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- Selected Professional Activities (12)
- Banking and Finance (7)
- Predatory lending (5)
- Consumer Protection Law (2)
- Securitization (2)
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- Subprime (2)
- Administrative Law (1)
- Assignee liability (1)
- Biography (1)
- CRA (1)
- Community Development (1)
- Community Reinvestment Act (1)
- Contracts (1)
- Disclosures (1)
- Law and Society (1)
- Lemons problem (1)
- Lending (1)
- Lending discrimination (1)
- Risk-based pricing (1)
- Subprime lending (1)
- Subprime loans (1)
- Subprime mortgages (1)
- Truth in Lending Act (1)
Articles 1 - 30 of 30
Full-Text Articles in Law
Access To Mortgage Credit 2.0, Patricia Mccoy
Access To Mortgage Credit 2.0, Patricia Mccoy
Patricia A. McCoy
Climate Change And Insurance, Patricia Mccoy
Climate Change And Insurance, Patricia Mccoy
Patricia A. McCoy
Panelist, Who Will Pay: The Public & Private Insurance Implications Of Climate Change's Drastic Challenges, Patricia Mccoy
Panelist, Who Will Pay: The Public & Private Insurance Implications Of Climate Change's Drastic Challenges, Patricia Mccoy
Patricia A. McCoy
Market Conduct Regulation And Regulating By Risk, Patricia Mccoy
Market Conduct Regulation And Regulating By Risk, Patricia Mccoy
Patricia A. McCoy
Panelist, Best Practices In Consumer Disclosures
Panelist, Best Practices In Consumer Disclosures
Patricia A. McCoy
No abstract provided.
Founding Principles Of The Consumer Financial Protection Bureau
Founding Principles Of The Consumer Financial Protection Bureau
Patricia A. McCoy
No abstract provided.
Panelist, What Will Be The Effect Of The Department Of Labor’S Fiduciary Rule?, Patricia Mccoy
Panelist, What Will Be The Effect Of The Department Of Labor’S Fiduciary Rule?, Patricia Mccoy
Patricia A. McCoy
The Affordable Care Act After King V. Burwell: What's Next?, Patricia Mccoy
The Affordable Care Act After King V. Burwell: What's Next?, Patricia Mccoy
Patricia A. McCoy
The Ephemeral Promise Of Annuitization For A Secure Retirement
The Ephemeral Promise Of Annuitization For A Secure Retirement
Patricia A. McCoy
No abstract provided.
Testimony Before Federal Banking Regulators On Regulatory Relief, Patricia Mccoy
Testimony Before Federal Banking Regulators On Regulatory Relief, Patricia Mccoy
Patricia A. McCoy
The Aca: What Does It Really Do?
Banking Law Manual: Federal Regulation Of Financial Holding Companies, Banks And Thrifts (Semi-Annual Supplement)
Patricia A. McCoy
No abstract provided.
Moderator, Regulation: Systemically Important Financial Institution (Sifi) Designations
Moderator, Regulation: Systemically Important Financial Institution (Sifi) Designations
Patricia A. McCoy
Moderated a roundtable discussion on proposals to subject the asset management industry to systemic risk oversight.
The Home Mortgage Foreclosure Crisis: Lessons Learned
The Home Mortgage Foreclosure Crisis: Lessons Learned
Patricia A. McCoy
Presentation of book chapter which explores the lessons learned from the nation's home mortgage loss mitigation initiatives.
Systemic Risk Oversight And The Shifting Balance Of State And Federal Authority Over Insurance
Systemic Risk Oversight And The Shifting Balance Of State And Federal Authority Over Insurance
Patricia A. McCoy
The presentation explored the implications of systemic risk regulation for the allocation of authority for state and federal insurance regulation.
Countercyclical Regulation And Its Challenges
Countercyclical Regulation And Its Challenges
Patricia A. McCoy
The paper presented examines legal and institutional challenges to implementing countercyclical regulation in financial services. Also presented in June 2014 at a Suffolk University Law School Faculty Workshop in Boston, MA.
“The Protective Function Of Automobile Insurance From The Perspective Of Judicial Adjudication
“The Protective Function Of Automobile Insurance From The Perspective Of Judicial Adjudication
Patricia A. McCoy
This talk explored the social tensions between making mandatory auto insurance affordable and the solvency of those insurance plans.
Moderator, Big Data And The Paradigm Of Insurance
Moderator, Big Data And The Paradigm Of Insurance
Patricia A. McCoy
Moderated a panel on the theoretical paradigm of big data and insurance.
Rethinking Disclosure In A World Of Risk-Based Pricing, Patricia Mccoy
Rethinking Disclosure In A World Of Risk-Based Pricing, Patricia Mccoy
Patricia A. McCoy
In response to subprime loan abuses, it is common for policymakers to exhort consumers to comparison-shop for residential mortgages. This policy prescription ignores the fact that price revelation works differently in the prime and subprime markets, impeding search in subprime. In the prime market, lenders reveal firm prices for free, without requiring consumers to first submit loan applications. This dynamic, combined with Truth-in-Lending Act (TILA) disclosures that standardize prices, make it easy to comparison-shop for prime mortgages. In contrast, in the subprime market featuring risk-based pricing, consumers must reveal their creditworthiness before lenders can determine loan prices, which allows lenders …
Turning A Blind Eye: Wall Street Finance Of Predatory Lending, Kathleen Engel, Patricia Mccoy
Turning A Blind Eye: Wall Street Finance Of Predatory Lending, Kathleen Engel, Patricia Mccoy
Patricia A. McCoy
No abstract provided.
A Tale Of Three Markets: The Law And Economics Of Predatory Lending, Kathleen Engel, Patricia Mccoy
A Tale Of Three Markets: The Law And Economics Of Predatory Lending, Kathleen Engel, Patricia Mccoy
Patricia A. McCoy
Predatory lending - the practice of making exploitative high-cost loans to naive borrowers - has spurred policy-makers, activists, lenders and scholars to debate whether intervention is warranted and, if so, what type of intervention is appropriate. The solution requires understanding the incentives in the home mortgage market that have fueled predatory lending. Recent changes in the credit market have created new possibilities for lenders to profit by exploiting information asymmetries to the detriment of unsophisticated borrowers. As a result, a new, predatory lending market has emerged alongside the legitimate prime and subprime home mortgage markets. Neither market forces nor existing …
Turning A Blind Eye: Wall Street Finance Of Predatory Lending, Kathleen Engel, Patricia Mccoy
Turning A Blind Eye: Wall Street Finance Of Predatory Lending, Kathleen Engel, Patricia Mccoy
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 Cra Implications Of Predatory Lending, Kathleen Engel, Patricia Mccoy
The Cra Implications Of Predatory Lending, Kathleen Engel, Patricia Mccoy
Patricia A. McCoy
This article considers the Community Reinvestment Act's role in combating predatory lending. It provides an overview of the CRA, explains how CRA-covered lenders may enable predatory lending and explores the relationship between the CRA, federal subsidies and predatory lending. The article concludes that the CRA should be used to penalize lenders that engage in predatory lending and recommends that federal bank regulators use CRA to sanction behavior that could encourage further predatory lending.
The Cra Implications Of Predatory Lending, Kathleen Engel, Patricia Mccoy
The Cra Implications Of Predatory Lending, Kathleen Engel, Patricia Mccoy
Patricia A. McCoy
Traditionally, policymakers, communities, and industry have regarded the Community Reinvestment Act ("CRA") as a positive mandate for banks and thrifts to do good by increasing investment in low- and moderate-income ("LMI") neighborhoods. When Congress enacted CRA, it was inconceivable that LMI neighborhoods might eventually receive too much credit in the form of abusive mortgages. However, by the late 1990s, predatory mortgages- exploitative high-cost loans to gullible borrowers-were ravaging the inner cities. We address the question: given the surge in predatory lending, how should CRA respond? CRA and federal subsidies to regulated lenders can create perverse incentives for lenders to engage …
The Home Mortgage Disclosure Act: A Synopsis And Recent Legislative History
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.
Predatory Lending: What’S Wall Street Got To Do With It?,
Predatory Lending: What’S Wall Street Got To Do With It?,
Patricia A. McCoy
In this article, we examine the contention that the secondary market will exert sufficient market discipline to drive predatory home loan lenders from the subprime marketplace. Using a so‐called lemons model, we identify the potential risks that investors encounter if they buy securities backed by predatory home loans. We then explain how structured finance, deal provisions, pricing mechanisms, and legal protections shield investors from much of the risk that those loans entail.
While the secondary market does impose some discipline on the subprime home loan market, it is not enough to bring predatory lending to a halt. We provide rationales …
The Demise Of The Common-Law Doctrine In D'Oench, Duhme
The Demise Of The Common-Law Doctrine In D'Oench, Duhme
Patricia A. McCoy
No abstract provided.
Footprints Of A Just Man: The Case Law Of Judge Robert S. Vance
Footprints Of A Just Man: The Case Law Of Judge Robert S. Vance
Patricia A. McCoy
No abstract provided.