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Comment On Home Mortgage Disclosure Act Proposed Rulemaking, David J. Reiss
Comment On Home Mortgage Disclosure Act Proposed Rulemaking, David J. Reiss
David J Reiss
The Consumer Financial Protection Bureau's Home Mortgage Disclosure Act proposed rulemaking (proposed Aug. 29, 2014) is a reasonable one. It increases the amount of information that is to be collected about important consumer products, such as reverse mortgages. It also increases the amount of important information it collects about all mortgages. At the same time, it releases lenders from having to determine borrowers’ intentions about how they will use their loan proceeds, something that can be hard to do and to document well. Finally, while the proposed rule raises some privacy concerns, the CFPB can address them.
Eminently Reasonable, David J. Reiss
Eminently Reasonable, David J. Reiss
David J Reiss
Local governments across the country are considering an innovative use of eminent domain. They propose to condemn underwater mortgages (those that exceed the fair-market value of the home) in their communities and restructure them so that homeowners can afford their payments and so that the new mortgage is for less than the fair market value of the property. If this proposal is implemented, the local government will pay the owner of mortgages of "underwater" homes the fair market value for the mortgages. The local government will then restructure each mortgage by reducing the principal amount owed to be in line …
Book Review: The Subprime Virus: Reckless Credit, Regulatory Failure, And Next Steps, David J. Reiss
Book Review: The Subprime Virus: Reckless Credit, Regulatory Failure, And Next Steps, David J. Reiss
David J Reiss
John Godfrey Saxe’s 19th century poem, “The Blind Men and the Elephant,” opens with six learned men
Who went to see the Elephant
(Though all of them were blind),
That each by observation
Might satisfy his mind.
The financial crisis is the Elephant of our time. Over the last couple of years, more than six wise men and women have written books purporting to explain the financial crisis and many more such books are surely in the works. Most of these wise ones suffer from the same limitations as the poem’s learned men. As each reaches out, he or she …
How We Got Where We Are: The Lessons Of History, David J. Reiss
How We Got Where We Are: The Lessons Of History, David J. Reiss
David J Reiss
No abstract provided.