LSN: Mortgages (Sub-Topic)最新文献

{"title":"The Mysterious S 74(5)","authors":"Lisa Spagnolo, Ann Monotti, C. Lane, Sharon Rodrick","doi":"10.2139/ssrn.3628133","DOIUrl":"https://doi.org/10.2139/ssrn.3628133","url":null,"abstract":"Section 74(5) of the Transfer of Land Act 1958 (Vic) was inserted into the Act in 2014. It provides that ‘[a] registered mortgage does not operate as a mortgage or charge on the land if for any reason the mortgage is, or is found to be, void or not enforceable at law or in equity and the mortgagee must discharge the mortgage as soon as practicable.’ This article identifies three possible purposes and effects of this enigmatic provision and critically discusses the implications of each one. It ultimately concludes that legislative reform is necessary to avoid the dangerous level of ambiguity inherent in the provision, but offers a view as to which interpretation should be preferred in the event that the courts are called upon to interpret the provision in the meantime.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134351795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Comisión RESI para el Tribunal Supremo (II): Cláusula Suelo (RESI Committee for the Supreme Court (II): Floor in a Mortgage)","authors":"Pablo Fernández","doi":"10.2139/SSRN.3136453","DOIUrl":"https://doi.org/10.2139/SSRN.3136453","url":null,"abstract":"Spanish Abstract: En la reunion de febrero de 2018 se analizo una sentencia sobre un sencillo swap de tipos de interes y en la de marzo se analizo una sentencia sobre una clausula suelo que revoca una sentencia sensata de un tribunal inferior. Este documento analiza la sentencia y contiene comentarios y algunas recomendaciones de miembros de la Comision. Se agradecera mucho al lector que envie sugerencias y recomendaciones para solucionar o definir mejor el problema que aborda la Comision \u0000English Abstract: In the February 2018 meeting the Committee analyzed a sentence on a simple swap of interest rates. In the March meeting, the Committee analyzed a sentence of the Supreme Court on a floor clause that revokes a sensible sentence of a lower court. This document analyzes the judgment and contains comments and recommendations from members of the Commission. The reader will be thanked for sending suggestions and recommendations to solve or better define the problem addressed by the Committee.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114881781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Bank-Specific Shocks and House Price Growth in the U.S.","authors":"F. Bremus, Thomas W. Krause, Felix Noth","doi":"10.2139/ssrn.2912793","DOIUrl":"https://doi.org/10.2139/ssrn.2912793","url":null,"abstract":"This paper investigates the link between mortgage supply shocks at the banklevel and regional house price growth in the U.S. using micro-level data on mortgage markets from the Home Mortgage Disclosure Act for the 1990-2014 period. Our results suggest that bank-specific mortgage supply shocks indeed affect house price growth at the regional level. The larger the idiosyncratic shocks to newly issued mortgages, the stronger is house price growth. We show that the positive link between idiosyncratic mortgage shocks and regional house price growth is very robust and economically meaningful, however not very persistent since it fades out after two years.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131553169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is Loan Assignment Void or Voidable?","authors":"R. Bernhardt","doi":"10.2139/SSRN.2895794","DOIUrl":"https://doi.org/10.2139/SSRN.2895794","url":null,"abstract":"Analysis of a recent decision upholding transfer of a mortgage into a securitized pool.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116120231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Relationship between Second Liens, First Mortgage Outcomes, and Borrower Credit: 1996-2010","authors":"A. Leventis","doi":"10.2139/ssrn.2498532","DOIUrl":"https://doi.org/10.2139/ssrn.2498532","url":null,"abstract":"To help inform the ongoing policy debate concerning the risks associated with second mortgages, the paper rigorously evaluates the effect of second liens on the performance of first mortgages. Using a dataset that combines credit bureau information with mortgage performance data, the statistical analysis separately quantifies the extent to which piggyback and subsequent second liens impacted loan default and prepayment likelihoods for first liens. In a simple direct comparison of first-lien outcomes, piggyback second liens are shown to have substantially increased mortgage default rates, while decreasing mortgage prepayment likelihoods. The results differ significantly, however, when the relative comparison group is altered and the analysis looks for a “residual” relationship (i.e., the control variables are changed in the statistical analysis). When first-lien outcomes are compared for borrowers with identical at-origination total equity and debt servicing obligations, the residual outcome differences tend to be minimal. Where material differences do exist, piggyback second liens tended to be associated with marginally worse outcomes for loans originated during the housing boom and slightly better outcomes for later years. With respect to subsequent second liens, models that evaluate the direct relationship between second liens and first-lien outcomes find a pronounced time trend. In the late 1990s and early 2000s, the origination of a second lien generally signaled better subsequent performance for the associated first mortgage, most likely because only the most creditworthy borrowers were able to get such loans. By the mid-2000s, the overall signal associated with subsequent second liens became negative—i.e., the underlying first mortgages performed materially worse than others. An abrupt switch at the inception of the housing bust is then evident, however, as second-lien-burdened first mortgages then performed better again. Models that control for total net equity and borrower debt obligations, i.e., seek the residual relationship between outcomes and second liens, show a consistent positive relationship between outcomes and subsequent second liens, but also reveal an interesting evolution over time. The paper concludes with a comparison of time trends for various nonmortgage credit statistics—including nonmortgage loan balances, revolving credit utilization rates, and credit scores—for borrowers with and without second liens.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124211744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hypothekenkredite: Hintertürchen Widerruf, Wer Schützt Uns Vor Diesem Verbraucherschutz? (Mortgage Loans to Consumers in Germany, the Back Door of Forfeiture, Who Protects Us from this Consumer Protection?)","authors":"H. Schäfer","doi":"10.2139/SSRN.2484731","DOIUrl":"https://doi.org/10.2139/SSRN.2484731","url":null,"abstract":"German Abstract: Die Immobilien finanzierenden Banken in Deutschland sehen sich zunehmend einem immensen offentlichen Druck seitens der Verbraucherzentralen ausgesetzt. So meinen findige Verbraucherschutzer ein Hinterturchen gefunden zu haben, durch das Kreditnehmer bei historisch niedrigen Zinsen ihr altes Immobiliendarlehen ohne Vorfalligkeitsentschadigung zuruckzahlen und einen neuen Kredit mit wesentlich niedrigeren Zinsen aufnehmen konnen. Konkret geht es dabei uberwiegend um den Vorwurf trivialer Normabweichungen, die den Kredit vergebenden Banken in der Formulierung der Widerrufsbelehrung unterlaufen sein sollen. Deren gesetzliche Vorgaben hatten sich allein zwischen 2002 und 2010 sieben mal geandert, wodurch selbst sachkundigste Bankjuristen bei der genauen Abfassung des Wortlauts von Widerrufsbelehrungen in ein juristisches Labyrinth geleitet wurden. In diesem Fall konnten nun nach Auffassung der Verbraucherschutzer Kreditnehmer, die mit Abschluss Ihres Vertrages nicht ordnungsgemas uber ihr 14-tatiges Widerrufsrecht belehrt wurden, dieses Recht zeitlich unbegrenzt ausuben. Bankkunden, die sonst nie auf die Idee gekommen waren, ihren laufenden Vertrag vorzeitig zu beenden, wurden damit die Risiken eines fairen Vertrags im Nachhinein bedenkenlos der anderen Seite zuweisen und die Niedrigzinsphase auf Kosten von Banken, Volksbanken und Sparkassen ausnutzen. Verbraucherschutzverbande treiben diese Entwicklung weitgehend voran, denn sie fordern seit langem, die Vorfalligkeitsentschadigung generell abzuschaffen. Dies ware aber nur durch eine tief in das Vertragsrecht einschneidende Gesetzesanderung moglich und ist zudem mit vernunftigen Zielen des Verbraucherschutzes unvereinbar. Es wurde nur zu einer rechtspolitisch bedenklichen Erhohung von Darlehenszinsen und zur Quersubventionierung zwischen verschiedenen Typen von Kreditnehmern fuhren. English Abstract: Consumer associations and debtors put pressure on mortgage banks in Germany. They believe to have found a back door allowing debtors, who took up a fixed interest loan years ago at a high interest rate to pay it back prematurely and roll over the credit with a new credit at historically low interest rates. Without paying damages for breach of contract they intend to make huge gains at the cost of their creditors. Consumer associations claim that trivial deviations from the legal standard of pre-contractual information entitle debtors to an eternal right to revoke the credit contract. The legal model texts for the consumer information changed seven times in the period between 2002 and 2010. Even the most knowledgeable bank lawyers were led into a labyrinth, when drafting the exact wording of a text, which informs consumers on a 14 day revocation period (cool off period) after concluding the mortgage credit contract. They claim that these trivial deviations from an imprecise legal standard entitle consumers to make use of this right indefinitely. Bank customers, who in times of constant or ","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116592103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Recourse to Non-Housing Assets and Mortgage Credit Supply","authors":"Kanis Saengchote","doi":"10.2139/ssrn.2424043","DOIUrl":"https://doi.org/10.2139/ssrn.2424043","url":null,"abstract":"Because state anti-deficiency statutes rarely change over time, the opportunity to test the importance of recourse for the mortgage market is limited. I exploit the bankruptcy reform in 2005 (which effectively strengthens recourse) as a quasi-natural experiment to show that aggregate quantity of mortgage lending is increased after the reform is implemented. Lenders appear to adjust their underwriting through approval decision rather than interest rate. Overall, my study finds that strengthening recourse — while potentially useful as a tool to discourage strategic default and foreclosure — can also expand credit supply through increased collateral value.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131658480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Differences in Subprime Loan Pricing Across Races and Neighborhoods","authors":"Andra Ghent, Rubén Hernández-Murillo, Michael T. Owyang","doi":"10.2139/ssrn.2038634","DOIUrl":"https://doi.org/10.2139/ssrn.2038634","url":null,"abstract":"We investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion. We combine loan-level data on the performance of non-prime securitized mortgages with individual- and neighborhood-level data on racial and ethnic characteristics for metropolitan areas in California and Florida. Using a model of rate determination that accounts for predicted loan performance, we evaluate the differences in subprime mortgage rates in terms of racial and ethnic groups and neighborhood characteristics. We find evidence of adverse pricing for Blacks and Hispanics. The evidence of adverse pricing is strongest for purchase mortgages and mortgages originated by non-depository institutions.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131127239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Causes of Collapse: The Failure of Lehman Brothers Holdings, Inc.","authors":"Sawyer D. Duncan","doi":"10.2139/SSRN.2192284","DOIUrl":"https://doi.org/10.2139/SSRN.2192284","url":null,"abstract":"A concise overview of the Lehman Brothers bankruptcy and its causes.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127596056","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Private Valuation and Private Information: Can Mandatory Non-Recourse Mortgage Legislation Restore a Missing Market?","authors":"A. Meir, Ron Harris","doi":"10.2139/ssrn.2011417","DOIUrl":"https://doi.org/10.2139/ssrn.2011417","url":null,"abstract":"Many US states mandate only non-recourse mortgages for dwellings, thus limiting choice and raising prices. Given the perceived benefit of such mortgages, it is a puzzling fact that no lenders currently offer them in \"choice\" states. We simulate a housing market with a spectrum of borrowers with privately-known income distributions, and show that under plausible conditions mandating non-recourse can remedy a market failure due to asymmetric information. Non-recourse loans provide valuable insurance to borrowers by protecting assets in worst-case outcomes involving loss of both equity and income. But markets in these mortgages may be missing due to a combination of adverse selection (inability to screen out high-risk borrowers) and adverse incentives (higher prices incentivize additional walk-aways), leading to a \"death spiral\" of rising rates and shrinking pools. Mandating non-recourse loans obligates the lowest risk borrowers to join the pool, which in our model may increase welfare.","PeriodicalId":113000,"journal":{"name":"LSN: Mortgages (Sub-Topic)","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126991893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}