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Full-Text Articles in Law
Reconciling People And Place In Housing And Community Development Policy Essay, Nestor M. Davidson
Reconciling People And Place In Housing And Community Development Policy Essay, Nestor M. Davidson
Faculty Scholarship
In housing and community development theory, scholars have long debated tensions between place-based policies and those that focus on fostering mobility. In practice, this is a false dichotomy and this essay explores ways in which place-based policies change the calculus of mobility, while mobility policies deeply shape both the communities people seek and those they leave behind.
The High Cost Of Segregation: Exploring Racial Disparities In High-Cost Lending, Vicki Been, Ingrid Ellen, Josiah Madar
The High Cost Of Segregation: Exploring Racial Disparities In High-Cost Lending, Vicki Been, Ingrid Ellen, Josiah Madar
Fordham Urban Law Journal
This article argues that policy makers addressing racial disparities in the share of subprime mortgages must take into account the relationship between existing levels of racial segregation and the racial disparities in the types of mortgages homeowners received. The authors examine approximately 200 metropolitan areas across the country and note the significant racial disparities in the percentage of subprime mortgages received by different racial groups. Various mechanisms that explain these racial disparities are also explored. The authors ultimately conclude that residential segregation plays a significant role in shaping lending patterns.
Private Risk, Public Risk: Public Policy, Market Development, And The Mortgage Crisis, Daniel Immergluck
Private Risk, Public Risk: Public Policy, Market Development, And The Mortgage Crisis, Daniel Immergluck
Fordham Urban Law Journal
This article describes the development of mortgage markets in the United States in the twentieth century, with an emphasis on the growth of high-risk market segments beginning in the 1990s. It focuses on the federal role in the development of stable, risk-limiting products and markets. The author then examines the growth of securitization, including structured finance and its impact on mortgage markets. Finally, the article discusses the policy debates and developments surrounding subprime and other high-risk mortgage lending from the 1990s through the 2007-2008 mortgage crisis. The author concludes that knowledge of the problems and costs of high-risk lending had …
Bringing It All Back Home: How To Save Main Street, Ignore K Street, And Thereby Save Wall Street, Robert Hockett
Bringing It All Back Home: How To Save Main Street, Ignore K Street, And Thereby Save Wall Street, Robert Hockett
Fordham Urban Law Journal
This article argues that the most effective and constitutionally sound method of solving the mortgage crisis would be directing the Treasury Department to administer TARP through the Federal Housing Administration (FHA) and government-sponsored enterprises Freddie Mac and Fannie Mae The author contends that these were established precisely to deal with low-end mortgage financing and refinancing. However, the present crisis stems directly from intrusions on these institutions' original missions by under-regulated private firms. The author provides an overview of the causes of the mortgage crisis, the founding and functioning of mortgage finance institutions, and ultimately sketches how TARP would be channeled …