Download or read book Foreclosure and the Failures of Formality Or Subprime Mortgage Conundrums and How to Fix Them written by Joseph William Singer and published by . This book was released on 2014 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: The subprime mortgage crisis was not only an economic disaster but posed challenges to traditional rules of property law. Banks helped create the crisis by marketing mortgages through unfair and deceptive practices. They induced many consumers to take out high-priced loans they could not afford and then passed the risk to investors who were fooled into thinking these were safe investments. These practices violate traditional norms underlying both consumer protection and securities regulation statutes. In addition, U.S. banks greased the wheels of the mortgage securitization process by creating a privatized mortgage registration system that has undermined the clarity and publicity of property titles. Because of securitization procedures and the lax record-keeping practices, the banks have undermined the property recording system; we no longer have clear public titles to real property in the United States. To fix the mess they left us, we must adopt norms to govern the mortgage market that will protect both homeowners and investors from predatory loans while promoting legitimate property transactions. We also need to fix the mortgage registration system so we have a legal infrastructure for property that both works well and reflects the norms of a free and democratic society.
Download or read book Foreclosed written by Christopher K. Odinet and published by Cambridge University Press. This book was released on 2019-02-07 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the poorly regulated world of mortgage servicers and offers reforms designed to protect consumers and ensure financial stability.
Download or read book No Freedom without Regulation written by Joseph William Singer and published by Yale University Press. This book was released on 2015-09-08 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost everyone who follows politics or economics agrees on one thing: more regulation means less freedom. Joseph William Singer, one of the world’s most respected experts on property law, explains why this understanding of regulation is simply wrong. While analysts as ideologically divided as Alan Greenspan and Joseph Stiglitz have framed regulatory questions as a matter of governments versus markets, Singer reminds us of what we’ve willfully forgotten: government is not inherently opposed to free markets or private property, but is, in fact, necessary to their very existence. Singer uses the recent subprime crisis to demonstrate: Regulation’s essential importance for freedom and democracy Why consumer protection laws are a basic pillar of economic freedom How private property rests on a regulatory infrastructure Why liberals and conservatives actually agree on these relationships far more than they disagree This concise volume is essential reading for policy makers, philosophers, political theorists, economists, and financial professionals on both sides of the aisle.
Download or read book Colonial Lives of Property written by Brenna Bhandar and published by Duke University Press. This book was released on 2018-05-03 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Colonial Lives of Property Brenna Bhandar examines how modern property law contributes to the formation of racial subjects in settler colonies and to the development of racial capitalism. Examining both historical cases and ongoing processes of settler colonialism in Canada, Australia, and Israel and Palestine, Bhandar shows how the colonial appropriation of indigenous lands depends upon ideologies of European racial superiority as well as upon legal narratives that equate civilized life with English concepts of property. In this way, property law legitimates and rationalizes settler colonial practices while it racializes those deemed unfit to own property. The solution to these enduring racial and economic inequities, Bhandar demonstrates, requires developing a new political imaginary of property in which freedom is connected to shared practices of use and community rather than individual possession.
Download or read book Destabilized Property written by Shelly Kreiczer-Levy and published by Cambridge University Press. This book was released on 2019-11-14 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the rise of access over ownership and the sharing economy's challenges to the liberal vision of property.
Download or read book Credit Consumers and the Law written by Karen Fairweather and published by Routledge. This book was released on 2016-10-14 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer law, particularly consumer credit law, is characterised by increasingly complex regulation in Western economies. Reacting to the Global Financial Crisis, governments in the UK, the EU, Australia, New Zealand and the United States have adopted new laws dealing with consumer credit, responsible lending, consumer guarantees and unfair contracts. Drawing together authors from all of these jurisdictions, this book analyses and evaluates these initiatives, and makes predictions as to their likely success and possible flaws.
Download or read book Reducing Foreclosures written by Christopher Foote and published by DIANE Publishing. This book was released on 2009 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. The authors focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to renegotiate or modify the loan. Unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. The efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications to date. Policies designed to reduce foreclosures should focus on ameliorating the effects of job loss rather than modifying loans to make them more affordable on a long-term basis. Illustrations.
Download or read book Losing Ground Foreclosures in the Subprime Market Their Cost to Homeowners written by and published by DIANE Publishing. This book was released on 2006 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Foreclosure of America written by Adam Michaelson and published by Penguin. This book was released on 2009-01-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in paperback-an inside look at Countrywide Home Loans and the mortgage crisis, from a former mortgage lender executive. In July 2004, Adam Michaelson attended a high-level meeting at Countrywide Financial headquarters about a new loan product that would allow borrowers to pay less than their minimum monthly payment. The "finance jocks" believed that the booming housing market would only get bigger, supporting homeowners in a cycle of borrowing against their houses and refinancing later. They were wrong. And when the bottom dropped out, Countrywide suffered the consequences-as did millions of Americans. With an insider's knowledge and thorough reporting on the impact on American families and the ripple effects on the economy, Michaelson examines the marketing of a mirage and the bad business decisions that destroyed a company, confronts the ethical questions that have arisen in the wake of the foreclosure crisis, and offers creative proposals to prevent such a meltdown from ever happening again.
Download or read book Growing Mortgage Foreclosure Crisis written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law and published by . This book was released on 2009 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reducing Foreclosures written by Christopher L. Foote and published by . This book was released on 2014 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to renegotiate or modify the loan. The theoretical model and econometric analysis illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. In addition, this paper provides theoretical results and empirical evidence supporting the hypothesis that the efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications to date than contract frictions related to securitization agreements between servicers and investors. While investors might be foreclosing when it would be socially efficient to modify, there is little evidence to suggest they are acting against their own interests when they do so. An important implication of our analysis is that policies designed to reduce foreclosures should focus on ameliorating the immediate effects of job loss and other adverse life events rather than modifying loans to make them more affordable on a long-term basis.
Download or read book Reducing Foreclosures written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on the mortgage and the lender's choice on whether to renegotiate or "modifyʺ the loan. The theoretical model and econometric analysis illustrate that "unaffordableʺ loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. Rather, the typical problem appears to be a combination of household income shocks and an unprecedented fall in house prices. Regarding the small number of loan modifications to date, we show, both theoretically and empirically, that the efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications than contract frictions related to securitization agreements between servicers and investors. While investors might be foreclosing when it would be socially efficient to modify, there is little evidence to suggest they are acting against their own interests when they do so. An important implication of our analysis is that policies designed to reduce foreclosures should focus on ameliorating the immediate effects of job loss and other adverse life events, rather than modifying loans to make them more "affordableʺ on a long-term basis.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book Fault Lines written by Raghuram G. Rajan and published by Princeton University Press. This book was released on 2011-08-08 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: From an economist who warned of the global financial crisis, a new warning about the continuing peril to the world economy Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. Rajan shows how the individual choices that collectively brought about the economic meltdown—made by bankers, government officials, and ordinary homeowners—were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world. In Fault Lines, Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.
Download or read book Encyclopedia of American Business written by Rick Boulware and published by Infobase Publishing. This book was released on 2014-05-14 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: Buying, selling, budgeting, and saving are fundamental business practices that almost everyone understands on a basic level.
Download or read book The Age of Surveillance Capitalism written by Shoshana Zuboff and published by PublicAffairs. This book was released on 2019-01-15 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt: The challenges to humanity posed by the digital future, the first detailed examination of the unprecedented form of power called "surveillance capitalism," and the quest by powerful corporations to predict and control our behavior. In this masterwork of original thinking and research, Shoshana Zuboff provides startling insights into the phenomenon that she has named surveillance capitalism. The stakes could not be higher: a global architecture of behavior modification threatens human nature in the twenty-first century just as industrial capitalism disfigured the natural world in the twentieth. Zuboff vividly brings to life the consequences as surveillance capitalism advances from Silicon Valley into every economic sector. Vast wealth and power are accumulated in ominous new "behavioral futures markets," where predictions about our behavior are bought and sold, and the production of goods and services is subordinated to a new "means of behavioral modification." The threat has shifted from a totalitarian Big Brother state to a ubiquitous digital architecture: a "Big Other" operating in the interests of surveillance capital. Here is the crucible of an unprecedented form of power marked by extreme concentrations of knowledge and free from democratic oversight. Zuboff's comprehensive and moving analysis lays bare the threats to twenty-first century society: a controlled "hive" of total connection that seduces with promises of total certainty for maximum profit -- at the expense of democracy, freedom, and our human future. With little resistance from law or society, surveillance capitalism is on the verge of dominating the social order and shaping the digital future -- if we let it.
Download or read book The Political Economy of the Abe Government and Abenomics Reforms written by Takeo Hoshi and published by Cambridge University Press. This book was released on 2021-02-25 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the politics and economics of the Abe government and evaluates major policies, such as Abenomics policy reforms.
