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2 - Foreclosure: At What Cost and to Whom?

Published online by Cambridge University Press:  22 June 2020

Janis Sarra
Affiliation:
University of British Columbia, Vancouver, Peter A. Allard School of Law
Cheryl L. Wade
Affiliation:
St. John's University School of Law
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Summary

Chapter 2 introduces the topic of foreclosure, and includes discussion of the theoretical frameworks and principles that can inform deeper consideration of the foreclosure issues of the past decade and going forward. The chapter examines the differential impact of race among U.S. consumers. It offers interviews with individuals who are currently fighting foreclosure and their lawyers. Our investigation traces the specificity of the discriminatory targeting of black Americans for predatory schemes. The chapter also includes a framing discussion with respect to the mortgage-backed securities market, market practice and regulatory oversight at the commencement of the global financial crisis. We examine the huge gap between what regulators believed was occurring and the practice of mortgage lending on the ground. We explore the deeper connection between market design and its consequent incentives for self-dealing as primary drivers of continuing harmful conduct in financial markets. Our objective in this chapter is to give readers that may have only passing familiarity with critical race theory or financial market theory a solid context in which to read the rest of the book.

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Publisher: Cambridge University Press
Print publication year: 2020

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