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Full-Text Articles in Law
A Tale Of Three Markets: The Law And Economics Of Predatory Lending
A Tale Of Three Markets: The Law And Economics Of Predatory Lending
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 …
The Cra Implications Of Predatory Lending
The Cra Implications Of Predatory Lending
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.
Financial Modernization After Gramm-Leach-Bliley
Financial Modernization After Gramm-Leach-Bliley
Patricia A. McCoy
No abstract provided.