Law Commons^™

Dirty Debts Sold Dirt Cheap, Dalie Jimenez

Dalie Jimenez

More than 77 million Americans have a debt in collections. Many of these debts will be sold to debt buyers for pennies, or fractions of pennies, on the dollar. This Article details the perilous path that debts travel as they move through the collection ecosystem. Using a unique dataset of 84 consumer debt purchase and sale agreement, it examines the manner in which debts are sold, oftentimes as simple data on a spreadsheet, devoid of any documentary evidence. It finds that in many contracts, sellers disclaim all warranties about the underlying debts sold or the information transferred. Sellers also sometimes …

The Institutional Framework For Cost Benefit Analysis In Financial Regulation: A Tale Of Four Paradigms?, Robert Bartlett

Robert Bartlett

This paper, written for a Conference on Cost-Benefit Analysis (CBA) of Financial Regulation held at the University of Chicago in October 2013, analyzes the institutional framework that has historically governed the CBA of financial regulation. Although U.S. financial regulators are often portrayed as being immune from CBA, the paper shows how each major regulator has historically used CBA under one of four distinct institutional paradigms. The existence of these distinct paradigms highlights that a formal CBA requirement need not lead to regulatory paralysis as opponents of CBA often contend, but the uneven application of CBA they engender provides reason to …

The History And Rationale For A Separate Bank Resolution Process, Thomas Fitzpatrick, Moira Kearney-Marks, James Thomson

James B Thomson

Everyone recognizes the need to have a credible resolution regime in place for fi nancial companies whose failure could harm the entire financial system, but people disagree about which regime is best. The emergence of the parallel banking system has led policymakers to reconsider the dividing line between fi rms that should be resolved in bankruptcy and firms that should be subject to a special resolution regime. A look at the history of insolvency resolution in this country suggests that a blended approach is worth considering. Activities that have potential systemic impact might be best handled administratively, while all other …

Resolving Large, Complex Financial Firms, Thomas Fitzpatrick, Mark Greenlee, James Thomson

James B Thomson

How to best manage the failure of systemically important fi nancial fi rms was the theme of a recent conference at which the latest research on the issue was presented. Here we summarize that research, the discussions that it sparked, and the areas where considerable work remains.

The Subprime Virus: Reckless Credit, Regulatory Failure, And Next Steps

Patricia A. McCoy

In this lively new book, Kathleen C. Engel and Patricia A. McCoy tell the full story behind the subprime crisis. The authors, experts in the law and economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actions that produced the greatest economic collapse since the Great Depression.

Federal Preemption, Regulatory Failure And The Race To The Bottom In Us Mortgage Lending Standards

Patricia A. McCoy

No abstract provided.

Il Contagio Dei Subprime

Patricia A. McCoy

No abstract provided.

Measuring Identity Theft At Top Banks (Version 1.5), Chris Hoofnagle

Chris Jay Hoofnagle

There is no reliable way for consumers, regulators, and businesses to assess the relative rates of identity fraud at major financial institutions. This lack of information prevents a consumer market for bank safety from emerging. As part of a multiple strategy approach to obtaining more actionable data on identity theft, the Freedom of Information Act was used to obtain complaint data submitted by victims in 2006 to the Federal Trade Commission. This complaint data identifies the institution where impostors established fraudulent accounts or affected existing accounts in the name of the victim. The data were aggregated and used to create …

The Short And Puzzling Life Of The “Implicit Minority Discount” In Delaware Appraisal Law, Lawrence A. Hamermesh, Michael L. Wachter

Lawrence A. Hamermesh

Predatory Lending Practices: Definition And Behavioral Implications

Patricia A. McCoy

No abstract provided.

Financial Modernization After Gramm-Leach-Bliley

Patricia A. McCoy

No abstract provided.

Banking Law Manual: Federal Regulation Of Financial Holding Companies, Banks, And Thrifts

Patricia A. McCoy

No abstract provided.

Special Factors Making Small Post-Socialist Economies Susceptible To Bank System Risk

Patricia A. McCoy

No abstract provided.

Emerging Theories Of Liability For Outside Counsel And Independent Outside Auditors Of Financial Institutions

Patricia A. McCoy

No abstract provided.