Areas of Expertise

Real Estate, Fixed Income and Structured Finance, Housing and Housing Policy, Household Finance

Academic Degrees

• Ph.D. in Real Estate, Wisconsin School of Business, Minor in Economics, University of Wisconsin-Madison, 2006-2011
• M.S. in Real Estate, Tsinghua University, 2004-2006
• B.S in Real Estate, Minor in Computer Science, Huazhong University of Science and Technology, 2000-2004

Professional Experience

• Non-Resident Fellow (present); Principal Research Associate (2019); Senior Research Associate (2016-2018); Senior Financial Methodologist (2013-2015) Housing Finance Policy Center, Urban Institute
• Senior Economist (2011-2013), Office of the Chief Economist, Freddie Mac

Awards, Honors & Certificates

• Premier Achievement Award, Freddie Mac, 2012
• Best Doctoral Paper Award, American Real Estate Society Meeting, 2011

Selected Publications

• Goodman, L. S., and Zhu, J. (2018). What fueled the financial crisis? An analysis of the performance of purchase and refinance loans. Journal of Fixed Income, 28(1), 27-37.
• Karamon, K., McManus, D., and Zhu, J. (2017). Refinance and Mortgage Default: A Regression Discontinuity Analysis of HARP’s Impact on Default Rates. Journal of Real Estate Finance and Economics, 55(4), 457-475.
• Goodman, L. S., and Zhu, J. (2016). PACE Loans-Does Sale Value Reflect Improvements? Journal of Structured Finance, 21(4), 6-14.
• Zhu, J., Janowiak, J., Ji, L., Karamon, K., and McManus, D. (2015). The Effect of Mortgage Payment Reduction on Default: Evidence from the HARP. Real Estate Economics, 43(4), 1035-1054.
• Goodman, L. S., and Zhu, J. (2015). Loss Severity on Residential Mortgages: Evidence from Freddie Mac’s Newest Data. Journal of Fixed Income, 25(2), 48-57.
• Goodman, L. S., Seidman, E., and Zhu, J. (2015). VA Loans Outperform FHA Loans. Why? And What Can We Learn? Journal of Fixed Income, 24(3), 39-51.
• Goodman, L. S., Parrott, J., Seidman, E., and Zhu, J. (2015). Guarantee Fees - An Art, Not a Science. Journal of Structured Finance, 21(2), 15-27.
• Goodman, L. S., and Zhu, J. (2014). HAMP Modifications: Is Reset Risk an Issue? Journal of Structured Finance, 20(3), 17-26.
• Goodman, L. S., and Zhu, J. (2014). Reps and Warrants: Lessons from the GSEs Experience. Journal of Fixed Income, 24(1), 29-41.

Edited on July 3, 2023