Professor and Chair of the Real Estate Group | Lisle and Roslyn Payne Chair in Real Estate and Capital Markets | Co-Chair, Fisher Center for Real Estate and Urban Economics
Real Estate | Sustainability
About
Nancy Wallace is a Professor of Finance and Real Estate and holds the Lisle and Roslyn Payne Chair in Real Estate and Capital Markets at the Haas School of Business, the University of California, Berkeley. She is Chair of the Real Estate Group, Co-Chair of the Fisher Center for Real Estate and Urban Economics, and directs the Real Estate and Financial Markets Laboratory. She teaches asset-backed securitization, real estate investment analysis, real estate strategy, and real estate finance at Haas. Her research focus includes residential house price dynamics, mortgage contract design and pricing, securitization and asset backed security pricing and hedging, lease contract design and pricing, methods to underwrite energy efficiency in commercial mortgages, and valuation models for executive stock options.
Wallace has served as a visiting scholar at the New York Federal Reserve Bank, the San Francisco Federal Reserve Bank, the Université de Cergy Pointoise, Centre de Recherche THEMA (Théorie Economique, Modélisation, et Applications), and the Stockholm School of Economics. She is a past President of the American Real Estate and Urban Economics Association and a past member of the AREUEA Board of Directors. Wallace served on the Financial Research Advisory Committee, Office of Financial Research, U.S. Treasury Department (2013-2016), the Model Validation Council (MVC) of the Federal Reserve System (2013-2016), and served as chair of the MVC 2015-2016.
Expertise and Research Interests
- Housing Price Indices and Models
- Mortgage Prepayment and Pricing Models
- Option Pricing Models for Commercial and Retail Real Estate Leases for Use in the Commercial Mortgage-backed Securities Markets
- Mortgage Contract Design
- Mortgage Backed Security Trading
- Executive Stock Option Valuation
- Jennifer N. Carpenter, Richard Stanton, Nancy Wallace. Employee Stock Option Exercise and Firm Cost. The Journal of Finance.
December 2018 - Richard Stanton, Nancy Wallace. CMBS Subordination, Ratings Inflation, and Regulatory-Capital Arbitrage. Financial Management.
2017 - Nancy Wallace, Stefan Gissler, Jeremy Oldfather, and Doriana Ruffino. Comments on: Lending on Hold: Regulatory Uncertainty and Bank Lending Standards. Journal of Monetary Economics.
2016 - Nancy Wallace, Johan Walden, and Richard Stanton. The Industrial Organization of the U.S. Residential Mortgage Market. Annual Review of Financial Economics,.
2014 - Ashok Bardhan, Dwight Jaffee, Cynthia Kroll, Nancy Wallace. Energy Efficiency Retrofits for U.S. Housing: Removing the Bottlenecks. Regional Science and Urban Economics.
2014 - Nancy Wallace, John Patrick Hunt, Richard Stanton. Rebalancing Public and Private in the Law of Mortgage Transfer. American University Law Review.
2013 - Nancy Wallace, John Patrick Hunt, Richard Stanton. U.S. Residential-Mortgage Transfer Systems: A Data-Management Crisis. Handbook of Financial Risk.
2012 - John Patrick Hunt, Richard Stanton, Nancy Wallace. All in One Basket: The Bankruptcy Risk of a National Agent-Based Mortgage Recording System. University of California, Davis Law Review.
2012
At Haas since 1986
- 2001 – present, Co-Chair, Fisher Center for Real Estate and Urban Economics
- 2000 – present, Professor of Real Estate, Haas School of Business
- 1993 – 2000, Associate Professor in Real Estate, Haas School of Business
- 1986 – 1993, Assistant Professor in Real Estate, Haas School of Business
- Spring 1997, Visiting Associate Professor in Finance, Graduate School of Business, Stanford University
- The Federal Reserve System, Model Validation Council, (6/2013 – 2016)
- Financial Research Advisory Committee, Office of Financial Research, U.S. Treasury, (2012 – 2016)
- Committee on Academic Planning and Resource Allocation, CAPRA (2012 – 2013; Co-Chair 2013 – 2014)
- University of California Office of the President, Task Force on Investments and Retirement, At-large member. (2013 – 2014).
- Board of Directors and past president, American Real Estate and Urban Economics Association
- Visiting Scholar: San Francisco Federal Reserve Bank, Stanford Graduate School of Business, Stockholm School of Economics
- Editorial Board: Journal of Computational Finance, Journal of Real Estate Research
John M. Quigley Award, American Real Estate and Urban Economics Association (AREUEA)
2024
AREUEA’s highest honor
Williamson Award, Berkeley Haas
2021
The Williamson Award is the Haas School’s highest faculty honor. Named for Nobel Laureate and Professor Emeritus Oliver Williamson, the award recognizes faculty members who exemplify the school’s four Defining Leadership Principles.
UC Berkeley Faculty Service Award
Feb 2019
Bestowed by the Berkeley Division of the Academic Senate on faculty whose “outstanding and dedicated service to the campus, and whose activities as a faculty member have significantly enhanced the quality of the campus as an educational institution and community of scholars.”
Earl F. Cheit Outstanding Teaching Award, Berkeley Haas
2002, 2005
Bloom Award, American Real Estate and Urban Economics
2010
- The AI-Bias Problem And How Fintechs Should Be Fighting It: A Deep-Dive With Sam Farao, Forbes, 09/29/2021
- Black Homebuyers Today Pay An Unequal Price, NPR – All Things Considered, 05/07/2021
- Trump leaves office facing mounting debt, devalued assets and scarcity of willing lenders, PBS NewsHour, 01/22/2021
- What next for the Trump brand?, BBC World Business Report, 11/20/2020
- Why Fintech Needs to Tackle AI Bias, Wired, 11/06/2020
- Trump Facing Devastating Debt Load? Experts Say Not So Fast, The Washington Post, 09/29/2020
- Why Donald Trump Is Facing a Financial Nightmare, Mother Jones, 09/28/2020
- Can Digital Mortgage Platforms Reduce Discrimination in Lending?, DNYUZ, 09/18/2020
- Is an Algorithm Less Racist Than a Loan Officer?, The New York Times, 09/18/2020
- Why Corporations’ Responses To George Floyd Protests Matter, SP Global, 07/23/2020
- Trump Has a Half Billion in Loans Coming Due. They May Be His Biggest Conflict of Interest Yet., Mother Jones, 06/29/2020
- The “Shadow Banks” Are Back, and Still Too Big to Fail, The New Republic, 04/27/2020
- UC Berkeley professors suggest mortgage crisis may be imminent amid coronavirus pandemic, Daily Californian, 04/21/2020
- Mortgage Firms Teeter Near Crisis That Regulators Saw Coming, Bloomberg, 04/03/2020
- Mortgage industry seeks billions in federal help as homeowners stop paying their loans, The Washington Post, 03/27/2020
- Real Estate Finance, EMBA 283
- Real Estate Investment Analysis, MBA 280
- Real Estate Strategy, MBA 284
- Real Estate Investment Analysis and Urban Economics, MBA 180
- Asset-backed Securization, MFE 230M
