Risk in the global real estate market : international risk regulation, mechanism design, foreclosures, title systems and REITs /

• Κύριος συγγραφέας: Nwogugu, Michael C. I.
• Μορφή: Ηλ. βιβλίο
• Γλώσσα: English
• Έκδοση: Hoboken, New Jersey : Wiley, [2011]
• Σειρά: Wiley finance series.
• Θέματα: Real estate business.; Risk.; Mortgages.; Foreclosure.; Real estate investment trusts.; BUSINESS & ECONOMICS > Investments & Securities > Real Estate.; Electronic books.

 "Analysis of the effects of mortgage foreclosure laws on global economics. America's sub-prime mortgage problems have had rippling effects on the economies of countries around the world, highlighting the many problems inherent in the legal infrastructures for both mortgages and the unconstitutional foreclosure process. The Global Mortgage: International Risk Regulation, Mechanism Design, and Constitutional Torts in Foreclosures, Titles Systems, and REITS reveals how these unconstitutional statutes and processes affect housing prices, as well as the demand for housing and commercial real estate. Describes significant implications for risk regulation, interstate commerce, and legislation in the United States and some common law countries Addresses foreclosure statues and processes, mortgages and deeds of trust Shows how unconstitutional tax foreclosures and the mortgage foreclosure processes create information asymmetry, increased transaction and compliance costs, negative externalities, and inefficiency. The Global Mortgage reveals the many and major problems inherent in the legal infrastructure for mortgages and foreclosure processes"--   Provided by publisher. 

 Machine generated contents note: ch. 1 Regulation and Constitutional Torts -- Federalism, Preemption, and Risk -- The Restoring American Financial Stability Act of 2010 (RAFSA) -- The Existing "Tests" for Unconstitutionality -- Quasi Constitutions -- Social Capital -- References -- ch. 2 A Critique of Mechanism Design -- Conclusion -- Reference -- ch. 3 General Public Health and Social Psychology Issues in Global Housing Markets and Mortgage Markets -- Survey of Public Health Problems Caused by Traditional Mortgages and Foreclosures -- Conclusion -- References -- ch. 4 Public Health Issues: Psychological Factors Inherent in Housing Demand, Mortgage Demand, and House Prices -- Proposition 1 Credit Bias -- Proposition 2 The S & L Crisis Effect -- Proposition 3 Tenure Bias -- Proposition 4 Low Willingness to Accept Losses (WTAL) -- Proposition 5 Investment Horizon Effect -- Proposition 6 The Deferred-Disutility/Deferred Pain Bias -- Proposition 7 The Lender-Experience Effect -- Proposition 8 The Government Intervention Effect -- Proposition 9 The Multiple-Listing-Service (MLS) Effect -- Proposition 10 Psychological Limitations on Supply of Housing Units -- Validity of Housing Demand Models -- Conclusion -- References -- ch. 5 Behavioral Biases in Property Taxation and Property Appraisal -- Biases in Property Taxation -- Psychological Effects and Biases Inherent in Property Appraisal -- Conclusion -- References -- ch. 6 Foreclosure Statutes and Processes -- Foreclosures Reduce the Efficiency of Monetary Policies and Fiscal Policies -- Some Adverse Contagion Effects of Foreclosures -- The Statutory Ban of Waiver of Judicial Foreclosure in Conveyancing Documents and the Omission of Nonjudicial Foreclosure from States' Laws Are Unconstitutional -- The Borrower's Post-Foreclosure Right of Redemption Is Unconstitutional -- The Unconstitutionality of Preemptive Foreclosure Rules -- Enforcement of Core Foreclosure Processes and the Failure to Enact Uniform Federal Foreclosure and Mortgage Statutes Constitute Violations of the U.S. Constitution -- Alternative Foreclosure Systems -- New Theories of Takings -- Conclusion -- References -- ch. 7 Unconstitutionality of U.S. Bankruptcy Code, Preemption of State-Law Mortgage Foreclosure Statutes, and Related Economic Effects -- Existing Literature -- Survey of Macroeconomic Effects of Bankruptcy Codes -- The Financial Accelerator Theory Is Inaccurate -- Criteria for Preemption: Equitable Subordination, Fraudulent Transfers (the "Reasonably Equivalent Value" Doctrine), the Deprizio Controversy, and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 -- The U.S. Supreme Court's Standards for Preemption Cases -- New Standards for Preemption Cases -- Constitutional Law Issues -- Due Process Rights -- The Separation-of-Powers Doctrine -- A New Theory of Takings -- Conclusion -- Note -- References -- ch. 8 Mortgages and Deeds of Trust -- Improper Coupling/Combinations of Mortgage Markets, Rental Markets, Savings/Investment Markets, and Property-Value Markets -- Mortgages Cause Fraud and Misallocation of Risk -- Traditional and Alternative Mortgages Are Inefficient and Create Wrong Incentives -- Mortgages Reduce the Efficiency of Monetary Transmission -- The Mortgage Wealth Illusion: Inefficient Household Allocations and Reduction of the Marginal Propensity to Save -- Traditional and Alternative Western Mortgages Reduce Socioeconomic Flexibility that Substantially Affects Psychological Well-Being -- Traditional and Alternative Mortgages Distort the Marriage Market -- Traditional Western Mortgages and Alternative Mortgages Distort the Job Market -- The Statutory or Common Law Prohibition of Prepayment Penalty/Yield Maintenance or Limitations on Prepayment Penalty on Default Are Unconstitutional -- The Lack of Definition of the "Future Advances" Clause in Mortgages Constitutes a Violation of the U.S. Constitution -- The Government's Failure to Enact Statutes that Define the Qualifications/Characteristics of a First Mortgagee -- The Lender's Right to Receive Proceeds of Insurance and Condemnation (Arising from Real Estate) Is Not Codified -- Anti-Deficiency Statutes Are Unconstitutional and the Lender's Right to Deficiency Judgment Must Remain Enforceable -- New Theories of Takings -- Conclusion -- Notes -- References -- ch. 9 Subprime Lending Is Unconstitutional -- The State-Action Requirement: The Substitution Theory and Failure-to-Act as State Action -- Subprime Lending Is Unconstitutional -- Conclusion -- Note -- References -- ch. 10 Constitutionality of Real Property Title Systems -- The Recording System and the Registration/Torrens System Are Unconstitutional -- The Uniform Commercial Code (UCC), Title Systems, and Conflict of Laws -- Conclusion -- References -- ch. 11 Constitutionality of Real Estate Investment Trusts -- The REIT Ownership-Concentration Rules Are Unconstitutional -- The Regulation of REITs by U.S. States Constitutes Violations of the U.S. Constitution -- The Entire REIT-Qualification Statutes (IRC Section-856, RMA, and AJCA REIT-Qualification Rules) Are Unconstitutional -- The Mandatory REIT Dividend Payout Rule Violates the U.S. Constitution -- The Government's Failure to Regulate Management Agreements of REITs Constitutes a Violation of the Equal Protection Clause of the U.S. Constitution -- REITs Are Unconstitutional Because They Result in Illegal Misconduct -- A New Theory of Takings -- Conclusion -- References -- ch. 12 Asset Securitization Is Unconstitutional and Should Be Banned -- Securitization Dampens Monetary Transmission and Provides Wrong Incentives for Banks and Sponsors -- Securitization Increases Transaction Costs, Systemic Risk, Inflation, and Hedging Costs -- Securitization Constitutes a Violation of the Commerce Clause of the U.S. Constitution -- Securitization Constitutes a Violation of the Free Speech Clause -- Securitization Constitutes a Violation of the Right-to-Contract Clause of the U.S. Constitution and Is Illegal -- Securitization Constitutes a Violation of the Equal Protection Clause -- Securitization Constitutes a Violation of the Separation of Powers Doctrine -- The Elements of Required New Regulations -- The Implications of Change -- Conclusion -- References -- ch. 13 Recommendations for the Development of a Mortgage and Mortgage-Alternatives Market in the CIS Region, the CEE (Central and Eastern Europe) Region, and China -- Surveys and Needs Assessment -- Coordination among Institutions in CIS/CEE Countries and China -- Establishment of Mortgage and Real Estate Research Networks (Institutes) -- The Mortgage-Alternatives Funds -- Legal Infrastructure -- Credit Ratings Systems -- Taxation -- Pension Reform -- Accounting and Transparency/Disclosure -- Central Banks -- Mortgage Insurance -- Home-Equity Mortgages -- Primary Mortgage Markets -- Creation of Secondary Mortgage-Alternatives Markets -- Statutory Ban of Traditional "Western" Securitization -- Alternatives to Foreclosure -- The Price-Discovery Process and Viability of Mortgage-Alternatives Markets -- Monitoring Alternatives to Primary and Secondary Mortgage-Alternatives Markets -- Incentives for Banks and Financial Institutions -- Incentives for Borrowers/Buyers to Use Mortgage Alternatives -- Risk-Management and Risk-Transfer Systems -- References -- ch. 14 Asset-Liability Matching Is a Hindrance to Lending -- Errors in the Formulas for Duration, Modified Duration (MD), and Convexity -- Default/Bankruptcy Risk and Illiquidity -- Existing Liquidity Derivatives (Swaps and Options) Are Inaccurate and Inefficient -- Possible Solutions to the Perceived ALM Problem -- Constitutionality of Central Bank Restrictions on Daily Cash Withdrawals by Customers -- Conclusion -- References -- ch.