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Adr's Place In Foreclosure: Remedying The Flaws Of A Securitized Housing Market, Lydia Nussbaum
Adr's Place In Foreclosure: Remedying The Flaws Of A Securitized Housing Market, Lydia Nussbaum
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Millions of Americans lost their homes during the foreclosure crisis, an unprecedented disaster still plaguing local and national economies. A primary factor contributing to the crisis has been the failure of conventional foreclosure procedures to account for the new realities of securitization and the secondary mortgage market, which transformed the traditional borrower-lender relationship. To compensate for the shortcomings of conventional foreclosure procedures and stem the tide of residential foreclosure, state and local governments turned to ADR processes for a solution. Some foreclosure ADR programs, however, have greater potential to avoid foreclosures than others. This Article comprehensively examines the key components …
Strategic Default: The Popularization Of A Debate Among Contract Scholars, Meredith R. Miller
Strategic Default: The Popularization Of A Debate Among Contract Scholars, Meredith R. Miller
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A June 2010 report estimates that roughly 20% of mortgage defaults in the first half of 2009 were “strategic.” “Strategic default” describes the situation where a home borrower has the financial ability to continue to pay her mortgage but chooses not to pay and walks away. The ubiquity of strategic default has lead to innumerable newspaper articles, blog posts, website comments and editorial musings on the morality of homeowners who can afford to pay but choose, instead, to walk away. This Article centers on the current public discourse concerning strategic default, which mirrors a continuing debate among scholars regarding whether …
The Structural Causes Of Mortgage Fraud, Jim Smith
The Structural Causes Of Mortgage Fraud, Jim Smith
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Mortgage fraud, often a violation of federal and state criminal statutes, covers a number of different types of behavior, all of which have the common denominator of conduct that has the intent or effect of impairing the value of residential mortgage loans. Mortgage fraud has become prevalent over the past decade and shows no signs of diminishing despite the collapse of domestic housing markets during the past two years. This paper analyzes the complex relationships between prime mortgage loan markets, subprime markets, and various types of mortgage fraud. This paper concludes that the root causes of mortgage fraud are associated …
Tenant Remedies For Breach Of Habitability: Tort Dimensions Of A Contract Concept, Jim Smith
Tenant Remedies For Breach Of Habitability: Tort Dimensions Of A Contract Concept, Jim Smith
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This article advances the premise that the hybrid contract-property model of leases may be appropriate to provide flexible choices for many areas of landlord-tenant law and, perhaps, may be suitable as a general model, but that it has failed as applied to the question of the tenant's remedies for breach of the warranty of habitability. As applied to remedies, the contract-property hybrid is a false dichotomy, or perhaps more accurately, the wrong dichotomy. The proper analysis of tenant remedies when the landlord breaches the habitability duty requires that a line be drawn between the tort duties and the contract duties …