamily Mortgage Markets and Its
Effect on Lending Rates," Journal of Real Estate Research (April-June 2003), pp.
91-112. Co-author Freund.
"Do Mortgage Rates Vary by Neighborhood? Implications for Loan Pricing
and Redlining," Journal of Housing Economics (September 2002), pp. 244-65.
Co-author Perry.
"Debt Spreads Between GSEs and Other Corporations," Journal of Real Estate
Finance and Economics (July/September 2002), pp. 151-72. Co-authors Pearce
and Stevanovic.
"Industrial Structure of Affordable Mortgage Lending," Journal of Housing
Research (Volume 12, Issue 2, 2001), pp. 239-76. Co-author Surette.
"Rental Housing Markets, the Incidence and Duration of Vacancy, and the
Natural Vacancy Rate," Journal of Urban Economics (January 2001),
pp. 121-49. Co-author Gabriel.
"Determinants of the ARM Share of FHA and Conventional Lending," Journal
of Real Estate Finance and Economics (January 2001), pp. 23-41. Co-authors
Berkovec and Kogut.
"Unmet Housing Needs: The Role of Mortgage Markets," Journal of
Housing Economics (September 1995), pp. 291-306. Co-authors Berkovec,
Dougherty, and Shear.
"The Failure of the Mortgage-Backed Futures Contract," Journal of Futures
Markets (August 1995), pp. 585-603. Co-authors Lekkas and Wang.
"Spatial Variation in Construction Loan Pricing at Commercial Banks,"
Journal of Housing Economics (June 1995), pp. 118-35. Co-author Fergus.
"Seasonal Variation in Cost of Funds at Thrift Institutions,"
AREUEA Journal (Winter 1992), pp. 573-82. Co-author Wang.
"Determinants of the ARM Share of National and Regional Lending,"
Journal of Real Estate Finance and Economics (June 1992), pp. 219-34.
Co-author Wang.
"Temporal Relationships Among Adjustable-Rate Indexes," Journal of
Real Estate Finance and Economics (December 1991), pp. 409-19.
Co-authors Crockett and Wang.
"On the Determinants of Yield Spreads Between Mortgage Pass-Through and
Treasury Securities," Journal of Real Estate Finance and
Economics (December 1989), pp. 301-15. Co-authors Gabriel and
Rothberg.
"Rental Housing Markets and the Natural Vacancy Rate,"
AREUEA Journal (Winter 1988), pp. 419-29. Co-author Gabriel.
"ARM Debt Outstanding by Lender Type and Firm Size," Housing Finance
Review (October 1984), pp. 447-55.
Other Articles:
"U.S. and Midwest Housing and Mortgage Markets," in The Economic
Outlook for 2013, Papers Presented to the 60th Annual Economic Outlook
Conference at the University of Michigan, November 15 and 16, 2012 (2013),
pp. 243-58.
"MBS: Trends and New Developments," Journal of Applied Finance (Volume
21, Number 1, 2011), pp. 152-5. Co-authors Davidson, Lawler, Nardacci.
"The Rise and Fall of Subprime: The Subprime Mortgage Meltdown of 2007,"
Research Review (Volume 14, Number 3, 2007), International Council of
Shopping Centers, pp. 7-11.
"Refinance and the Accumulation of Home Equity Wealth," Building Assets,
Building Credit: Creating Wealth In Low-Income Communities, Brookings
Institution Press (2005), pp. 71-102. Co-author Chang.
America's Home Forecast: The Next Decade for Housing and Mortgage
Finance, Homeownership Alliance, June 2004. Co-authors Berson, Lereah,
Merski and Seiders.
"Two Decades of Multifamily Financing," Wharton Real Estate Review (Fall
2003), pp. 42-53. Co-authors Bradley and Schoenbeck.
"The Industrial Structure of Affordable Mortgage Lending," Low-Income
Homeownership: Examining the Unexamined Goal, Brookings Institution
Press (2002), pp. 64-104. Co-author Surette.
"Financing Multifamily Properties: A Play With New Actors and New Lines,"
Cityscape (Volume 4, Number 1, 1998), pp. 5-17. Co-authors Bradley and
Freund.
"Multifamily Investment Outlook: How Good is the Good News?",
Units (November/December 1994), pp. 43-7. Co-author Abraham.
"Spatial Variation in Construction Loan Pricing at Commercial Banks,"
Proceedings of the 1992 Conference on Bank Structure and Competition,
Federal Reserve Bank of Chicago, pp. 521-44. Co-author Fergus.
"Program Characteristics and Credit Risk of Cost-of-Funds ARMs," Mortgage
Banking (January 1990), pp. 43-7.
"How to Market and Price ARMs When Rates Decline," Secondary Marketing
Executive (January 1987), p. 10.
"Survey of Home-Seller Finance, 1983," Federal Reserve Bulletin (October
1985), pp. 767-75.
Secondary Mortgage Markets (Freddie Mac publication):
"Steepening Yield Curve Inspires More ARM Borrowers to Act Than Flee"
(April 1999), p. 22. Co-author Garcia.
"Why Care About Capital, Anyway?" (July 1998) pp. 3-5.
"This Time, Joint Center Finds Landlord Discontent" (October 1997), pp. 4-5.
"Housing Finance Team Faces Hard-to-Beat Record" (July 1997), pp. 2-7.
"Chicago Title Provides Early Peek at Who’s Buying Homes" (April 1997), pp.
8-9, 23.
"Lessons from the Jumbo Market" (November 1996), pp. 12-7.
"Freddie Mac, Fannie Mae and FHA Loan Limits Rise in 1996" (February 1996),
p.4.
"Higher Costs of Commercial Financing" (Mortgage Market Review 1994), p.
20.
"Teaser-Rate Pricing Has Largely Disappeared from the ARM Market" (Winter
1993), p. 3.
"Home Mortgage Disclosure Act Data" (Winter 1991/92), pp. 2-6. Co-author
Perry.
"Presenting: Jack Kemp" (Spring 1990), pp. 19-23.
"Changes in Housing's Depth Chart" (Fall 1989), pp. 7-9.
"Designing ARMs" (Winter 1987/88), pp. 2-7. Co-authors Stamper and
Vetrano.
"The Rating Game" (Spring 1987), pp. 7-11.
Working Papers: "Reversion to the Mean Versus Sticking to the Fundamentals: Looking to the
Next Five Years for Housing Price Growth," Freddie Mac Working Paper,
November 2005. Co-author Cutts.
"Does FHA 'Crowd-Out' Private Mortgage Insurance?" paper presented at
the 2003 Weimer School of Advanced Studies in Real Estate and Land
Economics, January 2003. Co-author Trentcheva.
"The Role of Affordable Mortgages in Improving Living Standards and
Stimulating Growth: A Survey of Selected MENA Countries," International
Monetary Fund Working Paper WP/02/17, January 2002. Co-author Erbas.
"The Response of Mortgage Yields to Macroeconomic Announcements," paper
presented at FMA meeting, October 1999. Co-author Heuson.
"The Business Cycle and Lending to Low- and Moderate-Income Borrowers,"
paper presented at AREUEA meeting, June 1999. Co-authors Boyer, Follain
and Marschoun.
"Determinants of Loan Product Choice in the Conventional Market," paper
presented at AREUEA meeting, January 1998. Co-author Berkovec.
"The Stochastic Behavior of the Freddie Mac/Fannie Mae Conventional
Mortgage Home Price Index," paper presented at AREUEA meeting, January
1995. Co-authors Gao and Wang.
"Determinants of Home Mortgage Delinquency and Foreclosure," paper
presented at FMA meeting, October 1993. Co-author Wang.
"Freddie Mac Mortgage Securities," mimeo. Co-authors Cassidy and
Patelunas.
"Residential Mortgage Qualifying Rules: An Empirical Test of Effectiveness,"
paper presented at American Real Estate Society meeting, April 1989. Coauthors Harris and Sirmans.
"The Effect of Cohort Size on Human Capital Investment and Earnings
Growth," Federal Reserve Board Working Paper 42, January 1985.
Referee:
Reviewed manuscripts for Journal of Money Credit and Banking, Real Estate
Economics, Journal of Urban Economics, Journal of Real Estate Finance and
Economics, Housing Policy Debate, Journal of the American Planning
Association, Regional Science and Urban Economics, Quarterly Review of
Economics and Finance, Business Economics