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Full-Text Articles in Law

The Home Mortgage Disclosure Act: A Synopsis And Recent Legislative History Dec 2006

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.


Rethinking Disclosure In A World Of Risk-Based Pricing Dec 2006

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 Dec 2006

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 Dec 2004

A Behavioral Analysis Of Predatory Lending

Patricia A. McCoy

No abstract provided.


Predatory Lending: What’S Wall Street Got To Do With It?, Dec 2003

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 ...


Predatory Lending Practices: Definition And Behavioral Implications Dec 2003

Predatory Lending Practices: Definition And Behavioral Implications

Patricia A. McCoy

No abstract provided.


Realigning Auditors' Incentives Dec 2002

Realigning Auditors' Incentives

Patricia A. McCoy

No abstract provided.


A Tale Of Three Markets Revisited Dec 2002

A Tale Of Three Markets Revisited

Patricia A. McCoy

No abstract provided.


A Tale Of Three Markets: The Law And Economics Of Predatory Lending Apr 2002

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 legal remedies ...


The Cra Implications Of Predatory Lending Mar 2002

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 Dec 2001

Financial Modernization After Gramm-Leach-Bliley

Patricia A. McCoy

No abstract provided.


Musings On The Seeming Inevitability Of Global Convergence In Banking Law Dec 2000

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 Dec 2000

The Law And Economics Of Remedies For Predatory Lending

Patricia A. McCoy

No abstract provided.


Banking Law Manual: Federal Regulation Of Financial Holding Companies, Banks, And Thrifts Dec 1999

Banking Law Manual: Federal Regulation Of Financial Holding Companies, Banks, And Thrifts

Patricia A. McCoy

No abstract provided.


Technology Shifts And The Law: Year 2000 Readiness For Banks And Thrifts Dec 1999

Technology Shifts And The Law: Year 2000 Readiness For Banks And Thrifts

Patricia A. McCoy

No abstract provided.


Biography Of William Cary Dec 1998

Biography Of William Cary

Patricia A. McCoy

No abstract provided.


Review, International Banking By Michael P. Malloy Dec 1998

Review, International Banking By Michael P. Malloy

Patricia A. McCoy

No abstract provided.


Special Factors Making Small Post-Socialist Economies Susceptible To Bank System Risk Dec 1997

Special Factors Making Small Post-Socialist Economies Susceptible To Bank System Risk

Patricia A. McCoy

No abstract provided.


The Demise Of The Common-Law Doctrine In D'Oench, Duhme Dec 1997

The Demise Of The Common-Law Doctrine In D'Oench, Duhme

Patricia A. McCoy

No abstract provided.


Levers Of Law Reform: Public Goods And Russian Banking Dec 1996

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 Dec 1995

A Political Economy Of The Business Judgment Rule In Banking: Implications For Corporate Law

Patricia A. McCoy

No abstract provided.


Emerging Theories Of Liability For Outside Counsel And Independent Outside Auditors Of Financial Institutions Dec 1991

Emerging Theories Of Liability For Outside Counsel And Independent Outside Auditors Of Financial Institutions

Patricia A. McCoy

No abstract provided.


Footprints Of A Just Man: The Case Law Of Judge Robert S. Vance Dec 1990

Footprints Of A Just Man: The Case Law Of Judge Robert S. Vance

Patricia A. McCoy

No abstract provided.