Law Commons^™

Community Collateral Damage: A Question Of Priorities, Andrea Boyack

Faculty Publications

Today’s soaring mortgage default rate and the uncertainty and delay associated with mortgage foreclosure proceedings threatens to cause financial tragedies of the commons in condominiums and homeowner associations across the country. Assessment defaults in privately governed communities result in an inequitable allocation of upkeep costs, and current law provides no way to prevent this spillover effect. But the collateral damages caused by delayed foreclosures and insufficient recoveries can be minimized by gradually increasing the priority position of the association lien.

In a majority of states, association liens are completely subordinate to the first mortgage lien. At foreclosure of the mortgage …

Introduction: Comparative Property Rights, Lynda L. Butler

Faculty Publications

No abstract provided.

Laudable Goals And Unintended Consequences: The Role And Control Of Fannie Mae And Freddie Mac, Andrea Boyack

Faculty Publications

The United States is struggling to emerge from an era of loose mortgage underwriting standards – lapses in credit analysis that led to origination and securitization of toxic loans. The fallout has been crippling, costing borrowers their homes, investors their money, and the government its taxes.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) passed last summer was the first comprehensive effort to address the problems in the system that led – in sequence – to the subprime crisis, the housing crisis, and the financial crisis. The Dodd-Frank Act, which contains over 2,300 pages of legislation, …

Origins Of The Social Function Of Property In Chile, M C. Mirow

Faculty Publications

In 1925, Chile was one of the first countries in Latin America to adopt a social-function limitation on property. This study traces the importance of Duguit’s work in the construction of the property provisions of the Chilean Constitution of 1925. This contribution notes the shift from the earlier expressions of property as an absolute right, as found in the Constitution of 1833, to the language of the Constitution of 1925 that submits property to “the maintenance and progress of the social order.” It tracks the debates in the drafting committees to expose the various concepts of property open to the …

An Evolving Foreclosure Landscape: The Ibanez Case And Beyond, Peter R. Pitegoff, Laura S. Underkuffler

Faculty Publications

Mortgage securitization, subprime lending, a persistently weak housing market, and an explosion of residential mortgage defaults – today’s homeowners and banks face a new and challenging landscape. Recently, courts in several states have issued decisions that alter the terrain for mortgage foreclosures. In Massachusetts, New Jersey, and New York, among other states, courts have dismissed foreclosure actions on the basis of what might seem to be highly technical deficiencies in the pleading or proof. The most well-known–and controversial–in this cluster of cases is U.S. Bank National Ass’n v. Ibanez, decided by the Supreme Judicial Court of Massachusetts this year. In …

2010: It Was A Very Good Year…To Die--Or Was It?, S. Alan Medlin, F. Ladson Boyle, Howard M. Zaritsky

Faculty Publications

No abstract provided.

A Tale Of Two Citites: The Residential Landlord's Duty To Mitigate In New York, Jeremy N. Sheff

Faculty Publications

The past half century has seen sweeping changes to the legal regime applicable to the landlord-tenant relationship, particularly for residential properties. The ancient feudal conception of a lease as a present transfer of an interest in land has given way to a more modem understanding of leases as contracts between a provider of a package of goods and services and their consumer. Among the changes wrought by this conceptual shift has been the imposition of previously unknown obligations on landlords in the event of tenant abandonment. Called either the duty to mitigate or, perhaps more accurately, the avoidable consequences rule, …

Not In My Atlantic Yards: Examining Netroots’ Role In Eminent Domain Reform, Kate Klonick

Faculty Publications

(Excerpt)

Since the Supreme Court's decision in Kelo v. City of New London, which expanded the state's power to condemn private property and transfer it to other private owners under the Fifth Amendment, there have been significant calls to curb the power of eminent domain through statutory reform. Scholars and jurists in favor of eminent domain reform have asserted that legislation is needed to protect private property rights against the rising tide of state power, with many arguing that such reform should incorporate a public approval process into land use decisions. Those opposed to eminent-domain reform argue that empowering …