Law Commons^™

A Bank By Any Other Name..., Christian Johnson, George Kaufman

Christian A. Johnson

Collateralizing Over-The-Counter Derivative Obligations, Christian Johnson

Christian A. Johnson

Electronic Government And Digital Inclusion: Examples From India, Subhajit Basu

Subhajit Basu

This presentation has two parts: In the first part I look into Development, effect of technology on development, obviously technology provides opportunity to have choices but Can Technology (here ICT) influence development? Digital inclusion is a concept about the disparities in terms of citizens’ participation in the Information Society. This participation may be conceptualised in the first instance as ICT access, levels of use and use patterns. On one hand we have technology which promises of New Dawn for the developing countries, on the other hand only access to technology will not provide development for poor millions of a developing …

The Economic State Of International Financial Services And Its Socio-Economic Impact, William Byrnes

William H. Byrnes

No abstract provided.

Risks And Opportunities In A Global Economy – Perspective On The Investment Horizon, William Byrnes

William H. Byrnes

No abstract provided.

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 …

The Home Mortgage Disclosure Act: A Synopsis And Recent Legislative History

Patricia A. McCoy

This article describes the provisions of the federal Home Mortgage Disclosure Act (HMDA), tracing its legal evolution since 1989, when Congress expanded HMDA to require reporting of home mortgage lending by ethnicity and race. HMDA requires most lenders to report the demographic makeup and geographic distribution of home mortgages to the federal government. The 1989 amendments and later developments transformed HMDA from a law exclusively concerned with geographic disinvestment to one concerned with lending disparities by ethnicity and race. In the process, HMDA evolved from an obscure reporting statute to a flashpoint for debates over lending discrimination and subprime lending.

Accounting And Disclosure For Derivative Instruments (Portfolio 5112), Christian Johnson, Mary Grossman, Ira Kawaller, Reva Steinberg

Christian A. Johnson

Who's Your Payday, Jill Jasperson

Jill Jasperson

This paper discusses the concept of payday lending through the context of examining the top eight payday lenders in America today. They represent a good portion of payday lenders. We can examine their practices and procedures through introspection into the SEC filings that these companies file annually. In 2007, the author examined eight payday lenders in America who are publically traded and are required annually to file.

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

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 …