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Securitization Of Student Loans: A Proposal To Reform Federal Accounting, Reduce Government Risk, And Introduce Market Mechanisms As Indicators Of Quality Education, Robert Proudfoot
University of Massachusetts Law Review
This Article outlines looming budgetary and accounting issues with federal student loans and proposes securitization as an innovative mechanism to reform federal accounting, reduce federal balance sheet risk, and provide a new education quality indicator. The current federal loan program is unsustainable because it overestimates the repayment rates and underestimates the cost of certain loan programs. Securitization will reduce that federal risk. Additionally, by forcing academic institutions to bear some of the risk, securitization will create a neutral pricing mechanism outside the direct control of federal regulators to show whether academic institutions provide a quality education. While complicated, this proposal …
Benevolent Maleficence:How A Well-Intentioned Legislature And A Deferential Court Combined To Stunt The Development Of Massachusetts Product Liability Law, Philip E. Cleary
Benevolent Maleficence:How A Well-Intentioned Legislature And A Deferential Court Combined To Stunt The Development Of Massachusetts Product Liability Law, Philip E. Cleary
University of Massachusetts Law Review
Massachusetts product liability law is unusual. Unlike most states, Massachusetts does not recognize strict tort liability in the product area. Rather, "strict product liability" is limited to breaches of warranty under Article 2 of the Uniform Commercial Code. the Massachusetts Legislature amended Article 2 in several ways to provide a "strict liability" remedy that is, in the words of the Massachusetts Supreme Judicial Court, "congruent in nearly all respects with the principles" of strict tort liability. The court has construed the amendments to the UCC as precluding the adoption of strict tort liability in Massachusetts. In most ways, Massachusetts product …