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Full-Text Articles in Business
State And Local Anti-Predatory Lending Laws: The Effect Of Legal Enforcement Mechanisms, Raphael W. Bostic, Kathleen C. Engel, Patricia A. Mccoy, Anthony Pennington-Cross, Susan M. Wachter
State And Local Anti-Predatory Lending Laws: The Effect Of Legal Enforcement Mechanisms, Raphael W. Bostic, Kathleen C. Engel, Patricia A. Mccoy, Anthony Pennington-Cross, Susan M. Wachter
Patricia A. McCoy
Subprime mortgage lending has grown rapidly in recent years and with it, so have concerns about predatory lending. In response to evidence of predatory lending, most states have enacted new laws or expanded existing laws to address abuses in the subprime home loan market. The effect of these statutes is a matter of debate. This paper seeks to improve the understanding of this increasingly important issue and pays particular attention to the role that legal enforcement mechanisms play in this context. The results of the analysis are consistent with the view that anti-predatory lending laws influence subprime lending markets and …
Market Efficiency And The Problem Of Retail Flight, Alicia J. Davis
Market Efficiency And The Problem Of Retail Flight, Alicia J. Davis
Alicia Davis
In 1950, 91% of common stock in the U.S. was owned directly by individual investors. Today, that percentage stands at only 23%. The mass exodus of retail investors and their investment dollars has negative implications not only for capital formation and investor protection, but also for market efficiency. Individual investors are often assumed to be noise traders who distort stock prices and harm market functioning. Therefore, some argue that their withdrawal from the market should be of little concern; indeed, it should be celebrated. Recent empirical evidence calls this assertion of retail noise trading into doubt, and this paper, which …
The Future Of Fannie And Freddie, Mark A. Calabria, Michael E. Levine, David J. Reiss, Lawrence J. White, Mark Willis
The Future Of Fannie And Freddie, Mark A. Calabria, Michael E. Levine, David J. Reiss, Lawrence J. White, Mark Willis
David J Reiss
This is a transcript of a panel discussion titled, “The Future of Fannie and Freddie.” The panelists were Dr. Mark Calabria from the Cato Institute; Professor David Reiss from Brooklyn Law School; Professor Lawrence White from NYU Stern School of Business; and Dr. Mark Willis from NYU’s Furman Center for Real Estate and Urban Policy. The panel was moderated by Professor Michael Levine from NYU School of Law. Panelists looked at economic policy and future prospects for Fannie and Freddie. The remarks have not been edited by the panelists.
Mortgage Product Substitution And State Anti-Predatory Lending Laws: Better Loans And Better Borrowers?
Patricia A. McCoy
Mounting foreclosures and disclosures of abusive lending practices led many states to adopt new anti-predatory lending (APL) laws. Researchers have examined the impact of such laws on credit flows and the cost of credit. This research extends the literature by examining whether the market responded to these laws by substituting different mortgage products for those restricted by APL provisions. The evidence indicates that the laws were effective in restricting loans with targeted characteristics, and that the market substituted other product types to maintain access to credit and affordability in the face of these restrictions. The laws reduced the involvement of …
Capture In Financial Regulation" Can We Channel It Toward The Common Good?, Lawrence G. Baxter
Capture In Financial Regulation" Can We Channel It Toward The Common Good?, Lawrence G. Baxter
Lawrence G. Baxter
“Regulatory capture” is central to regulatory analysis yet is a troublesome concept. It is difficult to prove and sometimes seems refuted by outcomes unfavorable to powerful interests. Nevertheless, the process of bank regulation and supervision fosters a closeness between regulator and regulated that would seem to be conducive to “capture” or at least to fostering undue sympathy by regulators for the companies they oversee. The influence of very large financial institutions has also become so great that financial regulation appears to have become excessively distorted in favor of these entities and to the detriment of many other legitimate interests, including …
International Strategic Alliance, Mohd Arif
International Strategic Alliance, Mohd Arif
Mohd Arif
A Strategic Alliance is a relationship between firms to creat more value than they can on their own