Banking and Finance Law Commons^™

The Prototype Carbon Fund: A New Departure In International Trusts And Securities Law, Sophie Smyth

Sustainable Development Law & Policy

No abstract provided.

Keeping It Private, Going Public: Assessing, Monitoring, And Disclosing The Global Warming Performance Of Project Finance, Julia Philpott

Sustainable Development Law & Policy

No abstract provided.

Harmonization Around Results Reporting: A Synthesis Of Four Country Studies, Elizabeth M. White, Rosalía Rodriguez-García, Rema Balasundaram

Sustainable Development Law & Policy

No abstract provided.

Keeping Cell Phones Affordable: Regulating The Private Sector's Contribution To Development, Rachael Moshman

Sustainable Development Law & Policy

No abstract provided.

Implementation Of The Check Clearing For The 21st Century Act, Mark E. Budnitz

Faculty Publications By Year

No abstract provided.

Derivatives And The Bankruptcy Code: Why The Special Treatment?, Franklin R. Edwards, Edward R. Morrison

Faculty Scholarship

The collapse of Long Term Capital Management (LTCM) in Fall 1998 and the Federal Reserve Bank's subsequent efforts to orchestrate a bailout raise important questions about the structure of the Bankruptcy Code. The Code contains numerous provisions affording special treatment to financial derivatives contracts, the most important of which exempts these contracts from the "automatic stay" and permits counterparties to terminate derivatives contracts with a debtor in bankruptcy and seize underlying collateral. No other counterparty or creditor of the debtor has such freedom; to the contrary, the automatic stay prohibits them from undertaking any act that threatens the debtor's assets. …

Some Reflections On Two-Sided Markets And Pricing, Victor P. Goldberg

Faculty Scholarship

We want to join Bob Pitofsky in thanking the participants in this symposium for their thoughtful contributions. The literature on two-sided markets, both analytical and policy oriented, has mushroomed and this timely set of essays represents a significant contribution. The first generation of this literature grew up around the credit card industry, largely as a result of the antitrust litigation that challenged a wide range of standard practices in that industry. However, the theoretical problems that were first uncovered in this context extend to many other activities as well. The full range of papers found in this symposium, which have …

Redesigning The International Lender Of Last Resort, Patrick Bolton, David A. Skeel Jr.

Center for Contract and Economic Organization

This paper is concerned with the issue of how to balance bailouts (or "lending into arrears") with debt reductions (or "private sector involvement") in the resolution of sovereign debt crises. It provides a review of recent proposals for improving the sovereign debt restructuring process. In addition to defending a sovereign bankruptcy proposal we have put forward in recent work, this article proposes a major reorientation of the IMF's role in sovereign debt crises.

Credit Where It Counts: The Community Reinvestment Act And Its Critics, Michael S. Barr

Articles

Despite the depth and breadth of U.S. credit markets, low- and moderate-income communities and minority borrowers have not historically enjoyed full access to credit. The Community Reinvestment Act (CRA) was enacted in 1977 to help overcome barriers to credit that these groups faced. Scholars have long leveled numerous critiques against CRA as unnecessary, ineffectual, costly, and lawless. Many have argued that CRA should be eliminated. By contrast, I contend that market failures and discrimination justify governmental intervention and that CRA is a reasonable policy response to these problems. Using recent empirical evidence, I demonstrate that over the last decade CRA …

Rock, Paper, Scissors: Choosing The Right Vehicle For Federal Corporate Governance Initiatives, Joan Macleod Heminway

Fordham Journal of Corporate & Financial Law

No abstract provided.

Delaware Llcs And Corporate Veil Piercing: Limited Liability Has Its Limitations, Fredric J. Bendremer

Fordham Journal of Corporate & Financial Law

No abstract provided.

Anti-Dumping Circumvention In The Eu And The Us: Is There A Future For Multilateral Provisions Under The Wto?, Lucia Ostoni

Fordham Journal of Corporate & Financial Law

No abstract provided.

The Fifth Annual A. A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law, William Michael Treanor, John F.X Peloso, Jill E. Fisch, Richard G. Ketchum

Fordham Journal of Corporate & Financial Law

No abstract provided.

The Efficient Capital Market Hypothesis, Chaos Theory, And The Insider Filing Requirements Of The Securities Exchange Act Of 1934: The Predictive Power Of Form 4 Filings, Patrick J. Glen

Fordham Journal of Corporate & Financial Law

No abstract provided.

Think Before You Type: A Look At Email Privacy In The Work Place, Meir S. Hornug

Fordham Journal of Corporate & Financial Law

No abstract provided.

Letters Of Credit And The Insolvent Applicant: A Recipe For Bad Faith Dishonor, Margaret L. Moses

Faculty Publications & Other Works

No abstract provided.

Breach Of Fiduciary Duty As Securities Fraud: Sec V. Chancellor Corp., Carl W. Mills

Fordham Journal of Corporate & Financial Law

No abstract provided.

The Fourth Annual Albert A. Destefano Lecture On Corporate, Securities &Financial Law, William Michael Treanor Introduction, Jill E. Fisch Introduction, Constantine N. Katsoris, John F.X Peloso Moderator, Brandon Becker, Robert Colby, Richard G. Ketchum, Mark E. Lackritz, Annette L. Nazareth, Mary L. Shapiro

Fordham Journal of Corporate & Financial Law

No abstract provided.

The Fifth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law, Constantine N. Katsoris, Jill E. Fisch, Eliot Spitzer

Fordham Journal of Corporate & Financial Law

No abstract provided.

Brokers And Advisers – What’S In A Name?, Barbara Black

Fordham Journal of Corporate & Financial Law

No abstract provided.

Reaching The Glass Usury Ceiling: Why State Ceilings And Federal Preemption Force Low-Income Borrowers Into Subprime Mortgage Loans, Anne Balcer Norton

University of Baltimore Law Review

No abstract provided.

Democratizing Capital: The History, Law And Reform Of The Community Reinvestment Act, Richard D. Marsico

Books

Since 1977, the Community Reinvestment Act (CRA) has required banks to meet the credit needs of their local communities, including low-income neighborhoods. Since then, banks have committed to make more than $1 trillion in loans for housing, small businesses, small farms, and economic development in low-income neighborhoods. Despite this record, the CRA and its implementing regulations have been unsatisfactory to banks, advocates, and even bank regulators charged with enforcing the law. Author Richard Marsico traces this dissatisfaction to an imbalance in banking regulators' resolution of the CRA's tension between requiring banks to lend to low-income neighborhoods, but not requiring them …

In Re Adelphia Communications Corp. (Decided Dec. 5, 2003), Phillip Mahoney

NYLS Law Review

No abstract provided.

Enforcing The Fair Housing Act: Can Agency Interpretations Override Congressional Intent In Anti-Discrimination Legislation?, Francesca Laguardia

Department of Justice Studies Faculty Scholarship and Creative Works

On October 12, 2005, the Southern District of New York ruled that the New York State Attorney General was enjoined from enforcing state laws prohibiting discriminatory lending against national banks.1 The court found in favor of the Office of the Comptroller of the Currency (OCC), the federal regulator of national banks. The OCC claimed that while state fair lending laws had not been preempted, the New York State Attorney General’s (OAG) authority to enforce those laws had been preempted by a series of federal statutes and OCC-written regulations that give the OCC exclusive authority to bring any enforcement action against …

Emerging International Regime Of Financial Servicesregulation, Michael P. Malloy

McGeorge School of Law Scholarly Articles

No abstract provided.

Once A Mortgage, Always A Mortgage - The Use (And Misuse) Of Mezzanine Loans And Preferred Equity Investments, Andrew R. Berman

Articles & Chapters

The mortgage remains one of the most common and successful techniques to finance real estate transactions. In the last 25 years, mortgage loans have also been sold in the secondary market and included in mortgage-backed securitizations. The amazing growth of mortgage securitizations has also led to the development of novel financing techniques, including mezzanine financing and preferred equity investments.

This article discusses the historical development of real estate financing from the early beginning of mortgage law and the equity of redemption through the modern advent of mortgage-backed securitizations (MBS) and other non-traditional financings. It argues that the phenomenal success of …

Closing The International Tax Gap, Joseph Guttentag, Reuven S. Avi-Yonah

Book Chapters

In July of 1999, the Justice Department entered into a plea bargain with one John M. Mathewson of San Antonio, Texas. Mr. Mathewson was accused of money laundering through the Guardian Bank and Trust Co. Ltd., a Cayman Islands bank. Mr. Mathewson was chairman and controlling shareholder of Guardian, and in that capacity had access to information on its depositors. In return for a reduced sentence, Mr. Mathewson turned over the names of the persons who had accounts at Guardian. The result was an eye-opener: The majority of the accounts were beneficially owned by U.S. citizens, and the reason they …

Borrowing Trouble? V: Subprime Mortgage Lending In Greater Boston, 2000-2003, Jim Campen

Gastón Institute Publications

Four years ago, in response to numerous reports of the growth of predatory lending, both locally and nationwide, the Massachusetts Community & Banking Council (MCBC) – whose Board of Directors has an equal number of bank and community representatives – commissioned a study of subprime refinance lending in the city of Boston and surrounding communities. The resulting report, Borrowing Trouble? Subprime Mortgage Lending in Greater Boston, 1999, was the first detailed look at subprime lending in the city of Boston and in twenty-seven surrounding communities.

This is the fifth report in the annual series begun by that initial study. …

To Judge Leviathan: Sovereign Credit Ratings, National Law, And The World Economy, Christopher Bruner, Rawi Abdelal

Scholarly Works

Recent decades have witnessed the remarkable rise of a kind of market authority almost as centralized as the state itself – two credit rating agencies, Moody’s and Standard & Poor’s. These agencies derive their influence from two sources. The first is the information content of their ratings. The second is both more profound and vastly more problematic: Ratings are incorporated into financial regulations in the United States and around the world. In this article we clarify the role of credit rating agencies in global capital markets, describe the host of problems that arise when their ratings are given the force …

Bank Mergers In North America: Comparing The Approaches In The United States And Canada, Eric J. Gouvin

Faculty Scholarship

This Article provides a summary comparison of the processes in the United States and Canada for governmental approval of bank mergers. The topic came to prominence in 1998 when four of Canada's five largest banks unveiled plans that would have resulted in the Royal Bank of Canada merging with the Bank of Montreal and the Toronto Dominion Bank combining with the Canadian Imperial Bank of Commerce ("CIBC"). These proposed mergers were rejected by the then Finance Minister, Paul Martin. The reasons given included: (1) the resulting banking industry structure would have concentrated too much economic power in the hands of …