Risk in the Global Real Estate Market : International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs.
Başlık:
Risk in the Global Real Estate Market : International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs.
Yazar:
Nwogugu, Mike C. I.
ISBN:
9781118177730
Yazar Ek Girişi:
Basım Bilgisi:
1st ed.
Fiziksel Tanımlama:
1 online resource (459 pages)
Seri:
Wiley Finance ; v.664
Wiley Finance
İçerik:
Risk in the Global Real Estate Market -- Contents -- Preface -- CHAPTER 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 -- CHAPTER 2 A Critique of Mechanism Design -- Conclusion -- Reference -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 5 Behavioral Biases in Property Taxation and Property Appraisal -- Biases in Property Taxation -- Psychological Effects and Biases Inherent in Property Appraisal -- Conclusion -- References -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 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 -- CHAPTER 15 New Mortgage-Alternative Products for Primary Mortgage Markets in China and CIS/CEE Countries -- The Adjustable Balance Mortgage -- The Continuous Workout Mortgage, Shared Appreciation Mortgages (SAMs), Shared Income Mortgages (SIMs), and Shared Equity Mortgages (SEMs) -- Traditional Alternative Mortgages -- Indexed Mortgages -- Islamic Finance Products -- Cooperative Mortgages -- The Pricing of Mortgages and Behavioral Finance-Most Models Are Inaccurate -- Distortion of Economic Data and National Accounting -- Banks/Lenders as Seller-Lenders (Installment Sales Contracts and Installment Land Contracts) -- and Banks as Real Estate Brokers -- Renegotiation and Sequential Investments -- Recursion of Mortgages and the Perception of Defaults as Low-Probability Events -- Characterization of the New Mortgage-Alternative Products -- The New Mortgage-Alternative Products -- Conclusion -- Notes -- References -- CHAPTER 16 Conclusion -- References -- About the Author -- Index.
Özet:
Essential reading for professional investors, risk managers, regulators, central bankers, and real estate professionals, Risk in the Global Real Estate Market: International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs takes an international look at the ways in which U.S.-style constitutional laws, financial laws, and real estate laws in various countries affect global economics and risk; and analyzes specific constraints that deter market development such as Asset Liability Matching, inappropriate financial products, land title systems, inefficient constitutions and human biases. The sub-prime mortgage crisis (that began around 2006) and the Global Financial Crisis of 2007-2010 disrupted the economies of various countries and exposed many of the psychological, social, and economic problems inherent in the legal/risk infrastructure for mortgages, land title systems, REITs, securitization, and pensions. In this remarkable new book, Michael Nwogugu explains how these processes and statutes are unconstitutional and inefficient, and how they influence demand for housing, real estate prices, retirement savings, household wealth, consumer disposable income, marriage opportunities, job markets, crime, and regional economic growth. The resulting major economic and public health problems have continued to reduce the quality-of-life of nations, and continue to cause permanent declines in wealth, increases in crime and delinquency, high divorce rates, depression, and inadequate job creation, among other problems. The book examines a range of fields-including mechanism design, psychology, risk finance, and corporate governance; and emphasizes Constitutional economics as a distinct dimension of risk analysis. Risk in the Global Real Estate Market makes a compelling case about how constitutional torts increase information
asymmetry, transaction costs, agency problems, and compliance costs, as well as inefficiency in real estate transactions. These problems, the book argues, are not unique to the United States, but also affect Commonwealth countries and other nations that have developed regulations that are similar to, or are based on U.S. commercial, securities, and or constitutional laws. Risk in the Global Real Estate Market presents a novel analysis of the sub-prime crisis (that first began in 2006), the failure of securitization (CMBS/MBS) markets, the Global Financial Crisis, and socio-economic problems caused by traditional mortgages and securitization. The book reveals that many of the statutes and processes that define mortgages, foreclosures, securitization, and REITs in the United States (and many common-law countries and nations that have adopted American-style real estate regulations) are fundamentally unconstitutional and inefficient, and have lasting negative effects on consumer psychology, the demand for real estate, price discovery in property markets, economic growth, and quality of life. The book examines the nature of constitutional torts and property rights as the foundation for business transactions and economic growth within the context of risk regulation, interstate commerce, takings, and legislation. Risk in the Global Real Estate Market introduces new theories of consumer psychology and institutional dynamics in real estate transactions; presents new theories of takings, and also surveys psychology/psychiatry studies (based on data from various countries) that confirm the harmful effects of mortgages, securitization, and foreclosures. Using elements of mechanism design, Michael Nwogugu develops new efficient financial products (Mortgage-Alternatives products), and presents a policy framework for a unified "Mortgage-Alternatives" market
for the CEE/CIS region and China. He also explains why Asset Liability Matching hinders l.
Notlar:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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