Open Access. Powered by Scholars. Published by Universities.®
- Institution
Articles 1 - 8 of 8
Full-Text Articles in Law
Promising To Be Prudent: A Private Law Approach To Mortgage Loan Regulation In Common-Interest Communities, Julia Patterson Forrester Rogers, Jerome Organ
Promising To Be Prudent: A Private Law Approach To Mortgage Loan Regulation In Common-Interest Communities, Julia Patterson Forrester Rogers, Jerome Organ
Faculty Journal Articles and Book Chapters
This Article explores one possible private law prescription that may help common-interest communities avoid the financial disaster associated with foreclosure epidemics-a financing restriction that would limit (1) the ability of any homeowner in a common-interest community to borrow excessively against the value of her home, and (2) the ability of lenders to make loans that a homeowner does not have the ability to repay. Part I of this Article begins in the Great Depression with a discussion of Neponsit Property Owners' Association v. Emigrant Industrial Savings Bank, w exploring how the case both fostered the development of common-interest communities and …
Intent And Empirics: Race To The Subprime, Carol N. Brown
Intent And Empirics: Race To The Subprime, Carol N. Brown
Law Faculty Publications
The United States’ history of racially discriminatory banking, housing, and property policies created a community of black Americans accustomed to exploitative financial services and vulnerable to victimization by subprime lenders. My thesis is that black borrowers are experiencing a new iteration of intentional housing discrimination in the twentieth and twenty-first centuries; lenders identified a vulnerable 'emerging market' of black homeowners and borrowers and knowingly targeted them to receive subprime or predatory loan products when equally situated white borrowers were given superior, prime mortgage products. This Article explores how disparate lending practices coupled with banking deregulation undermined the Congressional push for …
The Fair Housing Act At Forty: Predatory Lending And The City As Plaintiff, Ngai Pindell
The Fair Housing Act At Forty: Predatory Lending And The City As Plaintiff, Ngai Pindell
Scholarly Works
The availability of credit, to individual borrowers and to communities, is an integral factor shaping the geography of housing opportunity. Cities are shaped by the housing and borrowing choices of their residents and the attendant mobility -- or lack of mobility -- of families. When lenders deny credit to neighborhoods or borrowers because of race, communities suffer. And when lenders flood these same neighborhoods with subprime or predatory loan products, the communities suffer once again. The economic gains of individuals and of communities in cities over the last several decades are threatened by massive property devaluations, loss of equity, and …
"Goin' 'Round In Circles" ... And Letting The Bad Loans Win: When Subprime Lending Fails Borrowers: The Need For Uniform Broker Regulation, Cassandra Jones Havard
"Goin' 'Round In Circles" ... And Letting The Bad Loans Win: When Subprime Lending Fails Borrowers: The Need For Uniform Broker Regulation, Cassandra Jones Havard
All Faculty Scholarship
This Article provides a framework for regulating mortgage brokers. After introductory comments about the prevalence of this industry and its functional importance in today's consumer mortgage finance market, the article briefly explores the underlying structural framework of the mortgage broker industry. Explaining the market in which mortgage brokers make sub-prime loans as a largely unregulated one, it examines the economics of the mortgage loan transaction from the perspective of the borrower and concludes that lenders are comfortable with the reckless nature of sub-prime home lending. Next, the article examines the dual banking system and its attendant concern of federalism. It …
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 …
Yield Spread Premiums And Predatory Loan Calculations: Wolski V Fremont Inv., 2005, Roger Bernhardt
Yield Spread Premiums And Predatory Loan Calculations: Wolski V Fremont Inv., 2005, Roger Bernhardt
Publications
This article discusses a case which held that the California predatory lending statute’s definition of points and fees does not include the yield spread premium.
Constructing A New Theoretical Framework For Home Improvement Financing, Julia Patterson Forrester Rogers
Constructing A New Theoretical Framework For Home Improvement Financing, Julia Patterson Forrester Rogers
Faculty Journal Articles and Book Chapters
In this Article, I advocate modification of the law governing home improvement financing. In section I, I discuss the prevalence of home improvement scams, the dual system of home improvement financing available to affluent and poor homeowners, and the social cost of home improvement scams. Despite attempts by lawmakers to protect homeowners from unscrupulous home improvement contractors and lenders, home improvement scams remain a significant consumer problem. Most victims of such scams are poor, minority, and elderly homeowners. These homeowners obtain home improvements and home improvement financing through a system with tremendous potential for abuse. In this system, contractors and …
Mortgaging The American Dream: A Critical Evaluation Of The Federal Government's Promotion Of Home Equity Financing, Julia Patterson Forrester Rogers
Mortgaging The American Dream: A Critical Evaluation Of The Federal Government's Promotion Of Home Equity Financing, Julia Patterson Forrester Rogers
Faculty Journal Articles and Book Chapters
In this Article, I advocate elimination of federal promotion of home equity financing, recommending that the federal government permit home equity financing without encouraging it. In Part Il of this Article, I discuss some of the problems caused by federal promotion of home equity financing. While home equity loans carry a risk to the borrowers of losing their homes, homeowners cannot properly assess this risk due to their tendency to underestimate the probability of default and foreclosure. Homeowners who do lose their homes to foreclosure may be devastated, both financially and psychologically. Despite the risks of a home equity loan, …