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Full-Text Articles in Law
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
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The current housing and financial crisis has led to significant congressional and executive action to manage the crisis and stem the harms from it, but the fundamental problems that caused the crisis remain largely unaddressed. The central features of the industrial organization of the mortgage market with its misaligned incentives, and the core psychological and behavioral phenomena that drive household financial decisionmaking remain. While the causes of the mortgage meltdown are myriad and the solutions likely to be multifaceted, a central problem that led to the crisis was that brokers and lenders offered loans that looked much less expensive and …
Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman
Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman
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This memorandum argues that the sale of loans and loan pools to new owners would help to stabilize housing prices, and that such a modification to the REMIC rules would be desirable and well within Congress’ constitutional authority. Furthermore, it would not lead to successful legal claims by investors in securitized loan pools under the Just Compensation or Due Process clauses, which provide the primary constitutional protections for property interests.
Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White
Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White
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Like the former speakers, I will not speak on the topic for which I was scheduled. Instead I am going to talk about two things which are not closely related to one another but which are both related to the profitability of the retail sale of goods and credit in the ghetto. I propose to leave the law on consumer credit to Mr. Dostert and Professor Hogan. First I wish to say a word on the so-called "free entry" aspects of the Uniform Consumer Credit Code; then I will comment on the Federal Trade Commission study.