Arthur Acoca of Penn's The Wharton School, Ren S. Essene of the Consumer Financial Protection Bureau, Min Hwang of George Washington's Department of Finance, Jacob Liebschutz of Harvard's Government Department, Patricia A. McCoy of Connecticut, Jessica Russell of the Consumer Financial Protection Bureau, and Susan M. Wachter, also of Wharton have written The Performance of […]
Author Archives: Jeff Sovern
by Jeff Sovern The Wall Street Journal has the story here and the American Banker here (one or both may be behind a paywall). Mr. Hensarling argues that as Cordray has not been confirmed, he is not the lawful head of the bureau and so cannot testify. But he adds in his letter to Mr. […]
David Adam Friedman of Willamette has written Micropaternalism, forthcoming in the Tulane Law Review. Here is the abstract: In this Article, I have created a theory of “micropaternalism” to capture the essence of a unique regulatory dynamic. As I define it, micropaternalism describes when policymakers paternalistically regulate a narrow area, thereby provoking public debate […]
by Jeff Sovern As is well known, opponents of consumer financial protection regulation often argue that the regulation will reduce the availability of credit and raise its price. Despite such claims and the increased consumer credit regulation in 2009''s Crerdit CARD Act and 2010's Dodd-Frank Act, today's NY Times reports Rising Bank Profits Tempt a […]
Joel Langdon of Emory has writen The Importance of a Promise: Underwater Mortgages and a Municipal Rescue Attempt Through Eminent Domain, forthcoming in 45 Urb. L. (Summer 2013). Here's the abstract: Millions of Americans purchased real estate during the housing bubble of the mid 2000s, when prices reflected a constant upward trend, and real estate […]
M. Todd Henderson of Chicago has written Self-Regulation for the Mortgage Industry. Here's the abstract: This Article proposes an alternative to direct government regulation of mortgage brokers: self-regulation of the mortgage industry that mimics the arguably successful self-regulation of the securities industry that has occurred over the past two centuries. Although not without its problems, […]
Dustin A. Zacks of King, Nieves & Zacks PLLC has written Robo-Litigation, 60 Cleveland State Law Review 867 (2013). Here's the abstract: The recent housing crisis increased demand for attorneys to process foreclosures through state courts. This increase in demand was coupled with a desire for the fastest and cheapest legal services available. As a […]
by Jeff Sovern Yesterday, I was on a panel at the Annual Meeting of the American Council on Consumer Interests, along with Dr. Yilan Xu, a professor at the University of Illinois in agricultural and consumer economics. Dr. Xu's talk concerned a natural experiment in Cleveland, Ohio. Cleveland had enacted an anti-predatory lending ordinance which was […]