Dr. Jack Guttentag – The Mortgage Professor



Jacob Safra Professor of International Banking, The Wharton School, University of Penna. (Emeritus 1997). 

Chairman, GHR Systems, Inc.               

Chief, Domestic Research Division, Federal Reserve Bank  of New York,

Senior Staff, National Bureau of Economic Research.


PhD, MS         Columbia University

BS                   Purdue University


HUD (construction cycles, housing subsidies, reverse annuities)

United Nations (housing finance in Liberia, Ethiopia, Iran)

Bureau of the Census (decennial census of housing)

Federal Reserve Board (banking structure and monetary policy)

National Science Foundation (proposed economic research projects)

Treasury Department (Federal credit agencies)

Pennsylvania Banking Commission (bank structure and performance)

Housing Bank of Puerto Rico (general financial policy)

Commission on Money and Credit (Federal National Mortgage Assn.)

Philadelphia Savings Fund Society (consumer loans)

Fidelity Union Trust Co. (bank mergers)

Wayne County National Bank (branching)

Commonwealth Land Title Company (title insurance)

Pennsylvania School Employees Retirement Fund (investment policy)

Bank of San Juan (loan policy)

Ist Fed. S&L Assn of Puerto Rico (asset and liability management)

First Pennsylvania Corp. (loan policy, international taxes).

Provident National Bank (merger case – litigation related)

Citibank (loan policy, interstate branching)

National Commission on EFTS (impact of EFTS on credit markets)

Advance Mortgage Corporation (affiliation with Citicorp)

Golembe Associates (optimum branching areas)

Federal Home Loan Bank Board (redlining, mortgage securities)

Federal Deposit Insurance Corp. (identifying problem banks)

General Accounting Office (reviving residential construction)

Oppenheimer (S&L solvency issues – litigation related)

Mortgage Insurance Companies of America (mortgage passthroughs)

National Center for Home Equity Conversion (reverse annuities)

Brookings Institution (risk and return in international banking)

Panama Bankers Association (reforming the Panama banking system)

Mutual Savings Central Fund (consolidated mortgage obligations)

Federal Home Loan Mortgage Corporation (mortgage credit risk)

World Bank (LDC financing, housing finance in Hungary, Malawi)

Housing Roundtable (developing a mortgage menu)

National Association of Realtors (trends in housing finance)

Pennsylvania Savings Assn (asset-liability management)

Guild Mortgage Company (developing an REIT)

International Monetary Fund (bank lending to LDCs)

J.P. Morgan Securities (recent developments in secondary markets)

USAID (housing finance in Portugal, India, Pakistan)

Dominion Bancshares (value of bank identity — litigation related)

New Zealand Bankers Association (banking reform in New Zealand)

KPMG Peat Marwick (causes of S&L failure — litigation related)

Bank Papan Sejahtera (developing a mortgage strategy)

Fiji Housing Authority (reorganizing a housing bank)

Inter-American Development Bank (housing finance in Surinam)

US Department of Justice (S&L claims for restitution – litigation related)


Managing Editor, The Journal of Finance (1974-77)

Board of Editors, Journal of Money, Credit and Banking (1972-74)

Board of Editors, Housing Finance Review (l980-83)

Director, American Finance Association (1968-70, 1978-80)

Trustee, Teachers Insurance and Annuity Association (1979-83)

Director, American Real Estate and Urban Econ. Assn. (1979-81)

Director, Federal Home Loan Bank of Pittsburgh (1982-86)

Board of Editors, Savings and Development (1980-present)

Managing Editor, Housing Finance Review (1983-1989)

Director, First Federal S&L Assn. of Rochester (1981-1994, Advisory Director 1994-96)

Chairman of the Board, Guild Mortgage Securities (1986-88)

Board of Editors, Housing Policy Debate (1990-96)

Chairman of the Board, GHR Systems, Inc. (1991-present)

Director, CRA Fund Advisors, Inc. (1999-2000)


“Winnick’s Case for a Changing Attitude Toward Housing: Comment”, The Quarterly Journal of Economics, May, 1956.

“Mortgage Warehousing”, The Journal of Finance, Dec., 1957.

“Adequacy of Financing Facilities for Small Business: Some Conceptual Problems”, in Financing Small Business, Report to the Committes on Banking and Currency of the US Congress by the Federal Reserve System, Gov’t Printing Office, 1958.

“Credit Availability, Interest Rates, and Monetary Policy,” The Southern Economic Journal, Jan., 1960.

“The Short Cycle in Residential Construction”, The American Economic Review, June 1961.

“Are Compensating Balances Irrational?”, The Journal of Finance, March, 1962, with Richard G. Davis.

“Balance Requirements and Deposit Competition”, The Journal of Political Economy, Dec., 1963, with Richard G. Davis.

“The Federal National Mortgage Association”, in Federal Credit Agencies, The Commission on Money and Credit, Prentice-Hall, 1963.

“The Strategy of Open Market Operations”, The Quarterly Journal of Economics, Feb., 1966.

“Banking Structure and Performance”, The Bulletin, New York University Institute of Finance, Feb., 1967, with Edward S. Herman.

“Do Large Banks Neglect Small Business?” The Journal of Business, Sept., 1966, with Edward S. Herman.

“The Uniqueness of Commercial Banks”, The Journal of Political Economy, Oct., 1968, with Robert Lindsay.

“Defensive and Dynamic Open Market Operations, Discounting, and the Federal Reserve System’s Crisis-Prevention Responsibilities”, The Journal of Finance, May, 1969.

“Changes in the Structure of the Residential Mortgage Market: Analysis and Proposals”, in Study of the Savings and Loan Industry, directed by Irwin Friend, Federal home Loan Bank Board, July, 1969.

“The Yield on Insured Residential Mortgages,” Explorations in Economic Research, NBER, Vol. I, Summer 1974, with Anthony Curley

“An Analysis of GNMA-Guaranteed Mortgage Bonds”, The Mortgage Banker, April, l974.

Reflections on Bank Regulatory Structure and Large Bank Failures, 1975 Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May l975. Reprinted in Current Perspectives in Banking, edited by T. Havrilesky and J. Boorman, AHM, April l976.

“Selective Credit Controls on Residential Mortgage Credit”, in Studies in Selective Credit Policies, edited by Ira Kaminow and James M. O’Brien, Federal Reserve Bank of Philadelphia, October l975.

“New Financial Institutions and the Nation’s Economy (FINE): Discussion Principles,” Hearings, HR. Committee on Banking, Currency and Housing, 94th Congress, Part I, Dec. 2-10, 1975, pp.489-494.

“How to Sell your House (and Keep it Too),” The Wharton Magazine, Vol. 1, Fall 1976, pp. 36-40.

“On the Allegedly Profitability of Bank Borrowing at 8% to Lend at 6%,” Journal of Bank Research, Vol. 6, Winter 1976, pp. 296-298, with Robert Edelstein.

“Branch Banking: A Summary of the Issues and the Evidence,” in Compendium of Issues Relating to Branching by Financial Institutions, Washington, Senate Committee on Banking, Housing and Urban Affairs, 1976, pp. 99-112.

“Direct Federal Housing Loans versus Interest Rate Subsidies”, Housing in the Seventies: Working Papers, Washington, US Department of Housing and Urban Development, 1976, pp. 1317-1325.

“Financial Disclosure”, Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May l976.

 “The Determination of Mortgage Value”, The Journal of Finance, May 1977, with Anthony Curley.

“Bank Holding Companies and `Abuse’ of the Power to Grant Credit”, Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 1977, with Bernard Shull.

“How Savings and Loan Associations Can Write Reverse Annuities”, Federal Home Loan Bank Journal, July 1977.

“Interest Rate Change Insurance and Related Proposals to Meet the Needs of Home Buyers and Home Mortgage Lenders in an Inflationary Environment,” in Capital Markets and the Housing Sector: Perspectives on Financial Reform, edited by R.M. Buckley, J.A. Tucillo, and K.E. Villani, Ballinger, 1977, with Robert Edelstein.

“Reverse Annuities: A Progress Report”, in Alternative Mortgage Instruments, Proceedings of a Conference at Cornell University, May 8-10, 1978, edited by Carol B. Meeks and Rebecca Bilderback.

“Regulation of Mortgage Lending in the Inner-city’, in Urban Housing and Community Reinvestment, Proceedings of the Fourth Annual Conference of the Federal Home Loan Bank of San Francisco, December 7,8, 1978, with Susan Wachter.

“Branch Banking in Alabama”, Journal of Bank Research, Spring 1979, with Kenneth Thomas.

Commercial Banks and Housing Finance, Association of Reserve City Bankers, 1979, with Golembe Associates.

“Identifying Problem Banks”, in Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 1979, with Mark Flannery.

Branch Banking, Interstate Branching and Loan Production Offices: Analysis of the Issues, Occasional Paper, The Law and Economics Center, University of Miami School of Law, May 1979.

“How Do the New Mortgage Plans Work?”, Wharton Magazine, Summer 1979.

“Problem Banks: Examination, Identification and Supervision,” in State and Federal Regulation of Commercial Banks, directed by Leonard Lapidus, Federal Deposit Insurance Corp., 1980, with Mark Flannery.

“Financial Disorder and Eurocurrency Markets”, in Conference on Bank Structure and Competition, May 1980, with Richard Herring.

Redlining and Public Policy, The Monograph Series in Finance and Economics, New York University, 1980-81, with Susan Wachter.

“An Overview of Home Equity Dissaving Plans”, in Unlocking Home Equity for the Elderly, edited by Ken Scholen, Ballinger, 1980.

 “Financing Housing and Human Settlements in Developing Countries: The Loan Policies of Official Institutions”, Savings and Development, 1980, IV.

“How to Erase Redlining”, Wharton Magazine, Fall, 1980, with Susan Wachter.

“The Conventional Passthrough Market: Trickle or Flood?”, in Savings and Loan Asset Management Under Deregulation, Sixth Annual Conference of the Federal Home Loan Bank of San Francisco, December 1980.

“The Conventional Passthrough Market in 1990”, in Housing Finance in the Eighties, Federal National Mortgage Association, February, 1981.

“A Framework for the Analysis of Financial Disorder”, in Economic Activity and Finance, edited by Marshall Blume, Jean Crockett and Paul Taubman, Ballinger, 1982, with Richard Herring.

“The Insolvency of Financial Institutions: Assessment and Regulatory Disposition”, in Crises in the Economic and Financial Structure, edited by Paul Wachtel, Lexington, 1982, with Richard Herring.

Mortgage Passthroughs: Structure and Policy, Mortgage Insurance Companies of America, June 1982.

“Help in Buffalo”, Housing Finance Review, Oct. 1982, with Robert Garnett.

The Lender of Last Resort in an International Context, Essays in International Finance No. 151, Princeton University, May 1983, with Richard Herring.

“Solving the Mortgage Menu Problem”, Housing Finance Review, July 1983.

“What Happens When Countries Cannot Repay Their Bank Loans? The Renegotiation Process”, Journal of Comparative Business and Capital Market Law, 1983, with Richard Herring.

“Hedging and Solvency: The Case of a Phoenix”, The Journal of Futures Markets, Summer, l983.

“Public Policy Toward International Banking”, in Options for Modifying the International Monetary System, National Science Foundation, 1983, with Richard Herring.

“The Reverse Shared Appreciation Mortgage”, Housing Finance Review, January 1984, with Robert Garnett.

“International Banking: Vulnerability and Crisis”, in Removing Obstacles to Economic Growth, edited by Michael and Susan Wachter, University of Pennsylvania Press, 1984, with Richard Herring.

 “Commercial Bank Lending to Developing Countries: From Overlending to Underlending to Structural Reform”, in International Borrowing and Lending: What Have We Learned from Theory and Practice, edited by J. Cuddington and G. Smith, World Bank, 1984, with Richard Herring.

“Recent Changes in the Primary Home Mortgage Market”, Housing Finance Review, July 1984.

“Revisiting the ARM Menu Problem: The Role of Regulation, Disclosure, and Innovation”, in Solving the Mortgage Menu Problem, Tenth Annual Conference of the Federal Home Loan Bank of San Francisco, Dec. 1984.

“Credit Rationing and Financial Disorder”, Journal of Finance, December 1984, with Richard Herring.

The Current Crisis in International Lending, Studies in International Economics, Brookings, 1985, with Richard Herring.

“Some Perspectives on Sale-Leaseback Transactions Used for Home Equity Conversion”, in Home Equity Conversion: Issues and Options for the Elderly Homeowner, Joint Briefing of the HR. and Senate Select Committees on Aging, Washington, January 28, 1985, pp.80-84.

“Funding Risk in the International Interbank Market”, in International Financial Markets and Capital Flows, Edited by W. Ethier and R. Marston, Essays in International Finance, Princeton University, 1985, with Richard Herring.

“Strategic Planning by International Banks to Cope with Uncertainty”, in Strategic Planning and International Banking, edited by P. Savona and G. Sutija, Macmillan, 1986, with Richard Herring.

“Truth in Lending as Applied to Mortgages: What Should Be Disclosed, and When?” Housing Finance Review, April 1985, with E. Gerald Hurst.

Disaster Myopia and International Banking, Essays in International Finance No. 164, Princeton University, September 1986, with Richard Herring.

“Disclosure Policy and International Banking”, Journal of Banking and Finance, Vol 10, 1986, with Richard Herring.

“Financial Innovations to Stabilize Credit Flows to Developing Countries”, Studies in Banking and Finance, Volume 3, 1986, with Richard Herring.

“Home Equity Conversion in 1986: Some Perspectives on a New Approach”, Housing Finance Review, Summer 1986.

“Measuring Imperfections in the Primary Home Mortgage Market”, Housing Finance Review, Winter 1986.

“Emergency Liquidity Assistance for International Banks”, in Threats to International Financial Stability, edited by R. Portes and A. Swoboda, Center for Economic Policy Research, February 1987.

Financial Innovations and the Merging of Commercial and Investment Banking. Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, Chicago, Illinois, May 7, 1987.

“Restructuring Depository Institutions”, in Expanded Competitive Markets and the Thrift Industry, Federal Home Loan Bank of San Francisco, Dec. 1987, with Richard Herring.

The Regulation of Systemic Risk Exposure, Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, Chicago, Illinois, May 13, 1988, with Richard Herring.

Accounting for Losses on Sovereign Debt: Implications for New Lending, Essays in International Finance, Princeton University, 1989, with Richard Herring.

A Blueprint for Restructuring Financial Institutions, Brookings Institution, April 1989, with George Benston, R. Dan Brumbaugh, George Kaufman, Richard Herring, Robert Litan and Kenneth Scott.

“New Perspectives on Mortgage Design”, Secondary Mortgage Markets, Federal Home Loan Mortgage Corporation, Fall 1989.

“Affordability and Mortgage Design: Permanent Buydowns and Buyups”, Housing Policy Debate, Federal National Mortgage Association, Issue 4, 1991, with E. Gerald Hurst and Allan Redstone.

“The SEC Perspective on Reforming the Banking System”, in Reforming the American Banking System, Proceedings of a Conference Sponsored by the Wharton Financial Institutions Center, Sept. 19,20 1991.

“How the S&L Crisis Could Have Been Avoided”, Wharton Alumni Magazine, Winter 1991.

“When Will Residential Mortgage Underwriting Come of Age?”, Housing Policy Debate, Federal National Mortgage Association, Issue 1, 1992.

“The Evolution of Mortgage Yield Concepts”, Financial Analysts Journal, January/February 1992.

“Loan Loss Reserves on Third World Debt”,  New Palgrave Dictionary of Money and Finance, 1993, with Richard Herring.

“Residential Loan Origination Systems in the Year 2002”, Mortgage Banking, October 1992, with Allan Redstone.

“The NoRefinance Option”, Mortgage Banking Review, January 1993.

“Temporary Buydowns and Affordability”, AREUEA Journal, Fall, 1994, with Allan Redstone.

“How HUD Encourages Abusive Overages”, Mortgage Originator, April 1996.

“A Marketplace of Choices”,  Mortgage Banking, December, 1996.

“Point of Sale Mortgage Technology”, Housing Finance International, September 1997, with Allan Redstone.

“Reorganizing Housing Banks:  A Case Study of the Fiji Housing Authority”, Housing Finance International, March 1998.

“Secondary Market-Based Versus Depository-Based Housing Finance Systems,” in Secondary Mortgage Markets:  International Perspectives, International Union For Housing Finance, Edited by Michael Lea, 1998.

“Multilender Shopping Sites Have the Edge”, Mortgage Banking, March 1999.

“A Flexible Payment Mortgage”, Mortgage Banking, November, 1999.

“Rewarding Principles With Profit”, Broker, Oct-Nov 2000.

Another View of Predatory Lending, Wharton Financial Institutions Center, 01/23, 2001.

Jack M. Guttentag is now Professor of Finance Emeritus, formerly Jacob Safra Professor of International Banking, at the Wharton School of the University of Pennsylvania.  Earlier he  was Chief of the Domestic Research Division of the Federal Reserve Bank of New York, on the senior staff of the National Bureau of Economic Research, and managing editor of both the Journal of Finance(1974-77) and the Housing Finance Review(1983-89).  His bibliography of scholarly articles, books and monographs in banking and housing finance is large and diverse.

Professor Guttentag has been a consultant to many government agencies and private financial institutions, including the Department of Housing and Urban Development, USAID, Freddy Mac, Citicorp, Dominion Bancshares, the World Bank, J.P. Morgan Securities, the New Zealand Bankers Association, and many others.

Professor Guttentag has been a director of the Teachers Insurance and Annuity Association, Federal Home Loan Bank of Pittsburgh, Guild Mortgage Investments, the American Finance Association, First Federal Savings and Loan Asso­ciation of Rochester, and the American Real Estate and Urban Economics Association.  Cur­rently he is chairman of GHR Systems Inc., which  develops leading-edge mortgage software.
Relevant Experience Abroad

Year                            Country                       Sponsoring Agency

1969                            Puerto Rico                 Housing Bank of Puerto Rico

1970                            Ethiopia                      United Nations

1970                            Sri Lanka                    None

1971                            Iran                              United Nations

1974                            Thailand                      United Nations

1977                            Israel                           Israel Bankers Association

1984                            Panama                       Panama Bankers Association

1986                            Hungary                      World Bank

1987                            Portugal                      USAID

1988                            Malawi                        World Bank

1989                            N. Zealand                  New Zealand bankers Assn.

1990                            India                            USAID

1990                            Pakistan                      USAID                                   

1991                            Thailand                      USAID

1994                            India                            USAID

1996                            Jamaica                       USAID

1997                            Indonesia                    Bank Papan Sjahtera

1997                            Fiji                              Fiji Housing Authority

1998                            Surinam                      Inter-American Development Bank