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Comments On Liebman And Zeckhauser, Simple Humans, Complex Insurance, Subtle Subsidies, Edward J. Mccaffery
Comments On Liebman And Zeckhauser, Simple Humans, Complex Insurance, Subtle Subsidies, Edward J. Mccaffery
Edward J McCaffery
These are brief comments on an excellent paper by Jeffrey Liebman and Richard Zeckhauser, prepared for a conference sponsored by the Urban Institute and Brookings on tax and health care policy. Liebman and Zeckhauser summarize the complexities involved in making optimal health insurance decisions, and offer generally cautionary notes about conflating these with tax law (a theme of the conference). Most importantly, Liebman and Zeckhauser suggest a positive role for employers in health care and insurance decisions, as better setters or framers of choice sets—witness 401(k) plans. In this Commentary, I applaud Leibman and Zeckhauser’s general work and particular observation, …
The Impact Of Predatory Lending Laws: Policy Implications And Insights
The Impact Of Predatory Lending Laws: Policy Implications And Insights
Patricia A. McCoy
Over half the states and several localities have enacted statutes and ordinances to regulate abuses in the residential mortgage 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.
We created a legal index of laws governing mortgage lending terms and practices, giving each state an overall score for the strength of its laws. In addition, we disaggregated the index to create sub-indices along three dimensions: (1) the scope of loans covered …
The Moral Hazard Implications Of Deposit Insurance: Theory And Practice
The Moral Hazard Implications Of Deposit Insurance: Theory And Practice
Patricia A. McCoy
No abstract provided.
The Legal Infrastructure Of Subprime And Nontraditional Mortgage Lending
The Legal Infrastructure Of Subprime And Nontraditional Mortgage Lending
Patricia A. McCoy
This paper provides a critical analysis of the legal landscape of residential mortgage lending and explains how federal law abdicated regulation of the subprime market. First, the paper presents the historical backdrop to government oversight of mortgage lending and identifies the changes to and innovations in the lending process that contributed to the recent transformation of the residential mortgage market. We then describe recent attempts at the state and federal level to re-regulate and the backlash initiated by the federal banking agencies to thwart regulation of their constituent banks through preemption, resulting in parallel universes of regulation. Next, the article …
Turning A Blind Eye: Wall Street Finance Of Predatory Lending
Turning A Blind Eye: Wall Street Finance Of Predatory Lending
Patricia A. McCoy
Today, Wall Street finances up to eighty percent of subprime home loans through securitization. The subprime sector, which is designed for borrowers with blemished credit, has been dogged by predatory lending charges, many of which have been substantiated. As subprime securitization has grown, so have charges that securitization turns a blind eye to financing abusive loans. In this paper, we examine why secondary market discipline has failed to halt the securitization of predatory loans.
When investors buy securities backed by predatory loans, they face a classic lemons problem in the form of credit risk, prepayment risk, and litigation risk. Securitization …
Rethinking Disclosure In A World Of Risk-Based Pricing
Rethinking Disclosure In A World Of Risk-Based Pricing
Patricia A. McCoy
The residential mortgage market in the United States has changed significantly since the passage of current federal mortgage disclosure laws in the 1960s and 1970s. In this Article, Professor Patricia McCoy advocates for the reform of these traditional disclosure rules. After describing the evolution of the subprime mortgage market and providing a description of current federal disclosure laws, she explores how these new market dynamics cause the traditional disclosure rules to break down in the subprime market. Professor McCoy concludes with proposals to counteract false advertising practices, facilitate "meaningful comparison-shopping, and formulate streamlined disclosures addressing loan applicants' greatest concerns in …
Predatory Lending And Community Development At Loggerheads
Predatory Lending And Community Development At Loggerheads
Patricia A. McCoy
For decades, cities have invested in decaying neighborhoods, leading to increases in home values and home equity. As a result, these neighborhoods have become ready targets for predatory lenders, who market their abusive loans to financially unsophisticated homeowners with home equity and no relationships with traditional lenders. Some borrowers lose their homes; others forsake home repairs to avoid default and foreclosure. Neighborhoods that once were stable become littered with abandoned and neglected homes, resulting in increased crime, falling home values, rising demands for social services, and lower tax revenues.
In the wake of the devastation done by predatory lenders, the …
A Behavioral Analysis Of Predatory Lending
Realigning Auditors' Incentives
A Tale Of Three Markets Revisited
Musings On The Seeming Inevitability Of Global Convergence In Banking Law
Musings On The Seeming Inevitability Of Global Convergence In Banking Law
Patricia A. McCoy
No abstract provided.
The Law And Economics Of Remedies For Predatory Lending
The Law And Economics Of Remedies For Predatory Lending
Patricia A. McCoy
No abstract provided.
Technology Shifts And The Law: Year 2000 Readiness For Banks And Thrifts
Technology Shifts And The Law: Year 2000 Readiness For Banks And Thrifts
Patricia A. McCoy
No abstract provided.
Review, International Banking By Michael P. Malloy
Review, International Banking By Michael P. Malloy
Patricia A. McCoy
No abstract provided.
Levers Of Law Reform: Public Goods And Russian Banking
Levers Of Law Reform: Public Goods And Russian Banking
Patricia A. McCoy
No abstract provided.
A Political Economy Of The Business Judgment Rule In Banking: Implications For Corporate Law
A Political Economy Of The Business Judgment Rule In Banking: Implications For Corporate Law
Patricia A. McCoy
No abstract provided.