- The Value of Manufactured Housing Communities: A Dual-Ownership Model, Charles Becker & Ashley Yea, Economic Research Initiatives at Duke (ERID) Working Paper No. 196.
- Liquidity Provision, Credit Risk and the Bond Spread: New Evidence from the Subprime Mortgage Market, Xudong An & Timothy J. Riddiough.
- Mortgage Market Flexibility and the Transmission of House Price Shocks: A Multi-Country Study, Peter Reusens.
- Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?, Andra C. Ghent, Ruben Hernandez-Murillo, & Michael Owyang, Real Estate Economics, Vol. 43, Issue 4, pp. 820-854, 2015 (Paid Access).
- Introduction to Special Issue: Government Involvement in Residential Mortgage Markets, W. Scott Frame, Real Estate Economics, Vol. 43, Issue 4, pp. 807-819, 2015 (Paid Access).
- No Parking Anytime: The Legality and Wisdom of Maximum Parking and Minimum Density Requirements, Michael Lewyn & Judd Schechtman Rosenman, 54 Washburn L.J. 285 (2015).
- Defining Power Property Expectations, Michael Pappas, 45 Environmental Law Reporter 10542 (2015).
- The Nonprime Mortgage Crisis and Positive Feedback Lending, Bernard S. Black, Charles K. Whitehead & Jennifer Mitchell Coupland, Northwestern Law & Econ Research Paper, Cornell Legal Studies Research Paper, & ECGI – Law Working Paper.
- Longitudinal Analysis of Violence and Housing Insecurity, Timothy M. Diette & David Ribar, IZA Discussion Paper No. 9452.
- Strategies Aimed at Mitigating Liquidity Risk in the Aftermath of the Recent Financial Crisis, Johnson Owusu-Amoako, 5th International Conference on Engaged Management Scholarship: Baltimore, Maryland, September 10-13, 2015.
- American Dreams, American Realities, Michael Lewyn, 44 Real Est. L.J. 292 (2015).
- House Prices and Consumer Spending, David Berger, Veronica Guerrieri, Guido Lorenzoni & Joseph Vavra, NBER Working Paper No. w21667 (Paid Access).
Author Archives: Shea Cunningham
Monday’s Adjudication Roundup
- The US Supreme Court denied cert without comment in class action against McGraw-Hill Cos. for false statements made by its S&P rating agency about mortgage-backed securities. The finding from the judge stands that S&P’s ratings were “mere commercial puffery.”
- The US Supreme Court denied cert without comment in case that wanted the Court to consider whether property owners had standing to sue BNY Mellon, and other banks. The banks claimed ownership over mortgage-backed securities, which were then transferred to trusts of the banks.
- The Second Circuit will not rehear Bedford CMBS Acquisition LLC’s case where the company is attempting to pickup $200 million worth of defaulted commercial mortgage-backed securities from a Wells Fargo trust.
- The US Securities and Exchange Commission files suit against developer in Florida for claiming their investments would be under the EB-5 visa program, but were rather used to purchase luxury cars, a boat and a residence.
- Dodona, a hedge fund, settles with Goldman Sachs Group Inc. in mortgage-backed securities class action for breach of contract and fraud.
- The Consumer Financial Protection Bureau filed a brief in the D.C. Circuit claiming that PHH Corp. had interpreted the Real Estate Settlement Procedures Act incorrectly in its $109 million disgorgement order.
- Wells Fargo settles with Ch. 13 bankrupt homeowners for $81.6 million for failing to give proper notice for changing monthly payment amounts.
Friday’s Government Reports Roundup
- HUD’s Office of Policy Development & Research released its most recent issue of Cityscape, featuring research from a symposium about affordable housing and neighborhood qualities.
- The HOME Coalition released “Building HOME: The HOME Investment Partnerships Program’s Impact on America’s Families and Communities”, analyzing the program’s impact. The report analyzes the economic impact on leveraged investments, jobs supported, and local income generated.
- The FHFA released its Annual Housing Report for 2014 Fannie Mae and Freddie Mac.
Wednesday’s Academic Roundup
- 2015 Trying Times: Important Lessons to Be Learned from Recent Federal Tax Cases, Nancy A. McLaughlin & Stephen J. Small, Presented at Land Trust Alliance Rally 2015, Sacramento, CA, Friday October 9, 2015.
- Do People Shape Cities, or Do Cities Shape People? The Co-Evolution of Physical, Social, and Economic Change in Five Major U.S. Cities, Nikhil Naik, Scott Duke Kominers, Ramesh Raskar, Edward L. Glaeser & César Hidalgo, NBER Working Paper No. w21620 (Paid Access).
- Stabilising House Prices: The Role of Housing Futures Trading, Arzu Uluc, Bank of England Working Paper No. 559.
- Mortgage Debt and Entrepreneurship, Philippe Bracke, Christian A.L. Hilber & Olmo Silva, Bank of England Working Paper No. 560.
- Trend-Spotting in the Housing Market, Nikos Askitas, IZA Discussion Paper No. 9427.
- The Use of Bank Contractors in Mortgage Foreclosure: Contractual Considerations and Liability Concerns, Christopher K. Odinet, Real Property, Trust and Estate Law Section, American Bar Association, 29 Probate & Property (Jan./Feb. 2015).
- Sriracha Shutdown: Hot Sauce Lessons on Local Privilege and Race, Ernesto Hernandez Lopez, Seton Hall Law Review, Vol. 46, No. 1, 2015.
- A Farewell to ARMs? Three Regimes of Adjustable Rate Mortgages, Frank P. Stafford & Bing Chen.
- Is the FHA Creating Sustainable Homeownership?, Andrew Caplin, Joseph S. Tracy & Anna Cororaton, Real Estate Economics, Vol. 43, Issue 4, pp. 957–92, 2015 (Paid Access).
- Spaces for Sharing: Micro Units Amid the Shift from Ownership to Access, John Infranca, Fordham Urban Law Journal, Vol. 43, 2015, Forthcoming; Suffolk University Law School Research Paper No. 15-38.
- Out of the Frying Pan – in to the Fire: The Case of Adjustable Rate Mortgage for Funding of Homes of the Underprivileged, Muhammed Arsalan Aqeeq.
Monday’s Adjudication Roundup
- Federal judge grants the SEC request for appointment of a receiver for the $136 million EB-5 fraud case involving Path America LLC and its two subsidiaries to monitor the companies to ensure their assets are not lost during the proceedings.
- Ninth Circuit affirms JPMorgan Chase Bank’s win in $15.7 million suit against Meritage Homes Corp. over loan repayment.
- The CFPB brought suit against a law firm that does foreclosure work alleging that it scammed struggling homeowners by imposing large advance fees and failing to provide promised legal representation. The firm argues that the court should not grant the CFPB an early win because the bureau is attempting to create new federal law rather than enforcing current state law.
Wednesday’s Academic Roundup
- Foiled by the Banks? How a Lender’s Decision May Support or Undermine a Jurisdiction’s Environmental Policies that Promote Green Buildings, Darren A. Prum, Michigan Journal of Environmental & Administrative Law, 2015, Forthcoming.
- The Numerus Clausus Principle, Property Customs, and the Emergence of New Property Forms, Yun-chien Chang & Henry E. Smith, Iowa Law Review, Vol. 100, 2015.
- Building Self-Sufficiency for Housing Voucher Recipients: Interim Findings from the Work Rewards Demonstration in New York City, Stephen Nunez, Nandita Verma & Edith Yang, New York: MDRC, June 2015.
- Size Signals Success: Evidence from Real Estate Private Equity, Sebastian Krautz & Franz Fuerst, Journal of Portfolio Management, Vol. 41, No. 5, 2015.
- Debt, Poverty, and Personal ‘Financial Distress’, Stephen J. Ware, 89 American Bankruptcy Law Journal 493 (2015).
- Household Debt and Crises of Confidence, Thomas Hintermaier & Winfried Koeniger, CEPR Discussion Paper No. DP10865.
- Trend-Spotting in the Housing Market, Nikos Askitas, IZA Discussion Paper No. 9427.
- Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?, James Mills, Raven Molloy & Rebecca Zarutskie, FEDS Working Paper No. FEDGFE2015-84.
- How House Price Dynamics and Credit Constraints Affect the Equity Extraction of Senior Homeowners, Stephanie Moulton, Samuel Dodini, Donald R. Haurin & Maximilian D. Schmeiser, FEDS Working Paper No. FEDGFE2015-70.
- Real Estate Fund Openings and Cannibalization, David H. Downs, Steffen P. Sebastian & Rene-Ojas Woltering.
Monday’s Adjudication Roundup
- TCW Asset Management Co. will continue to face $128 million suit from investors for allegedly lying about the value of mortgage-backed securities.
- A court found that the City of Saratoga Springs failed to timely appeal in case over incorporation of affordable housing.
- The Second Circuit affirmed decision that found that an insurer did not need to pay out $15 million to Nomura for misleading descriptions of residential mortgage-backed securities.
- National Union Fire Insurance Co. filed a brief in case over ski resorts, claiming that claims notes are privileged “because they contain legal advice from outside counsel.”
