Law Commons^™

Lending Discrimination: Economic Theory, Econometric Evidence, And The Community Reinvestment Act, Keith N. Hylton, Vincent D. Rougeau

Faculty Scholarship

Although it has been settled law for almost two decades, there has been a heightened interest in the Community Reinvestment Act (CRA) over the last several years. One factor driving this interest is the continuing economic decline of the inner cities and the consequent widening of the wealth gap between cities and surrounding suburbs in many areas of the country. A second factor is the consolidation of the banking industry, which has encouraged expansion-oriented banks to improve their CRA ratings to gain the approval of regulators. A recent effort to enhance enforcement of the statute, in part the result of …

Rethinking The Role Of Recourse In The Sale Of Financial Assets, Steven L. Schwarcz, Peter V. Pantaleo

Faculty Scholarship

The presence of recourse in the sale of a financial asset is generally thought to jeopardize the "true sale" treatment of the sale, especially in the event of the seller's bankruptcy. This article examines the existing law and concludes that a transfer that qualifies as a sale under state law should be treated as a sale even if the buyer retains recourse to the seller, so long as recourse is limited to warranting that the asset will perform in accordance with its terms.

The Legal Environment Of International Finance: Thinking About Fundamentals, Merritt B. Fox

Faculty Scholarship

The huge increase in cross border capital flows over the last two decades has profoundly important implications for society in general and the law in particular. These flows give rise to a set of legal problems that are sufficiently distinct and coherent to constitute a legal field of their own. Confirming this observation is the development of a specialized legal practice whose members spend the bulk of their time working on such transactions. Nevertheless, a law school course in international finance is a rarity, even at the schools that train most of the students who ultimately join this practice.

The …