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Journal Article
What's at Stake in the Detroit Bankruptcy?
Journal Article
An end to too big to let fail? The Dodd-Frank Act's orderly liquidation authority
One of the changes introduced by the sweeping new financial market legislation of the Dodd?Frank Act is the provision of a formal process for liquidating large financial firms?something that would have been useful in 2008, when troubles at Lehman Brothers, AIG, and Merrill Lynch threatened to damage the entire U.S. financial system. While it may not be the end of the too-big-to-fail problem, the orderly liquidation authority is an important new tool in the regulatory toolkit. It will enable regulators to safely close and wind up the affairs of those distressed financial firms whose failure ...
Journal Article
Municipal finance in the face of falling property values
Journal Article
Better Housing Policies
Journal Article
Resolving large, complex financial firms
How to best manage the failure of systemically important financial firms was the theme of a recent conference at which the latest research on the issue was presented. Here we summarize that research, the discussions that it sparked, and the areas where considerable work remains.
Working Paper
False security: how securitization failed to protect arrangers and investors from borrower claims
The future of housing finance is in a state of flux. In February 2011, the Obama Administration released a proposal outlining three plans for the future of housing finance. In all three plans, Freddie Mac and Fannie Mae will be phased out over a period of years and replaced with a private securitization market, which may be backed, in whole or in part, by a government guarantee. Whether the final plan relies upon government-guaranteed securities or private-label securities, Congress will have to resolve a range of complex legal aspects of securitization, from the bankruptcy remoteness of ...
Discussion Paper
Understanding Ohios land bank legislation
The effects of sustained high rates of foreclosure on numerous areas of Cuyahoga County have thrust land banking to the forefront of recent public policy discussions in Ohio. This Policy Discussion Paper seeks to inform those discussions by explaining the states current land banking system and by illustrating how the proposed system under Senate Bill 353/House Bill 602 (the Land Bank Bill) would work.
Working Paper
Land Bank 2.0: an empirical evaluation
Cuyahoga County created a land bank in 2009 explicitly intended to acquire low-value properties, mitigate blighted housing, help stabilize neighborhoods, and slow the decline of property values. This paper evaluates the effectiveness of the land bank by estimating spatially-corrected hedonic price models using sales near the land bank homes. Homes that sold within 500 feet of a property that would be acquired by the land bank in the next six months show a 3 to 5 percent discount versus observationally similar homes. Homes that sold within 500 feet of a land bank owned home sold at prices ...
Journal Article
Estimating the Impact of Fast-Tracking Foreclosures in Ohio and Pennsylvania
All the signs in the housing market seem to be pointing the right way, except the amount of time loans are spending in the foreclosure process. Foreclosure fast-tracks for vacant homes in foreclosure may help reverse that trend.
Journal Article
How well does bankruptcy work when large financial firms fail? Some lessons from Lehman Brothers
There is disagreement about whether large and complex financial institutions should be allowed to use U.S. bankruptcy law to reorganize when they get into financial difficulty. We look at the Lehman example for lessons about whether bankruptcy law might be a better alternative to bailouts or to resolution under the Dodd-Frank Act?s orderly liquidation authority. We find that there is no clear evidence that bankruptcy law is insufficient to handle the resolution of large complex financial firms.