Law Commons^™

Wellenkamp V. Bank Of America: A De-Stabilizing Shift In California Real Estate Financing, Patrick Hart

Golden Gate University Law Review

No abstract provided.

Above All Else Stop Digging: Local Government Law As A (Partial) Cause Of (And Solution To) The Current Housing Crisis, Darien Shanske

University of Michigan Journal of Law Reform

So many things have gone wrong with our housing market that it is hard to know where to start. One simple diagnosis is that we invested too much in houses that were not worth as much as we thought. Looked at in this way, it is relatively easy to see how innovations like interest-only loans contributed to an over-valuation of housing. Certain actions of the federal government were and are also clearly problematic, such as the longstanding tax breaks for home ownership.

This Article looks at state and local government law, and particularly at financing mechanisms created by state law …

The Newly-Enacted Cplr 3408 For Easing The Mortgage Foreclosure Crisis: Very Good Steps, But Not Legislatively Perfect, Mark C. Dillon

Pace Law Review

No abstract provided.

How Incentives Drove The Subprime Crisis, Charles W. Murdock

Charles W. Murdock

How Incentives Drove the Subprime Crisis

In order to address any systemic problem, whether the goal is to change the system, regulate the system, or change the incentives driving a system, it is necessary to appreciate all the drivers operating within the system. In the case of the subprime crisis, one of the drivers was the changing nature of the subprime loans, which was not factored into the models used by the investment bankers, the credit rating agencies, and the issuers of credit default swaps.

This paper is an attempt to look dispassionately at the subprime crisis from a particular …

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

Villanova Law Review

No abstract provided.

The Accidental Deduction: A History And Critique Of The Tax Subsidy For Mortgage Interest, Dennis J. Ventry Jr.

Law and Contemporary Problems

Ventry traces the mortgage interest deduction from accident to birthright, from one of many deductible personal interest items to one of the few still standing, and from a negligible tax offset to the second most expensive tax subsidy. He examines the origins of the deduction for personal interest alongside the birth of the modern federal income tax and concludes that the deduction had nothing to do with encouraging or rewarding home ownership. Moreover, he also examines national rates of home ownership during depression, war, and postwar affluence. Home ownership rates stagnated and then receded during the Great Depression, with the …