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Fixing A Broken System: Reconciling State Foreclosure Law With Economic Realities, Yianni D. Lagos
Fixing A Broken System: Reconciling State Foreclosure Law With Economic Realities, Yianni D. Lagos
Tennessee Journal of Law and Policy
The housing crisis ignited a chain reaction of events that resulted in the U.S. economy cascading to the worst contraction since the Great Depression. In response, not only has the Federal Government proposed and implemented various legislation, but the financial industry has also joined in the effort to find a solution. However, large-scale mortgage restructurings already show signs of failing. These results should not be surprising, because general loan modifications suffer from the problems that created the housing crisis. Namely, mortgage originators did not examine whether the borrower could afford the monthly payments.
The Scope Of The Economic Loss Doctrine In Tennessee, Kasey Washburn
The Scope Of The Economic Loss Doctrine In Tennessee, Kasey Washburn
Tennessee Journal of Law and Policy
In Lincoln General Insurance Co. v. Detroit Diesel Corp., the Tennessee Supreme Court ruled that Tennessee law does not allow recovery in tort for a defective product that causes damage only to itself, regardless of the manner in which the damage occurs. The United States District Court for the Middle District of Tennessee brought this issue before the Tennessee Supreme Court through a certified question of law. The district court sought to establish the scope of the economic loss doctrine under Tennessee law, focusing specifically on cases where the damage to the defective product resulted from a sudden, calamitous event.