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Articles 1 - 30 of 62
Full-Text Articles in Law
Underwater Mortgages For Underwater Homes: The Elimination Of Signals In The Coastal Lending Market, Peyton J. Klein
Underwater Mortgages For Underwater Homes: The Elimination Of Signals In The Coastal Lending Market, Peyton J. Klein
Vanderbilt Law Review
Climate change and sea level rise threaten to increase the default risk of mortgages on homes in coastal areas. Faced with this reality, small coastal lenders have begun selling more climate-sensitive mortgages to Fannie Mae and Freddie Mac, thereby transferring the risk of climate-induced default off the lenders’ books. Fannie Mae and Freddie Mac play a crucial role in supporting America’s mortgage finance system by purchasing qualifying private home loans, packaging them into investable security pools, and guaranteeing timely payment of principal and interest to outside investors. Through selling mortgages to Fannie Mae and Freddie Mac, lenders can use their …
Bankruptcy & The Underwater Home: A Case For Real Property Redemption, David Sheinfeld
Bankruptcy & The Underwater Home: A Case For Real Property Redemption, David Sheinfeld
Michigan Business & Entrepreneurial Law Review
Chapter 7 of the U.S. Bankruptcy Code exists to satisfy the claims of creditors and preserve an economic “fresh start” for the debtor after bankruptcy. In exchange for surrendering her property to the trustee to have it monetized (i.e., sold), the debtor receives a discharge of her debts and an injunction against future creditor in personam actions to recover them. However, the in personam injunction is insufficient to protect consumer debtors who are in default on mortgages encumbering underwater homes because the creditor’s in rem rights remain; after the conclusion of the case, the creditor can continue foreclosure proceedings, which …
Real Property E-Conveyances And E-Recordings: The Solution Or Cause Of Mortgage Fraud, Spencer Hale
Real Property E-Conveyances And E-Recordings: The Solution Or Cause Of Mortgage Fraud, Spencer Hale
Oklahoma Journal of Law and Technology
No abstract provided.
Foiled By The Banks? How A Lender's Decision May Support Or Undermine A Jurisdiction's Environmental Policies That Promote Green Buildings, Darren A. Prum
Foiled By The Banks? How A Lender's Decision May Support Or Undermine A Jurisdiction's Environmental Policies That Promote Green Buildings, Darren A. Prum
Michigan Journal of Environmental & Administrative Law
A United Nations Environmental Programme report addressing climate change states that the built environment in both emerging and developed countries accounts for more than forty percent of global energy usage and at least one third of the world’s greenhouse gas emissions. The report further asserts that the built environment offers an unsurpassed opportunity to supply cost effective, lasting, and meaningful reductions in greenhouse gas emissions. In response to this call to action, state and local governments in the U.S. have turned to a variety of policies to ensure that real estate developments within their jurisdictions further green building objectives. However, …
Priority Of Liens Between Construction Mortgagee And Mechanic's Lienors; Wayne Building & Loan Of Wooster V. Yarborough, Allan S. Hoffman
Priority Of Liens Between Construction Mortgagee And Mechanic's Lienors; Wayne Building & Loan Of Wooster V. Yarborough, Allan S. Hoffman
Akron Law Review
Ohio follows the generally accepted rule that where there is a mortgage securing future advances such advances create liens only as they are actually made, unless the mortgagee is obligated to make the advances. In the latter case the mortgagee's lien will date from the time of its recording. In addition to this nonstatutory method by which a mortgagee can obtain lien priority, there is a statutory method by which he can do so, namely the procedure provided by § 1311.14 of Ohio Rev. Code. This statute is not new, having been enacted in 1915. However, in 1919 the Ohio …
Lending Discrimination, The Foreclosure Crisis And The Perpetuation Of Racial And Ethnic Disparities In Homeownership In The U.S., Aleatra P. Williams
Lending Discrimination, The Foreclosure Crisis And The Perpetuation Of Racial And Ethnic Disparities In Homeownership In The U.S., Aleatra P. Williams
William & Mary Business Law Review
For decades the agencies charged with minding the ‘fair credit and lending’ shop turned a blind eye to those (lenders) who pilfered minority homeownership (and consequently minority wealth) by extending mortgage lending products that were, in many cases, unequal to similarly situated non-minority counterparts. Since the 1950s, when the federal government endorsed homeownership policies for minorities, and the 1960s, when antidiscriminatory D9lending laws were enacted, access to fair mortgage credit has been unattainable. Unbridled lending discrimination culminated in massive foreclosures for a disproportionate number of minority homeowners during the Housing and Foreclosure Crisis. Lenders disparately foreclosed upon upper class, middle …
Mortgage Foreclosure Proceedings: Where We Have Been And Where We Need To Go, Bryan E. Meek
Mortgage Foreclosure Proceedings: Where We Have Been And Where We Need To Go, Bryan E. Meek
Akron Law Review
The primary purpose for this comment is to provide an overview of the foreclosure process while introducing the laws and regulations that would govern an “ideal” foreclosure system. First, it provides a general introduction to the mortgage/foreclosure process. This introduction is crucial; it will help many to understand the way financial institutions have complicated the foreclosure process. Next, it analyzes various states, labeling them as either having “strict” foreclosure laws and regulations or having “lenient” foreclosure laws and regulations. Lastly, this comment discusses the pros and cons of various foreclosure requirements. The ultimate goal of this comment is to establish …
Treading Water: Can Municipal Efforts To Condemn Underwater Mortgages Prevail?, Michael S. Moskowitz
Treading Water: Can Municipal Efforts To Condemn Underwater Mortgages Prevail?, Michael S. Moskowitz
Pepperdine Law Review
No abstract provided.
House Swaps: A Strategic Bankruptcy Solution To The Foreclosure Crisis, Lynn M. Lopucki
House Swaps: A Strategic Bankruptcy Solution To The Foreclosure Crisis, Lynn M. Lopucki
Michigan Law Review
Since the price peak in 2006, home values have fallen more than 30 percent, leaving millions of Americans with negative equity in their homes. Until the Supreme Court’s 1993 decision in Nobelman v. American Savings Bank, the bankruptcy system would have provided many such homeowners with a remedy. They could have filed bankruptcy, discharged the negative equity, committed to pay the mortgage holders the full values of their homes, and retained those homes. In Nobelman, however, the Court misinterpreted reasonably clear statutory language and invented legislative history to resolve a three-to-one split of circuits in favor of the minority view …
The Constitutionality Of Using Eminent Domain To Condemn Underwater Mortgage Loans, Katharine Roller
The Constitutionality Of Using Eminent Domain To Condemn Underwater Mortgage Loans, Katharine Roller
Michigan Law Review
One of the most visible and devastating components of the financial crisis that began in 2007 and 2008 has been a nationwide foreclosure crisis. In the wake of ultimately ineffective attempts at federal policy intervention to address the foreclosure crisis, a private firm has proposed that counties and municipalities use their power of eminent domain to seize “underwater” mortgage loans—-mortgage loans in which the debt exceeds the value of the underlying property—-from the private securitization trusts that currently hold them. Having condemned the mortgage loans, the counties and municipalities would reduce the debt to a level below the value of …
Eminent Domain For The Seizure Of Underwater Mortgages, Sarah Thompson
Eminent Domain For The Seizure Of Underwater Mortgages, Sarah Thompson
University of Michigan Journal of Law Reform Caveat
Like many cities in the United States, Richmond, California suffered greatly from the recent mortgage crisis. The foreclosure crisis hit Richmond hard in 2009, when more than 2,000 homes in Richmond went into foreclosure. This figure is especially shocking given that there were 18,659 owner-occupied housing units in the city at that time. In 2012, the city saw an additional 914 foreclosures and a foreclosure rate of thirty out of 1,000 homes (well above the national average of thirteen of every 1,000 homes). Today, it is reported that nearly forty-six percent of homes in Richmond are “underwater,” meaning that what …
Mezzanine Finance And Preferred Equity Investment In Commercial Real Estate: Security, Collateral & Control, Jon S. Robins, David E. Wallace, Mark Franke
Mezzanine Finance And Preferred Equity Investment In Commercial Real Estate: Security, Collateral & Control, Jon S. Robins, David E. Wallace, Mark Franke
Michigan Business & Entrepreneurial Law Review
This article will review both the genesis and the rise in popularity of preferred equity and mezzanine debt, examine their legal and structural differences, and provide some exposition as to how these financing techniques work from security, collateral and control standpoints. We do not undertake in this article to address the differences in tax and accounting treatment between mezzanine loans and preferred equity investments both for either the mezzanine lender or preferred equity investor on the one hand, or for the mezzanine borrower or the common equity investor, on the other hand. In deciding upon which structure to use, transaction …
Maryland Foreclosure Mediation - Working Or Waning? A Critical Look At The State's Foreclosure Mediation Program, Chelsea Jones
Maryland Foreclosure Mediation - Working Or Waning? A Critical Look At The State's Foreclosure Mediation Program, Chelsea Jones
University of Maryland Law Journal of Race, Religion, Gender and Class
No abstract provided.
Two Faces: Demystifying The Mortgage Electronic Registration System's Land Title Theory, Christopher L. Peterson
Two Faces: Demystifying The Mortgage Electronic Registration System's Land Title Theory, Christopher L. Peterson
William & Mary Law Review
In the mid-1990s, mortgage bankers created Mortgage Electronic Registration Systems, Inc. (MERS) to escape the costs associated with recording mortgage transfers. To accomplish this, lenders permanently list MERS as the mortgagee of record instead of themselves to avoid the expense of recording any subsequent transfers. MERS’s claim that it is both an agent of the lender and the mortgagee, and the huge gaps left in the public record, give rise to a range of legal issues. This Article addresses whether security agreements naming MERS as a mortgagee meet traditional conveyance requirements and discusses the rights of counties to recover unpaid …
Wellenkamp V. Bank Of America: A De-Stabilizing Shift In California Real Estate Financing, Patrick Hart
Wellenkamp V. Bank Of America: A De-Stabilizing Shift In California Real Estate Financing, Patrick Hart
Golden Gate University Law Review
No abstract provided.
The Newly-Enacted Cplr 3408 For Easing The Mortgage Foreclosure Crisis: Very Good Steps, But Not Legislatively Perfect, Mark C. Dillon
The Newly-Enacted Cplr 3408 For Easing The Mortgage Foreclosure Crisis: Very Good Steps, But Not Legislatively Perfect, Mark C. Dillon
Pace Law Review
No abstract provided.
No Tax For "Phantom Income": How Congress Failed To Encourage Responsible Housing Consumption With Its Recent Tax Legislation, Rue Toland
Chicago-Kent Law Review
In the midst of the recent housing crisis, Congress passed two key pieces of federal tax legislation in an attempt to stem the tide of foreclosures and prevent further economic collapse. These two bills, the Mortgage Forgiveness Debt Relief Act in 2007 and the Housing and Economic Recovery Act in 2008, both sought competing goals: lessening the harm to existing homeowners, and encouraging purchases by new homebuyers. However, neither bill adequately addressed one of the root causes of the housing crisis, namely homeowners obtaining mortgages that, for whatever reason, they could not afford. Indeed, the tax incentives these bills created …
Real Property, Mortgages, And The Economy: A Call For Ethics And Reforms, Shelby D. Green
Real Property, Mortgages, And The Economy: A Call For Ethics And Reforms, Shelby D. Green
Pace Law Review
No abstract provided.
Smoke And Mirrors: Predatory Lending And The Subprime Mortgage Loan Securitization Pyramid Scheme, Navid Vazire
Smoke And Mirrors: Predatory Lending And The Subprime Mortgage Loan Securitization Pyramid Scheme, Navid Vazire
Pace Law Review
No abstract provided.
Mortgage Market Reform And The Fallacy Of Self-Correcting Markets, Robin Paul Malloy
Mortgage Market Reform And The Fallacy Of Self-Correcting Markets, Robin Paul Malloy
Pace Law Review
No abstract provided.
Unsafe Loans In A Deregulated U.S. Mortgage Market, Vincent Di Lorenzo
Unsafe Loans In A Deregulated U.S. Mortgage Market, Vincent Di Lorenzo
Pace Law Review
No abstract provided.
Can't Live Without Air: Title Insurance And The Bursting Of The Real Estate Bubble, Marvin N. Bagwell
Can't Live Without Air: Title Insurance And The Bursting Of The Real Estate Bubble, Marvin N. Bagwell
Pace Law Review
No abstract provided.
A Glance At The Impact Of The Subprime Mortgage Crisis On The Title Insurance Industry, Suzanne M. Garcia
A Glance At The Impact Of The Subprime Mortgage Crisis On The Title Insurance Industry, Suzanne M. Garcia
Pace Law Review
No abstract provided.
State Subprime Lending Litigation And Federal Preemption: Toward A National Standard, Alan H. Scheiner
State Subprime Lending Litigation And Federal Preemption: Toward A National Standard, Alan H. Scheiner
Pace Law Review
No abstract provided.
The Importance Of Deceptive Practice Enforcement In Financial Institution Regulation, Prentiss Cox
The Importance Of Deceptive Practice Enforcement In Financial Institution Regulation, Prentiss Cox
Pace Law Review
No abstract provided.
A Superfund Solution For An Economic Love Canal, Mehmet K. Konar-Steenberg
A Superfund Solution For An Economic Love Canal, Mehmet K. Konar-Steenberg
Pace Law Review
No abstract provided.
Yes, West Virginia, There Is A Special Priority For The Purchase Money Mortgage: The Recognition Of Purchase Money Mortgage Priority In West Virginia, Abraham M. Ashton
Yes, West Virginia, There Is A Special Priority For The Purchase Money Mortgage: The Recognition Of Purchase Money Mortgage Priority In West Virginia, Abraham M. Ashton
West Virginia Law Review
No abstract provided.
Facing The Facts: An Empirical Study Of The Fairness And Efficiency Of Foreclosures And A Proposal For Reform, Debra Pogrund Stark
Facing The Facts: An Empirical Study Of The Fairness And Efficiency Of Foreclosures And A Proposal For Reform, Debra Pogrund Stark
University of Michigan Journal of Law Reform
Lenders view real estate foreclosures as too expensive and time consuming a process which needlessly increases the costs of making loans. Others complain that the foreclosure process fails to adequately protect the borrower's equity (the value of the property in excess of the debt secured by the property) in the mortgaged property.
This article tests these views by gathering new data on the fairness and efficiency of the foreclosure process. Based on the data collected (which confirms some assumptions but disproves others), the author proposes a reform of the foreclosure process to promote the interest of both lenders and borrowers. …
Moving From Colonias To Comunidades: A Proposal For New Mexico To Revisit The Installment Land Contract Debate, Elizabeth M. Provencio
Moving From Colonias To Comunidades: A Proposal For New Mexico To Revisit The Installment Land Contract Debate, Elizabeth M. Provencio
Michigan Journal of Race and Law
Communities of Mexican Americans in the Southwest, known as colonias, have provided many low-income buyers with affordable opportunities. Affordability, however, comes at a high price for the colonias residents. Most of the buyers live in colonias pursuant to installment land contracts, devices which allow buyers to spread the purchase price of property over a number of years but leave them without legal title or equity under New Mexico law. The buyers sacrifice their legal rights to "own" small, unimproved lots of land in developments that are often without electricity, gas, a sewage system, and indoor plumbing. The author argues …
Curtailing The Economic Distortions Of The Mortgage Interest Deduction, William T. Mathias
Curtailing The Economic Distortions Of The Mortgage Interest Deduction, William T. Mathias
University of Michigan Journal of Law Reform
Many Americans consider the mortgage interest deduction a necessary fixture of the American tax system. In this Article, Mathias examines the economic underpinnings of the deduction and finds that it cannot be justified on purely economic grounds. He then evaluates the major policy arguments for the mortgage interest deduction and concludes that it is inefficient, inequitable, and too costly in its present form to be justified on policy grounds. Finally, the author advocates for the elimination or substantial reduction in the size and scope of the mortgage interest deduction.