Susan M Wachter

Susan M Wachter
  • Albert Sussman Professor of Real Estate
  • Professor of Finance

Contact Information

  • office Address:

    3103 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104-6302

Research Interests: housing finance, real estate economics, urban economics

Links: CV, Personal Website

Overview

Consulting

Real Estate Markets – Jones Lang LaSalle;  Mortgage Insurance Markets – GE Financial.

Career and Recent Professional Awards; Teaching Awards

American Real Estate and Urban Economics Lifetime Achievement Award 2005; American Real Estate and Urban Economics Best International Paper Award 1995; Undergraduate Division Excellence in Teaching Award, 1991; Lindback Award for Distinguished Teaching, University of Pennsylvania, 1975; Anvil Award for Teaching Excellence, 1974

Academic Positions Held

Wharton: 1972-present; named Albert Sussman Professor of Real Estate July 2013;  (Richard B. Worley Professor of Financial Management, 2003-2013); Chairperson, Real Estate Department, 1997-2000; Director, Wharton Geographical Information Systems Lab, 1995-present). University of Pennsylvania: (Co-director of Penn Institute for Urban Research, 2004-Present; Professor of City and Regional Planning, 1995-present; Ombudsman, 1987-90). Previous appointment: Bryn Mawr College. Visiting appointment: Singapore Management University (Celia Moh Visiting Professor, 2004)

Professional Leadership

Board of Editors, Journal of Housing Economics, 2003-present; Board of Editors, Housing Policy Debate, 2003-present; Board of Editors, Journal of Real Estate and Finance, 2003-present; Board of Editors, Journal of Real Estate Research, 2004-present; Board of Editors, Journal of Housing Research, 2006; Homer Hoyt Institute Faculty Fellow, 2003-present

Corporate and Public Sector Leadership

Financial Research Advisory Committee, Office of Financial Research, U.S. Department of the Treasury 2016-present; Global Urban Development Advisory Board; National Research Council Review Board on HUD Research 2008; Advisory Board for Regulatory Research, National Association of Homebuilders, 2005-2006; Board of Directors, American Real Estate and Urban Economics Association, 2003-2006; Blue Ribbon Committee on Housing Finance, 2005-2006

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Research

  • Susan M Wachter, Adam Levitin, Desen Lin (Working), Mortgage Risk Premia during the Housing Bubble.

  • Susan M Wachter, Pedro Gete, Franco Zechetto (Working), Credit Risk Transfers and Financial Fragility.

  • Susan M Wachter, Arthur Acolin, Desen Lin, The Persistence of Low Minority Homeownership.

  • Susan M Wachter, Andrey Pavlov, Eduardo Schwartz, Price Discovery in the Credit Markets.

  • Susan M Wachter, Marja Hoek-Smit, Kim Kyung-Hwan (Working), Housing Finance and the New Urban Agenda.

  • Susan M Wachter, John V. Duca, Lilit Popoyan (Forthcoming), “Real Estate and the Great Crisis: Lessons for Macro-Prudential Policy,” Contemporary Economic Policy.

  • Susan M Wachter (Forthcoming), “Credit Risk, Informed Markets, and Securitization,” Economic Policy Review.

  • Susan M Wachter and Patricia A. McCoy (2018), Why Cyclicality Matters to Access to Mortgage Credit,, Vol. 27 (Boston College Journal of Law and Social Justice), pp. 261-394.

  • Susan M Wachter, Arthur Acolin, Scott Bernstein (2017), Opportunity, Housing Access, and Infrastructure, Housing Policy Debate, 27 (3), pp. 468-471.

  • Susan M Wachter and Arthur Acolin (2017), Housing and Opportunity, Penn IUR Brief.

Teaching

Past Courses

  • BEPP236 - International Housing Comparisons

    This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on development of securitization markets and addresses current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and potential market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.

  • BEPP836 - International Housing Comparisons

    This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses in development of securitization markets and addresses current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and potential market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.

  • FNCE399 - Supervised Study in Finance

    Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.

  • FNCE899 - Independent Study Project in Finance

    Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. At a minimum, we need a description of the methodology you intend to employ, a bibliography and description of the data that you will use as well as a list of interim deliverables and dates to ensure that you complete the project within the semester. Applications for FNCE 899 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. You must submit your Finance ISP request using the Finance Department's ISP form located at https://fnce.wharton.upenn.edu under the Course ISP section

  • REAL215 - Urban Real Estate Economics

    Urban Real Estate Economics uses economic concepts to analyze real estate markets, values and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and an optional second exam.

  • REAL236 - International Housing Comparisons

    This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.

  • REAL399 - Independent Study

    All independent studies must be arranged and approved by a Real Estate department faculty member.

  • REAL724 - Urban Real Estate Economics

    Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam.

  • REAL836 - International Housing Comparisons

    This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on development of securitization markets and addresses current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and potential market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.

  • REAL899 - Independent Study

    All independent studies must be arranged and approved by a Real Estate Department faculty member.

  • REAL945 - Urban Real Estate Economics

    Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam. ,All PhD students will be expected to complete a research paper in addition to the successful completion of the course examination requirements.

  • REAL995 - Dissertation

Awards and Honors

  • American Real Estate and Urban Economics Lifetime Achievement Award, 2005
  • Presidential Appointment, Senate Confirmation, Assistant Secretary, HUD, 1998-2001
  • Best Published Paper (Real Estate Economics), 1996

In the News

Knowledge @ Wharton

Activity

Latest Research

Susan M Wachter, Adam Levitin, Desen Lin (Working), Mortgage Risk Premia during the Housing Bubble.
All Research

In the News

Amazon’s HQ2 Decision: Are the Winners Ready for Prime Time?

New York City and Arlington, Va., should brace for housing price increases among other trade-offs as they prepare to become home to Amazon’s new headquarters, experts say.

Knowledge @ Wharton - 2018/11/16
All News

Awards and Honors

American Real Estate and Urban Economics Lifetime Achievement Award 2005
All Awards