Mortgage Debt & Home Equity

Lessons on Puerto Rico Bonds from the Financial Crisis

03/16/16

With a fiasco as big as the financial crisis, one of the only positive outcomes is there are a lot of lessons for the future. As Credit Slips thinks about how the administration might influence the resolution of Puerto Rico's bond problems, I think there are a few points from the financial crisis to consider.

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Two Cheers for Fannie and Freddie Synthetic CDOs

12/31/15

My ears perk up whenever I hear the musical words "synthetic collateralized debt offering". (Bill Bratton and I did write the paper on history of these crazy things, after all....) So, it was with interest that I read a Wall Street Journal editorial decrying Fannie Mae and Freddie Mac's use of synthetic CDOs to transfer credit risk on mortgages to the private market through the STACR and Connecticut Avenue programs.

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The Ibanez Property Ring

11/09/15

There’s an interesting new article out on the celebrated Massachusetts U.S. Bank v. Ibanez case that suggests that the defendant, Antonio Ibanez, was at the center of a property fraud ring. It's not clear to me that there was anything illegal about Ibanez's activities, but even if there were, I don't think it much matters.  

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Consumer Financial Protection Clinic Position

07/30/15

Here's an opportunity to supervise a consumer financial protection clinic that has done some great work - information on the position and how to apply here. 

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The Supreme Court, the Fair Housing Act and the Racism Debate

07/09/15

The Supreme Court made a noteworthy contribution to the crescendo in our national conversation about race in its recent Texas v. ICP Fair Housing Act decision.

The Court affirmed that the Fair Housing Act prohibits not only explicit racial discrimination, but also policies and practices that have the effect of excluding or harming racial minorities.

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Caulkett: SCOTUS Hands BoA a Victory

06/01/15

The Supreme Court ruled unanimously in favor of Bank of America in Caulkett v. Bank of America. Basically the Court found itself bound by its previous decision in Dewsnup and didn't think that any of the distinctions presented (by yours truly among others) between Dewsnup and Caulkett were compelling.

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"Quicken" the Development of the Law

04/21/15

Over the last few years, the US Department of Justice has reached settlements with nearly every major lender with regard to the lending procedures for FHA (Federal Housing Administration) loans. The legal basis for the settlements were alleged violations of the False Claims Act.

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Who is Helping Consumers With Defaulted Student Loans?

04/16/15

Clearly, the biggest surprise in consumer borrowing since the crash has been the explosive expansion of student loan debt. It has surpassed both auto lending and credit card lending. And, since it ties with Payday Lending and pre-crash sub-prime mortgage lending for the thinnest underwriting there are defaults aplenty. 

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Insurance Capital Games and PMI Reinsurance Kickbacks

04/14/15

The New York Times carried an important story about the risky investment moves of life insurance companies.

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