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Property Law and Real Estate Commons™

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2014

Discipline
Institution
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Publication
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Articles 181 - 185 of 185

Full-Text Articles in Property Law and Real Estate

Mortgage Modification And Strategic Behavior: Evidence From A Legal Settlement With Countrywide, Christopher Mayer, Edward R. Morrison, Tomasz Piskorski, Arpit Gupta Jan 2014

Mortgage Modification And Strategic Behavior: Evidence From A Legal Settlement With Countrywide, Christopher Mayer, Edward R. Morrison, Tomasz Piskorski, Arpit Gupta

Faculty Scholarship

We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers. Using a difference-in-difference framework, we find that Countrywide's monthly delinquency rate increased more than 0.54 percentage points – ten percent relative increase – immediately after the settlement's announcement. The estimated increase in default rates is largest among borrowers least likely to default otherwise. These results suggest that strategic behavior should be an important consideration in designing mortgage modification programs.

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Coasean Bargaining In Consumer Bankruptcy, Edward R. Morrison Jan 2014

Coasean Bargaining In Consumer Bankruptcy, Edward R. Morrison

Faculty Scholarship

During my first weeks as a graduate student in economics, a professor described the Coase Theorem as “nearly a tautology:” Assume a world in which bargaining is costless. If there are gains from trade, the Theorem tells us, the parties will trade. The initial assignment of property rights will not affect the final allocation because the parties will bargain (costlessly) to an efficient outcome. “How can that be a theorem?,” I remember thinking at the time.

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Why Restate The Bundle? The Disintegration Of The Restatement Of Property, Thomas W. Merrill, Henry E. Smith Jan 2014

Why Restate The Bundle? The Disintegration Of The Restatement Of Property, Thomas W. Merrill, Henry E. Smith

Faculty Scholarship

The American Law Institute (ALI) has devoted a great deal of time and energy to restating the law of property. To date, the ALI has produced 17 volumes that bear the name First, Second, or Third Restatement of Property. There is unquestionably much that is valuable in these materials. On the whole, however, the effort has been a disappointment. Some volumes seek faithfully to restate the consensus view of the law; others are transparently devoted to law reform. The ratio of reform to restatement has increased over time, to the point where significant portions of the Third Restatement …

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Judicial Takings: Musings On Stop The Beach, James E. Krier Jan 2014

Judicial Takings: Musings On Stop The Beach, James E. Krier

Articles

Judicial takings weren’t much talked about until a few years ago, when the Stop the Beach case made them suddenly salient. The case arose from a Florida statute, enacted in 1961, that authorizes public restoration of eroded beaches by adding sand to widen them seaward. Under the statute, the state has title to any new dry land resulting from restored beaches, meaning that waterfront owners whose land had previously extended to the mean high-tide line end up with public beaches between their land and the water. This, the owners claimed, resulted in a taking of their property, more particularly their …

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You Don’T Know What You’Ve Got Till It’S Gone: Time-Barred Claims Under The Uniform Trust Code, Alan Newman Jan 2014

You Don’T Know What You’Ve Got Till It’S Gone: Time-Barred Claims Under The Uniform Trust Code, Alan Newman

Akron Law Faculty Publications

In this article, Alan Newman critically examines the statutory limitations that govern when beneficiaries may bring claims against trustees under the Uniform Trust Code (UTC). He analyzes how the UTC attempts to balance the need for finality in trust administration with the protection of beneficiary interests, particularly in light of statutes of limitations and repose. Newman explores the complex procedural and substantive issues surrounding when claims accrue, what constitutes adequate notice to beneficiaries, and how these factors affect whether a claim is time-barred. He raises concerns about beneficiaries losing valid claims without ever realizing their rights have expired, hence the …

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