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Articles 1 - 14 of 14

Full-Text Articles in Law

Financial Reform: Making The System Safer And Fairer, Michael S. Barr Jan 2017

Financial Reform: Making The System Safer And Fairer, Michael S. Barr

Articles

In the fall of 2008, the financial crisis crushed the U.S. economy and plunged the country into the Great Recession. The crisis shuttered American businesses, cost millions of Americans their jobs, and wiped out home values and household savings. The macro effects hit hardest and were the longest lasting for those least able to bear the brunt of the crisis. It was devastating to middle-income families and perhaps even more so to low- and moderate-income households, who had little financial buffer (Barr 2012a). Financial stability, never robust for these families, dropped precipitously (Barr and Schaffa 2016). Both in the ...


Ability To Pay, John A. E. Pottow Jan 2011

Ability To Pay, John A. E. Pottow

Articles

The landmark Dodd-Frank Act of 2010 ("Dodd-Frank") transforms the regulation of consumer credit in the United States. Many of its changes have been high-profile, attracting considerable media and scholarly attention, most notably the establishment of the Consumer Financial Protection Bureau ("CFPB"). Even specific consumer reforms, such as a so-called "plain vanilla" proposal, drew hot debate and lobbying firepower. But when the dust settled, one profoundly transformative innovation that did not garner the same outrage as plain vanilla or the CFPB did get into the law: imposing upon lenders a duty to assure a borrower's ability to repay. Ensuring a ...


The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding Jan 2009

The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding

Articles

This Article will appear in a May 2009 symposium issue of the Florida International University Law Review on the global financial crisis. This Article argues that the current global financial crisis, which was first called the “subprime crisis,” demonstrates the need to revisit the division between financial regulations designed to protect consumers from excessively risky loans and safety-and-soundness regulations intended to protect financial markets from the collapse of financial institutions. Consumer financial protection can, and must, serve a role not only in protecting individuals from excessive risk, but also in protecting markets from systemic risk. Economic studies indicate it is ...


The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding Jan 2009

The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding

Articles

This Article argues that the current global financial crisis, which was first called the “subprime crisis,” demonstrates the need to revisit the division between financial regulations designed to protect consumers from excessively risky loans and safety-and-soundness regulations intended to protect financial markets from the collapse of financial institutions. Consumer financial protection can, and must, serve a role not only in protecting individuals from excessive risk, but also in protecting markets from systemic risk. Economic studies indicate it is not merely high rates of defaults on consumer loans, but also unpredictable and highly correlated defaults that create risks for both lenders ...


Taking From Farm Lenders And Farm Debtors: Chapter 12 Of The Bankruptcy Code, James J. White Jan 1987

Taking From Farm Lenders And Farm Debtors: Chapter 12 Of The Bankruptcy Code, James J. White

Articles

In passing Chapter 12 of the Bankruptcy Reform Act, Congress has effectively invalidated certain important provisions of existing farm mortgages. Equally significant, Congress has disabled farmers from granting binding mortgages on the full, value of their property. Although no court is likely to find the Chapter to violate the fifth amendment, the Chapter constitutes a substantial and retroactive alteration of the rights of existing mortgagees and a restriction on the powers of prospective mortgagors to grant valid mortgages. The thesis of this paper is that Congress was both wrong and shortsighted in its enactment of Chapter 12. Congress was wrong ...


Dancing On The Edge Of Article 9, James J. White Jan 1986

Dancing On The Edge Of Article 9, James J. White

Articles

Despite the fact that Article 9 is a much more comprehensive personal property security statute than was ever found in American law prior to its enactment, cases continue to present issues on the scope of the Article. Gone are the cases in which a court was called upon to determine whether a "conditional sales contract" could be dealt with under the "factor's lien" law; it is now clear that all such personal property security devices are governed by Article 9. Yet many problems remain for the unwary lawyer. I will identify several and deal in detail with three of ...


Basis Of Relief From Penalties And Forfeitures, Edgar N. Durfee Jan 1922

Basis Of Relief From Penalties And Forfeitures, Edgar N. Durfee

Articles

The equitable principle of relief from penalties and forfeitures is so far elementary as almost to defy analysis. Many, perhaps most, of the judicial explanations of the principle have based it upon interpretation or construction, appealing to the doctrine that equity regards intent rather than form. Yet a logical application of this doctrine would lead to results very different from those which have actually been arrived at in the decisions. Thus, a stipulation in a mortgage that the mortgagor waives his equity of redemption can hardly be interpreted as meaning that he does not waive it, yet all such stipulations ...


The Legal Status Of Abstract Books, Literary Property, Implied Contract Of Secrecy, Unfair Trade, Edgar N. Durfee Jan 1920

The Legal Status Of Abstract Books, Literary Property, Implied Contract Of Secrecy, Unfair Trade, Edgar N. Durfee

Articles

A recent case before the Supreme Court of Washington raises some novel and interesting questions. A company engaged in the abstract business mortgaged its "records, bookt, plats." After suit was commenced to foreclose the mortgage, the mortgagor, who remained in possession, made photographic copies of the records and sold them to the defendant who had notice of the mortgage of the originals. The foreclosure resulted in a sale of the property, described as in the mortgage, to the plaintiff. Whether plaintiff knew at this time of the existence of the copies does not appear. Plaintiff is using the original records ...


Options And The Rule Against Perpetuities, John R. Rood Mar 1917

Options And The Rule Against Perpetuities, John R. Rood

Articles

"The question to be discussed in this article is whether an option to buy property is void by reason of the fact that it may be exercised at a period more remote from the time of its creation than the law of the state permits contingent interest to vest."


Mortgagee In Possession In New York And Michigan, Edgar N. Durfee Jan 1916

Mortgagee In Possession In New York And Michigan, Edgar N. Durfee

Articles

It is interesting to observe how tenaciously the old common law of mortgages has persisted in the state of New York, the very cradle of the modem lien theory of the mortgage. As early as 1802 Chancellor KENT began the importation into that state of Lord MANSFIELD'S Civil Law doctrines of mortgage. Johnson v. Hart, 3 Johns. Cas. 322. In 1814, in the case of Runyan v. Mersereau, 11 Johns. 534, the lien theory definitely triumphed over the old law. In other cases, both before and since the statute of 1828 denying ejectment to the mortgagee, the details of ...


Marshaling Of Mortgaged Property In Favor Of Subsequent Mortgagees, Edgar N. Durfee Jan 1915

Marshaling Of Mortgaged Property In Favor Of Subsequent Mortgagees, Edgar N. Durfee

Articles

A holds a first mortgage covering two parcels of land, B holds a second mortgage covering one of these parcels, and C holds a second mortgage covering the other parcel, B's mortgage being prior in time to C's. B's mortgage contains the following clause--"The property described in the within indenture is subject to an existing blanket mortgage held by A, with release clause of $10 per front foot." Upon a bill to foreclose A's mortgage, how should the burden of that mortgage be distributed? In Savings Investment & Trust Co. v. United Realty & Mortgage Co., 94 ...


Financial Details, Kent Memorial, Edwin C. Goddard Jan 1915

Financial Details, Kent Memorial, Edwin C. Goddard

Articles

The following is a statement, with such details as I should think would answer the purposes of other chapters, of the ways and means adopted for securing the present building just completed at Ann Arbor.


The Lien Theory Of The Mortgage--Two Crucial Problems, Edgar N. Durfee Jan 1913

The Lien Theory Of The Mortgage--Two Crucial Problems, Edgar N. Durfee

Articles

In a recent article in this review1 the writer discussed in a general way the nature of a mortgage of real property in the states which adopt the lien or equitable theory of the mortgage. The conclusion therein arrived at was that, while the mortgage does not convey the legal title to the land until foreclosure, it does convey to the mortgagee, at the time of its execution, a present interest in the land, the general ownership of which remains in the mortgagor-an interest which is limited and special, more analogous to an easement than to general ownership; which is ...


The Lien Or Equitable Theory Of The Mortgage--Some Generalizations, Edgar N. Durfee Jan 1912

The Lien Or Equitable Theory Of The Mortgage--Some Generalizations, Edgar N. Durfee

Articles

The question is--What is the nature of the rights of a real property mortgagee in those jurisdictions which adopt the lien or equitable theory3 of the mortgage? In one sense this question calls for a full statement of the law of mortgages but that, of course, is not the sense in which the writer puts it. He means by it to put a broader and more scientific question--a question, be it at once confessed, of jurisprudence--yet a question which has an important bearing on, if it is not in fact conclusive of, several specific problems in the law, which will ...