Law Commons^™

An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir

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The current housing and financial crisis has led to significant congressional and executive action to manage the crisis and stem the harms from it, but the fundamental problems that caused the crisis remain largely unaddressed. The central features of the industrial organization of the mortgage market with its misaligned incentives, and the core psychological and behavioral phenomena that drive household financial decisionmaking remain. While the causes of the mortgage meltdown are myriad and the solutions likely to be multifaceted, a central problem that led to the crisis was that brokers and lenders offered loans that looked much less expensive and …

Senator Mccain's Corporate Tax Proposals A Critical Examination, Reuven S. Avi-Yonah

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Senator John McCain (R-AZ) has proposed two major changes to the corporate tax code: cutting the corporate tax rate from 35 percent to 25 percent and allowing corporations to deduct the full cost of investments in technology and equipment in the first year, an accounting process known as expensing. The first proposal aims to enhance U.S. economic competitiveness, create jobs, and increase wages. The second proposal aims in particular to boost capital expenditures and “reward investment in cutting-edge technologies.”1

Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman

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This memorandum argues that the sale of loans and loan pools to new owners would help to stabilize housing prices, and that such a modification to the REMIC rules would be desirable and well within Congress’ constitutional authority. Furthermore, it would not lead to successful legal claims by investors in securitized loan pools under the Just Compensation or Due Process clauses, which provide the primary constitutional protections for property interests.

War And Peace: The 34th Annual Donald C. Brace Lecture, Jessica D. Litman

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I'd like to thank the Copyright Society and the Brace committee for inviting me to speak to you this evening. I am honored that you invited me to give this lecture. I want to talk a little bit about war - copyright war - and then I want to talk a little bit about peace. It's become conventional that we're in the middle of a copyright war.' I tried to track down who started calling it that, and what I can tell you is that about ten years ago, about the time that copyright lawyers everywhere were arguing about the …

Documenting Discrimination In Voting: Judicial Findings Under Section 2 Of The Voting Rights Act Since 1982, Ellen D. Katz, Margaret Aisenbrey, Anna Baldwin, Emma Cheuse, Anna Weisbrodt

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The Voting Rights Initiative ("VRI") at the University of Michigan Law School was created during the winter of 2005 to help inform [...] the debates that led to this latest congressional reauthorization and the legal challenge to it that is certain to follow. A cooperative research venture involving 100 students working under faculty direction set out to produce a detailed portrait of litigation brought since 1982 under Section 2. This Report evaluates the results of that survey. The comprehensive data set may be found in a searchable form at http://www.votingreport.org or http://www.sitemaker.umich.edu/votingrights. The aim of this report and the accompanying …

Well-Known Seasoned Issuers In Canada, Adam C. Pritchard

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The United States Securities and Exchange Commission (SEC) recently adopted a series of rules relaxing the restrictions imposed on public offerings. The largest public companies - defined as “well-known seasoned issuers” (WKSIs) - received the most extensive regulatory relief. Canada could adopt a version of WKSI status for the top tier of Toronto Stock Exchange (TSX) issuers as part of a streamlined POP system.

Careful consideration must be given, however, as to the appropriate standards for WKSI status in Canada. The standards adopted in the U.S. – US$700 million in market capitalization or US$1 billion in nonconvertible debt issued over …

Documenting Discrimination In Voting: Judicial Findings Under Section 2 Of The Voting Rights Act Since 1982, Ellen D. Katz, Margaret Aisenbrey, Anna Baldwin, Emma Cheuse, Anna Weisbrodt

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This year marks the fortieth anniversary of one of the most remarkable and consequential pieces of congressional legislation ever enacted. The Voting Rights Act of 1965 ("the VRA") targeted massive disfranchisement of African-American citizens in numerous Southern states. It imposed measures drastic in scope and extraordinary in effect. The VRA eliminated the use of literacy tests and other "devices" that Southern jurisdictions had long employed to prevent black residents from registering and voting. The VRA imposed on these jurisdictions onerous obligations to prove to federal officials that proposed changes to their electoral system would not discriminate against minority voters. Resistance …

Should Congress Repeal Securities Class Action Reform?, Adam C. Pritchard

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The Private Securities Litigation Reform Act of 1995 was designed to curtail class action lawsuits by the plaintiffs’ bar. In particular, the high-technology industry, accountants, and investment bankers thought that they had been unjustly victimized by class action lawsuits based on little more than declines in a company’s stock price. Prior to 1995, the plaintiffs’ bar had free rein to use the discovery process to troll for evidence to support its claims. Moreover, the high costs of litigation were a powerful weapon with which to coerce companies to settle claims. The plaintiffs’ bar and its allies in Congress have called …

The Once And Future Labor Act: Myths And Realities, Theodore J. St. Antoine

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In this provocative article Professor St. Antoine laments, "I cannot believe that a private-sector workforce that is only one-tenth organized is ultimately good for labor, for management, or for the whole of our society." His speech to the College of Labor and Employment Lawyers outlines the original purposes of the National Labor Relations Act, the reasons for the drastic decline in the percentage of the workforce that is unionized, and his suggestions for changes in the law that would encourage and promote collective bargaining.

The Nlra: A Call To Collective Bargaining, Theodore J. St. Antoine

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A century ago the legal specialty of most members of this audience would have been known as Master and Servant Law. By the time my generation entered law school, the Decennial Dgest had just added a new topic - Labor Relations Law. That of course dealt with collective bargaining and union-management relations generally. Now, a half century further along, we might seem to have come full circle, to judge by the lectures of the two eminent jurists who inaugurated this series. Both Abner Mikva and Richard Posner spoke on highly important and timely subjects, and yet those would be classified, …

Comments At The 1997 Aals Annual Meeting: Consumer Protection And The Uniform Commercial Code, James J. White

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As Jean [Braucher]' said, I have served on several committees in connection with the revisions of Articles 2, 2A, and 5. I am now on a committee of uncertain obligation that is going to review the NCCUSL draft of Article 2 for the American Law Institute. I was the reporter-an awful task, if anybody ever asks you to do that, you should think about it once or twice-for Article 5. I think service as the reporter for Article 2 might kill Dick Speidel by the time he is done.

The Emerging Article 2: Remedies For Breach Of The Contract For Sale, Richard E. Speidel, James J. White

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Article 2, Sales is being revised by a Drafting Committee of the National Conference of Commissioners on Uniform State Laws. To date, the Drafting Committee has held eight meetings and two more are scheduled for early 1995 . The first reading of revised Article 2 occurred at the annual meeting of NCCUSL in August, 1994. A target completion date for the Article 2 project is August, 1996 .

Spousal Probate Rights In A Multiple-Marriage Society, Lawrence W. Waggoner

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Nearly everyone knows about the transformation of the American family that has taken place over the last couple of decades. The changes comprise one of the great events of our age-from the latter half of the 1970's into the present. Articles on one aspect or another of the phenomenon frequent the popular press, and a special edition of Newsweek was recently devoted to the topic. The traditional "Leave It To Beaver" family no longer prevails in American marriage behavior. To be sure, the wage-earning husband, the homemaking and child-rearing wife, and their two joint children-this type of family still exists. …

At-Will Employment And The Handsome American: A Case Study In Law And Social Psychology, Theodore J. St. Antoine

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The past decade has seen a genuine revolution in employment law, as some forty American jurisdictions, in square holdings or strong dictum and on one or more diverse theories, have modified the conventional doctrine whereby employers "may dismiss their employees at will...for good cause, for no cause or even for cause morally wrong." In this paper I shall briefly review the theories most frequently invoked by the courts in dealing with wrongful dismissal and indicate their deficiencies as a permanent solution for the problem. Next, I shall summarize the major arguments for and against the doctrine of employment at will. …

Proposed Labor Reform: "Brave New World" Or "Looking Backward"?, Theodore J. St. Antoine

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By now it is a commonplace in the labor relations community that there are two significant deficiencies in the administration of the National Labor Relations Act. Neither is a matter of substantive law in the usual sense. The first is the inordinate delay in securing a remedy in contested cases, and the second is the inadequacy of the remedy in certain critical situations. I should like to examine a few key recommendations of the NLRB Task Force, and a few key provisions of the proposed Labor Reform Act, in light of those two central concerns.

In my assessment I shall …

Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White

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Like the former speakers, I will not speak on the topic for which I was scheduled. Instead I am going to talk about two things which are not closely related to one another but which are both related to the profitability of the retail sale of goods and credit in the ghetto. I propose to leave the law on consumer credit to Mr. Dostert and Professor Hogan. First I wish to say a word on the so-called "free entry" aspects of the Uniform Consumer Credit Code; then I will comment on the Federal Trade Commission study.