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Articles 31 - 60 of 100
Full-Text Articles in Banking and Finance Law
Ability To Pay, John A. E. Pottow
Ability To Pay, John A. E. Pottow
Articles
The landmark Dodd-Frank Act of 2010 ("Dodd-Frank") transforms the regulation of consumer credit in the United States. Many of its changes have been high-profile, attracting considerable media and scholarly attention, most notably the establishment of the Consumer Financial Protection Bureau ("CFPB"). Even specific consumer reforms, such as a so-called "plain vanilla" proposal, drew hot debate and lobbying firepower. But when the dust settled, one profoundly transformative innovation that did not garner the same outrage as plain vanilla or the CFPB did get into the law: imposing upon lenders a duty to assure a borrower's ability to repay. Ensuring a borrower's …
Toward A Convention For The International Sale Of Real Property: Challenges, Commonalities, And Possibilities, Christopher K. Odinet
Toward A Convention For The International Sale Of Real Property: Challenges, Commonalities, And Possibilities, Christopher K. Odinet
Christopher K. Odinet
The Jumbled Alphabet Soup Of The Collapsed Home Mortgage Market: Abcp, Cdo, Cds And Rmbs, Georgette Chapman Phillips
The Jumbled Alphabet Soup Of The Collapsed Home Mortgage Market: Abcp, Cdo, Cds And Rmbs, Georgette Chapman Phillips
University of Miami Business Law Review
No abstract provided.
Things Happen, Richard A. Booth
Home Foreclosures: Will Voluntary Mortgage Modification Help Families Save Their Homes? Part Ii? : Hearing Before The H. Comm. On The Judiciary Subcomm. On Commercial And Administrative Law, 111th Cong., Dec. 11, 2009 (Statement Of Associate Professor Adam J. Levitin, Geo. U. L. Center), Adam J. Levitin
Testimony Before Congress
The results to date from MHAP are deeply disappointing. Even the most optimistic view of HAMP and HARP’s potential would now project the programs as having only a minor impact on the foreclosure crisis. Until and unless the problems of unemployment; negative equity, and servicer capacity, incentives, and contract restrictions are addressed, we are unlikely to see noticeably different results. These issues cannot be addressed within the current structure of HAMP.
Unfortunately, none of the solutions for foreclosures due to unemployment are particularly satisfying, and without addressing unemployment, foreclosures will remain at elevated levels. Bankruptcy presents possible solutions to negative …
Smoke And Mirrors: Predatory Lending And The Subprime Mortgage Loan Securitization Pyramid Scheme, Navid Vazire
Smoke And Mirrors: Predatory Lending And The Subprime Mortgage Loan Securitization Pyramid Scheme, Navid Vazire
Pace Law Review
No abstract provided.
Mortgage Market Reform And The Fallacy Of Self-Correcting Markets, Robin Paul Malloy
Mortgage Market Reform And The Fallacy Of Self-Correcting Markets, Robin Paul Malloy
Pace Law Review
No abstract provided.
Unsafe Loans In A Deregulated U.S. Mortgage Market, Vincent Di Lorenzo
Unsafe Loans In A Deregulated U.S. Mortgage Market, Vincent Di Lorenzo
Pace Law Review
No abstract provided.
Can't Live Without Air: Title Insurance And The Bursting Of The Real Estate Bubble, Marvin N. Bagwell
Can't Live Without Air: Title Insurance And The Bursting Of The Real Estate Bubble, Marvin N. Bagwell
Pace Law Review
No abstract provided.
A Glance At The Impact Of The Subprime Mortgage Crisis On The Title Insurance Industry, Suzanne M. Garcia
A Glance At The Impact Of The Subprime Mortgage Crisis On The Title Insurance Industry, Suzanne M. Garcia
Pace Law Review
No abstract provided.
State Subprime Lending Litigation And Federal Preemption: Toward A National Standard, Alan H. Scheiner
State Subprime Lending Litigation And Federal Preemption: Toward A National Standard, Alan H. Scheiner
Pace Law Review
No abstract provided.
The Importance Of Deceptive Practice Enforcement In Financial Institution Regulation, Prentiss Cox
The Importance Of Deceptive Practice Enforcement In Financial Institution Regulation, Prentiss Cox
Pace Law Review
No abstract provided.
A Superfund Solution For An Economic Love Canal, Mehmet K. Konar-Steenberg
A Superfund Solution For An Economic Love Canal, Mehmet K. Konar-Steenberg
Pace Law Review
No abstract provided.
The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding
The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding
Publications
This Article will appear in a May 2009 symposium issue of the Florida International University Law Review on the global financial crisis. This Article argues that the current global financial crisis, which was first called the “subprime crisis,” demonstrates the need to revisit the division between financial regulations designed to protect consumers from excessively risky loans and safety-and-soundness regulations intended to protect financial markets from the collapse of financial institutions. Consumer financial protection can, and must, serve a role not only in protecting individuals from excessive risk, but also in protecting markets from systemic risk. Economic studies indicate it is …
The Case For Behaviorally Informed Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
The Case For Behaviorally Informed Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Book Chapters
Policymakers approach human behavior largely through the perspective of the “rational agent” model, which relies on normative, a priori analyses of the making of rational decisions. This perspective is promoted in the social sciences and in professional schools, and has come to dominate much of the formulation and conduct of policy. An alternative view, developed mostly through empirical behavioral research, provides a substantially different perspective on individual behavior and its policy implications. Behavior, according to the empirical perspective, is the outcome of perceptions, impulses, and other processes that characterize the impressive machinery that we carry behind the eyes and between …
The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding
The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding
Publications
This Article argues that the current global financial crisis, which was first called the “subprime crisis,” demonstrates the need to revisit the division between financial regulations designed to protect consumers from excessively risky loans and safety-and-soundness regulations intended to protect financial markets from the collapse of financial institutions. Consumer financial protection can, and must, serve a role not only in protecting individuals from excessive risk, but also in protecting markets from systemic risk. Economic studies indicate it is not merely high rates of defaults on consumer loans, but also unpredictable and highly correlated defaults that create risks for both lenders …
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Other Publications
The current housing and financial crisis has led to significant congressional and executive action to manage the crisis and stem the harms from it, but the fundamental problems that caused the crisis remain largely unaddressed. The central features of the industrial organization of the mortgage market with its misaligned incentives, and the core psychological and behavioral phenomena that drive household financial decisionmaking remain. While the causes of the mortgage meltdown are myriad and the solutions likely to be multifaceted, a central problem that led to the crisis was that brokers and lenders offered loans that looked much less expensive and …
Get Sick, Get Out: The Medical Causes Of Home Mortgage Foreclosures, Christopher Robertson, Richard Egelhof, Michael Hoke
Get Sick, Get Out: The Medical Causes Of Home Mortgage Foreclosures, Christopher Robertson, Richard Egelhof, Michael Hoke
Faculty Scholarship
In recent years, there has been national alarm about the rising rate of home foreclosures, which now strike one in every 92 households in America and which contribute to even broader macroeconomic effects. The "standard account" of home foreclosure attributes this spike to loose lending practices, irresponsible borrowers, a flat real estate market, and rising interest rates. Based on our study of homeowners going through foreclosures in four states, we find that the standard account fails to represent the facts and thus makes a poor guide for policy. In contrast, we find that half of all foreclosures have medical causes, …
Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman
Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman
Other Publications
This memorandum argues that the sale of loans and loan pools to new owners would help to stabilize housing prices, and that such a modification to the REMIC rules would be desirable and well within Congress’ constitutional authority. Furthermore, it would not lead to successful legal claims by investors in securitized loan pools under the Just Compensation or Due Process clauses, which provide the primary constitutional protections for property interests.
Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Other Publications
Financial services decisions can have enourmous consequences for household well-being. Households need a range of financial services - to conduct basic transactions, such as receiving their income, storing it, and paying bills; to save for emergency needs and long-term goals; to access credit; and to insure against life's key risks. But the financial services system is exceedingly complicated and often not well-designed to optimize house-hold behavior. In response to the complexity of out financial system, there has been a long running debate about the appropriate role and form of regulation. Regulation is largely stuck in two competing models - disclosure, …
The Problems Of Securitizing Sub-Prime Loans, Tamar Frankel
The Problems Of Securitizing Sub-Prime Loans, Tamar Frankel
Faculty Scholarship
In October 2007, the board of directors of Merrill-Lynch, Smith & Fenner, one of the largest if not the largest brokerage houses in the United States, accepted the request for early retirement of its Chief Executive Officer. The brokerage firm disclosed that it has lost over $8 billion on its investments in sub-prime mortgage loans.1 Merrill Lynch was not the only financial giant to sustain enormous losses. The losses caused market liquidity to dry up. The U.S. government took steps to ease the pressure.2 But the high leverage of the system is still unravelling. The effect of these …
Expanding Homeownership Opportunity Ii: The Softsecond Loan Program, 1991-2006, Jim Campen
Expanding Homeownership Opportunity Ii: The Softsecond Loan Program, 1991-2006, Jim Campen
Gastón Institute Publications
This report provides data on lending by the SoftSecond Loan Program during the most recent three-year period (2004-2006) as well as over the sixteen-year life of the program. The Mortgage Lending Committee of the Massachusetts Community & Banking Council (MCBC) has had a special interest in the SoftSecond program since its inception and has carefully monitored the performance of its loans. The report updates an earlier report prepared for MCBC by the present author in 2004: Expanding Homeownership Opportunity: The SoftSecond Loan Program, 1991-2003. Detailed information about the origins and evolution of the program, and about the details of …
Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu
Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu
Doctoral Dissertations
Stochastic models were developed that provide important measures related to retail mortgages and credit cards for the management of a bank. Based on Markov theory, two models were developed that predict mortgage portfolio size and expected duration of stay in each of the states, which are defined according to the criteria of Basel Accord II and the Federal Reserve Bank. Also, to facilitate comparisons among different types of credit products and different time periods, a model was developed to generate a health index for a retail mortgage. This model could be easily extended, using multivariate regression or multivariate time series …
Still Crazy After All These Years: The Absolute Assignment Of Rents In Mortgage Loan Transactions, Julia Patterson Forrester Rogers
Still Crazy After All These Years: The Absolute Assignment Of Rents In Mortgage Loan Transactions, Julia Patterson Forrester Rogers
Faculty Journal Articles and Book Chapters
This Article explores the problems caused by the absolute assignment of rents in mortgage loan transactions, which have continued for more than a century, and discusses possible solutions. Rents are a significant part of the security for loans secured by income-producing properties such as office buildings, shopping centers, and apartments. Under present law in many states, the absolute assignment of rents is the only means by which lenders can create an effective security interest in the rents of mortgaged property. An absolute assignment of rents purports to transfer title to rents to the mortgage lender, although in substance it creates …
Still Mortgaging The American Dream: Predatory Lending, Preemption, And Federally Supported Lenders, Julia Patterson Forrester Rogers
Still Mortgaging The American Dream: Predatory Lending, Preemption, And Federally Supported Lenders, Julia Patterson Forrester Rogers
Faculty Journal Articles and Book Chapters
This Article discusses the continuing problem of predatory lending abuses in the subprime home mortgage lending market and federal and state attempts to address the problem. Over the protests of consumer advocates, federal agencies have recently issued regulations preempting state predatory lending statutes as applied to national banks and thrifts. In addition, Congress is considering legislation that would preempt state predatory lending laws for all lenders. The Article considers the preemption debate, particularly in the context of federally supported lenders-banks, thrifts, and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. Banks and thrifts receive support through the federal safety …
Yes, West Virginia, There Is A Special Priority For The Purchase Money Mortgage: The Recognition Of Purchase Money Mortgage Priority In West Virginia, Abraham M. Ashton
Yes, West Virginia, There Is A Special Priority For The Purchase Money Mortgage: The Recognition Of Purchase Money Mortgage Priority In West Virginia, Abraham M. Ashton
West Virginia Law Review
No abstract provided.
Bankruptcy And Mortgage Lending: The Homeowner Dilemma, A. Mechele Dickerson
Bankruptcy And Mortgage Lending: The Homeowner Dilemma, A. Mechele Dickerson
Faculty Publications
No abstract provided.
Environmental Superliens And The Problem Of Mortgage-Backed Securitization, Jonathan Remy Nash
Environmental Superliens And The Problem Of Mortgage-Backed Securitization, Jonathan Remy Nash
Washington and Lee Law Review
No abstract provided.
Looking The Other Way: A Critique Of The Fair-Lending Enforcement System And A Plan To Fix It, Stephen L. Ross, John Yinger
Looking The Other Way: A Critique Of The Fair-Lending Enforcement System And A Plan To Fix It, Stephen L. Ross, John Yinger
Center for Policy Research
In 2001, the homeownership rate in the United States reached 67.8 percent--an all-time high. The benefits of homeownership were not evenly spread across ethnic groups, however. In fact, the homeownership rate was 74.3 percent for non-Hispanic whites, 48.4 percent for non-Hispanic blacks, and 47.3 percent for Hispanics (U.S. Department of Housing and Urban Development 2002, Table 29). These homeownership gaps undoubtedly have many causes, but one of the key suspects is discrimination in mortgage lending. The vast majority of households cannot buy a house without a mortgage loan, and discriminatory barriers to obtaining a mortgage could have a dramatic impact …
But Can She Keep The Car? Some Thoughts On Collateral Retention In Consumer Chapter 7 Cases, Marianne B. Culhane, Michaela M. White
But Can She Keep The Car? Some Thoughts On Collateral Retention In Consumer Chapter 7 Cases, Marianne B. Culhane, Michaela M. White
Fordham Journal of Corporate & Financial Law
No abstract provided.