- The United States Supreme Court held that Chapter 7 debtors cannot get rid of junior liens on underwater home loans under the bankruptcy code.
Author Archives: Shea Cunningham
Friday’s Government Reports Roundup
- United States Government Accountability Office releases report: “Collateral Requirements Discourage Some Community Development Financial Institutions from Seeking Membership”.
- The National Low Income Housing Coalition (NLIHC) released its Out of Reach 2015 report, in which it asserts that low wages and high rents are preventing people from living in many different areas of the country. It states that the most expensive city to live in is San Francisco, where a worker would need to make $40/hour to afford a decent two-bedroom apartment.
- The Federal Reserve released its Report on the Economic Well-Being of U.S. Households in 2014, which reveals how adult-consumers feel they are doing financially. Though in a number of categories adults’ beliefs on how they are doing went up beneficially, half of all renters that wanted to purchase a home could not afford the down payment and 31% were unable to qualify for a mortgage.
Wednesday’s Academic Roundup
- The Boom, the Bust and the Future of Homeownership, by Stuart A. Gabriel & Stuart S. Rosenthal, Real Estate Economics, Vol. 43, Issue 2, pp. 334-374, 2015.
- Promoting ‘Inclusive Communities’: A Modified Approach to Disparate Impact Under the Fair Housing Act, by Cornelius Joseph Murray IV, Louisiana Law Review, Vol. 75, No. 213, 2014.
- How Low Can House Prices Go? Estimating a Conservative Lower Bound, by Alexander N. Bogin, Stephen Bruestle, & William M. Doerner, May 14, 2015.
- Strategic Mortgage Default: The Effect of Neighborhood Factors, by Michael G. Bradley, Amy Crews Cutts, & Wei Liu, Real Estate Economics, Vol. 43, Issue 2, pp. 271-299, 2015.
- An Agency Problem in the MBS Market and the Solicited Refinancing Channel of Large-Scale Asset Purchases, by John Kandrac & Bernd Schlusche, FEDS Working Paper No. 2015-027.
Monday’s Adjudication Roundup
- NY Federal Court ended the suit against US Bank and Bank of America brought by Blackrock and NCUA for failure to properly oversee residential mortgage-backed security trusts finding that most of the trusts fell under state law.
- Deutsche Bank, Morgan Stanley and UBS Securities have settled with Federal Home Loan Bank of Boston for misleading it to purchase $5.9 billion in bad mortgage-backed securities.
- Associated Bank agrees to $200 million, record-breaking settlement with US Department of Housing and Urban Development in discriminatory lending suit.
Wednesday’s Academic Roundup
- MERS Litigation — Brief of Amicus Curiae the Legal Services Center of Harvard Law School and Law Professors in Support of the Appellee, by Max Weinstein, Melanie B. Leslie, David J. Reiss, Joseph William Singer & Rebecca Tushnet, Brooklyn Law Review, Legal Studies Paper No. 411.
- Why Do Cities Matter? Local Growth and Aggregate Growth, by Chang-Tai Hsieh & Enrico Moretti, NBER Working Paper No. w21154.
- Mobility, Economic Opportunity and New York City Neighborhoods, by Sarah Kaufman, Mitchell L. Moss, Justin Tyndall & Jorge Hernandez, NYU Wagner Research Paper No. 2598566.
- Housing as Holdout: Segregation in American Neighborhoods, by Rashmi Dyal-Chand, Tulsa Law Review, Vol. 50, No. 2, pp. 329-339.
- The Exposure of Mortgage Borrowers to Interest Rate Risk, Income Risk and House Price Risk – Evidence from Swiss Loan Application Data, by Martin Brown & Benjamin Guin, University of St. Gallen, School of Finance Research Paper No. 2015/9.
Happy Memorial Day!
“Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty.”
— John F. Kennedy
Friday’s Government Reports Roundup
- HUD released “Effect of QAP Incentives on the Location of LIHTC Properties” which examined the patterns of Low Income Housing Tax Credit (LIHTC) developments.
- The Government Accountability Office (GAO) releases its report on the status of the Community Development Capital Initiative (CDCI), which is intended to service the underserved communities after the Great Recession.
- The Center on Budget and Policy Priorities (CBPP) releases its National and State Housing Data Fact Sheets on rental assistance and the Housing Choice Voucher (HCV) program.
