An Empirical Study of Residential Developer Bankruptcies in the United States 2007-2008

Author: N.A

Publisher: Stanford University



Page: N.A

View: 1535

With falling home prices and home foreclosures currently acknowledged as a severe problem in the U.S., more attention needs to be paid to the contributing phenomenon of residential developers undergoing liquidation, which has left behind a trail of partially-completed or abandoned properties. This dissertation presents the results of an empirical investigation aimed at understanding this phenomenon. Specifically, we addressed the following research questions: How have the Chapter 11 bankruptcy cases of residential developers and home builders during this downturn been resolved? How did the actions taken by secured lenders in the course of bankruptcy proceedings shape the resolution outcome? To what extent was bank behavior during these bankruptcies affected and constrained by the banking regulatory framework and culture? This dissertation research involves the analysis of more than 200 residential developers that filed Chapter 11 bankruptcy petitions between November 2007 and December 2008. The main finding is that only a small minority of these developers confirmed a reorganization plan. The majority of the cases were dismissed or converted to Chapter 7, culminating in foreclosure or liquidation. Over 70% of the cases showed at least one instance where a secured lender sought lift-stay motions to pursue foreclosure. Among such cases, orders granting the lift-stay motions were granted most of the time. Investigating this insistence on quick foreclosure, more nuanced views of banks' lending functions, risk management and their regulatory environment are explored through a study of FDIC data, interviews with industry participants and banks' comment letters. A key finding is that, during a recession, banks may have a preference for liquidation in bankruptcy because of capital shortfalls and procyclical regulatory pressure to reduce portfolio concentrations, particularly in real estate lending. This would be inconsistent with theories that secured lenders will choose economically optimal outcomes within a bankruptcy case, as they may choose outcomes that are sub-optimal within a bankruptcy to maximize an exogenous urgent need for capital.
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Consumer Credit and the American Economy

Author: Thomas A. Durkin,Gregory Elliehausen,Michael E. Staten,Todd J. Zywicki

Publisher: Oxford University Press

ISBN: 0199384959

Category: Business & Economics

Page: 528

View: 691

Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
Posted in Business & Economics

Debtfare States and the Poverty Industry

Money, Discipline and the Surplus Population

Author: Susanne Soederberg

Publisher: Routledge

ISBN: 1317646738

Category: Political Science

Page: 284

View: 1771

WINNER of the BISA IPEG Book Prize 2015 Under the rubric of ‘financial inclusion’, lending to the poor –in both the global North and global South –has become a highly lucrative and rapidly expanding industry since the 1990s. A key inquiry of this book is what is ‘the financial’ in which the poor are asked to join. Instead of embracing the mainstream position that financial inclusion is a natural, inevitable and mutually beneficial arrangement, Debtfare States and the Poverty Industry suggests that the structural violence inherent to neoliberalism and credit-led accumulation have created and normalized a reality in which the working poor can no longer afford to live without expensive credit. The book further transcends economic treatments of credit and debt by revealing how the poverty industry is extricably linked to the social power of money, the paradoxes in credit-led accumulation, and ‘debtfarism’. The latter refers to rhetorical and regulatory forms of governance that mediate and facilitate the expansion of the poverty industry and the reliance of the poor on credit to augment/replace their wages. Through a historically grounded analysis, the author examines various dimensions of the poverty industry ranging from the credit card, payday loan, and student loan industries in the United States to micro-lending and low-income housing finance industries in Mexico. Providing a much-needed theorization of the politics of debt, Debtfare States and the Poverty Industry has wider implications of the increasing dependence of the poor on consumer credit across the globe, this book will be of very strong interest to students and scholars of Global Political Economy, Finance, Development Studies, Geography, Law, History, and Sociology.
Posted in Political Science

The Rise and Fall of the US Mortgage and Credit Markets

A Comprehensive Analysis of the Market Meltdown

Author: James Barth

Publisher: John Wiley & Sons

ISBN: 9780470493885

Category: Business & Economics

Page: 528

View: 7275

The mortgage meltdown: what went wrong and how do we fix it? Owning a home can bestow a sense of security and independence. But today, in a cruel twist, many Americans now regard their homes as a source of worry and dashed expectations. How did everything go haywire? And what can we do about it now? In The Rise and Fall of the U.S. Mortgage and Credit Markets, renowned finance expert James Barth offers a comprehensive examination of the mortgage meltdown. Together with a team of economists at the Milken Institute, he explores the shock waves that have rippled through the entire financial sector and the real economy. Deploying an incredibly detailed and extensive set of data, the book offers in-depth analysis of the mortgage meltdown and the resulting worldwide financial crisis. This authoritative volume explores what went wrong in every critical area, including securitization, loan origination practices, regulation and supervision, Fannie Mae and Freddie Mac, leverage and accounting practices, and of course, the rating agencies. The authors explain the steps the government has taken to address the crisis thus far, arguing that we have yet to address the larger issues. Offers a comprehensive examination of the mortgage market meltdown and its reverberations throughout the financial sector and the real economy Explores several important issues that policymakers must address in any future reshaping of financial market regulations Addresses how we can begin to move forward and prevent similar crises from shaking the foundations of our financial system The Rise and Fall of the U.S. Mortgage and Credit Markets analyzes the factors that should drive reform and explores the issues that policymakers must confront in any future reshaping of financial market regulations.
Posted in Business & Economics

Helping Families Save Their Homes in Bankruptcy Act of 2009

Report Together with Minority Views (to Accompany H.R. 200) (including Cost Estimate of the Congressional Budget Office).

Author: United States. Congress. House. Committee on the Judiciary

Publisher: N.A


Category: Foreclosure

Page: 60

View: 1862

Posted in Foreclosure

Who's Who in International Organizations

Author: Union of International Associations

Publisher: K G Saur Verlag Gmbh & Company

ISBN: 9783598246463

Category: Political Science

Page: 1140

View: 5784

Yearbook of International Organizations is the most comprehensive reference resource and provides current details of international non-governmental (NGO) and intergovernmental organizations (IGO). Collected, documented and disseminated by the Union of International Associations (UIA), detailed and profound information on international organizations worldwide can be found here, from the United Nations, the ASEAN and the Red Cross to sporting bodies and religious orders. Besides historical and organizational information (e.g. on aims, subject orientation and locations), details on activities, events or publications as well as the most current contact details are included. Integrated are also biographies of the leading individuals of the organizations as well as the presentation of networks of organizations. The Union of International Associations (UIA) is a non-profit, apolitical, independent and non-governmental institution in the service for international associations, based in Brussels, Belgium. For 100 years, the UIA has focused on the nature and evolution of the international civil society - a topic of increasing relevance. New: UIA Bi-monthly Study Find out about current topics and the wealth of information contained in the Yearbook of International Organizations. No. 1 of UIA's new Bi-monthly Study is now available for download. This time's subject: Olympic Games and Sports.
Posted in Political Science


Newsletter of Malaysia-Singapore Studies Council

Author: N.A

Publisher: N.A


Category: Brunei

Page: N.A

View: 9865

Posted in Brunei

Books in Print 2009-2010

Author: N.A

Publisher: N.A

ISBN: 9780835250191

Category: Publishers' catalogs

Page: N.A

View: 3460

Posted in Publishers' catalogs

The Big Short - Wie eine Handvoll Trader die Welt verzockte

Author: Michael Lewis

Publisher: Campus Verlag

ISBN: 3593393573

Category: Political Science

Page: 319

View: 6554

"The Big Short" erzählt von der Erfindung einer monströsen Geldmaschine: Ein paar Hedgefond-Manager sehen das katastrophale Platzen der amerikanischen Immobilienblase nicht nur voraus, sondern sie wetten sogar im ganz großen Stil darauf. Den Kollaps des Systems befördern sie unter anderem mittels des sogenannten "shortings", Leerverkäufen von Aktien großer Investmentbanken. Doch zu jeder Wette gehört auf der anderen Seite auch einer, der sie hält. Lewis entlarvt anhand seiner Protagonisten ein System, das sich verselbständigt und mit moralischen Kategorien wie Habgier oder Maßlosigkeit längst nicht mehr zu fassen ist. Der Zusammenbruch der Finanzmärkte, so lernen wir in diesem Buch, war ein kurzer Moment der Vernunft: Der Wahnsinn hatte sich in den Jahren davor abgespielt.
Posted in Political Science

Dieses Mal ist alles anders

Acht Jahrhunderte Finanzkrisen

Author: Carmen Reinhart,Reinhart Carmen

Publisher: FinanzBuch Verlag

ISBN: 3862484386

Category: Political Science

Page: 592

View: 3897

Dieses Mal ist alles anders. Die derzeitige Krise ist überhaupt nicht vergleichbar mit vergangenen Situationen – darin sind sich die Experten einig, wann immer ein Wirtschaftssystem oder ein Staat zusammenbricht. Carmen Reinhart und Kenneth Rogoff haben die Crashs der letzten 800 Jahre analysiert. Ihr erstaunliches Ergebnis: In Wahrheit sind es doch immer die gleichen Fehler, die zum Kollaps geführt haben.
Posted in Political Science

Die Grenzen des Wachstums

Bericht des Club of Rome zur Lage der Menschheit

Author: Dennis Meadows,Donella H. Meadows

Publisher: N.A


Category: Economic history

Page: 183

View: 3594

Posted in Economic history

Animal Spirits

Wie Wirtschaft wirklich funktioniert

Author: George A. Akerlof,Robert J. Shiller

Publisher: Campus Verlag

ISBN: 3593389371

Category: Political Science

Page: 300

View: 1299

Viel zu lange hat die Ökonomie einen der wichtigsten Faktoren im wirtschaftlichen Agieren von Menschen vernachlässigt: die Animal Spirits, also die nicht-rationalen Aspekte unseres Handelns. Ein großer Fehler, sagen George A. Akerlof und Robert J. Shiller, dessen Folgen wir in der Wirtschaftskrise täglich neu zu spüren bekommen. Sie fordern, das Verhalten des Menschen in der Wirtschaft wieder stärker zu berücksichtigen, anstatt sich auf reinen Marktglauben zu konzentrieren. Dieses Buch ist das Ergebnis ihrer langjährigen Forschungsarbeit. Es zeigt uns, wie erfolgreiches ökonomisches Denken und Handeln in der Zukunft aussehen muss.
Posted in Political Science

A Study of Inventors

Incentives, Productivity, and Mobility

Author: Karin Hoisl

Publisher: Springer-Verlag

ISBN: 9783835006508

Category: Business & Economics

Page: 199

View: 8357

Karin Hoisl is concerned with innovation processes and the involved inventors. Her focus is on the determinants of inventor productivity, the relationship between inventor mobility and inventor productivity, and the establishment of efficient incentive systems to commit key inventors to the firm.
Posted in Business & Economics

Renten auf einen Blick 2009 Renteneinkommenssysteme in OECD-Ländern

Renteneinkommenssysteme in OECD-Ländern

Author: OECD

Publisher: OECD Publishing

ISBN: 9264076107


Page: 282

View: 641

In dieser dritten Ausgabe werden die Detailinformationen zu den Kernmerkmalen der Altersvorsorge in den OECD-Ländern aktualisiert und Projektionen für die Renteneinkommen vorgestellt, über die die heute Erwerbstätigen im Alter verfügen werden.
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Die Unfehlbaren

Wie Banker und Politiker nach der Lehman-Pleite darum kämpften, das Finanzsystem zu retten - und sich selbst

Author: Andrew Ross Sorkin

Publisher: N.A

ISBN: 9783442102396


Page: 621

View: 8828

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