Dalie Jimenez of Connecticut has written Illegality in Consumer Debt Contracts and What to Do About it. Here's the abstract: Many of the contracts for the sale of consumer debts that are publically available contain “quitclaim” language disclaiming all warranties about the underlying debts sold or the information transferred, generally referring to the debts as […]
Author Archives: Jeff Sovern
Eric A. Zacks of Wayne State has written Shame, Regret, and Contract Design, forthcoming in Marquette Law Review. Here is the abstract: This Article examines whether contract design can influence the post-formation behavior of the party that did not prepare the contract. Repeat players that utilize the same contract for many transactions, as is the […]
by Jeff Sovern Tonight marks the start of the NFL draft, a time when hope blooms for all fans of an NFL team, because they can always suppose that their team has used the draft to get better–and many teams will. Many fans create wish lists–what they want for their teams. In that spirit, I […]
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 […]
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, […]