Table of contents for Risk in the global real estate market : international risk regulation, mechanism design, foreclosures, title systems and REITs / Michael C.I. Nwogugu.


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Preface
Chapter 1: Regulation and Constitutional Torts
Federalism, Preemption and Risk
The Restoring American Financial Stability Act of 2010 (“RAFSA”)
The Existing “Tests” For Un-Constitutionality
Quasi Constitutions
Social Capital
Chapter 2: A Critique of Mechanism Design
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
Bibliography
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
Bibliography
Chapter 5: Behavioral Biases In Property Taxation And Property Appraisal
Biases In Property Taxation
Psychological Effects and Biases Inherent In Property Appraisal
Conclusion
Bibliography
Chapter 6: Foreclosure Statutes and Processes
The Statutory Ban of Waiver of Judicial Foreclosure in Conveyancing Documents and the Omission of Non-Judicial Foreclosure from States' Laws
The Borrower's Post-Foreclosure Right-of-Redemption is Un-constitutional
The Unconstitutionality of Preemptive Foreclosure Rules
Enforcement of “Core Foreclosure Processes” and the Failure to Enact Uniform Federal Foreclosure and Mortgage Statutes Constitutes Violations of the US Constitution
Conclusion
Chapter 7: Unconstitutionality of U.S. Bankruptcy Code Preemption of State-Law Mortgage Foreclosure Statutes and Related Economic Effects
Existing Literature
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
State Foreclosure Laws and Federal Foreclosure Laws as Property Rights
The US Supreme Court's Standards for Preemption Cases
Additional Standards for Preemption Cases
Constitutional Law Issues
Chapter 8: Mortgages and Deeds of Trust
Mortgages Reduce Efficiency Of Monetary Transmission
The Statutory or Common Law Prohibition of Prepayment-Penalty/Yield-Maintenance or Limitations on Prepayment Penalty Upon Default, are Unconstitutional
The Lack of Definition of the “Future Advance” 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
Conclusion
Chapter 9: Sub-Prime lending Is Un-Constitutional.
Conclusion
Chapter 10: Constitutionality of Real Property Title Systems
The Uniform Commercial Code (UCC), Title Systems, and Conflict of Laws
Conclusion
Chapter 11: Constitutionality of Real Estate Investment Trusts
The REIT-Qualification Rules Are Un-Constitutional
The REIT Ownership-Concentration Rules
The Regulation of REITs by US States Constitutes Violations the US Constitution
The Entire REIT Qualification Statutes (IRC Section-856, RMA And AJCA REIT Qualification Rules) Are Un-Constitutional
The Mandatory REIT Dividend Payout Rule Violates the US Constitution
The Government's Failure to Regulate Management Agreements of REITs Constitutes a Violation of the Equal Protection Clause of the US Constitution
REITs Are Unconstitutional because they Result in Illegal Misconduct
Conclusion
Chapter 12: Asset Securitization Is Un-Constitutional; And Loan Securitization Should Be Banned
Why Loan Securitization Should Be Banned
Securitization Constitutes a Violation of the Commerce Clause of the US Constitution
Securitization Constitutes a Violation of the Free-Speech Clause
Securitization Constitutes a Violation of the Right-to-Contract Clause of the US Constitution, and Hence, is Illegal
Securitization Constitutes a Violation of the Equal Protection Clause
Securitization Constitutes a Violation of the Separation of Powers Doctrine
The Nature of Required New Regulations
The Implications of Change
Conclusion
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
Chapter 14: Asset Liability Matching Is A Hindrance To Lending
Errors In The Formulas For Duration, the Modified-Duration (“MD”) and Convexity
Constitutionality Of Central Bank Restrictions On Daily Cash Withdrawals By Customers
Conclusion
Chapter 15: New Mortgage-Alternatives 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
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)
Renegotiation And Sequential Investments
Recursiveness Of Mortgages And The Perception Of Defaults As Low-Probability Events
The New Mortgage Alternatives Products
Conclusion
Chapter 16: Conclusion
About the Author
Index


Library of Congress subject headings for this publication:
Real estate business.
Risk.
Mortgages.
Foreclosure.
Real estate investment trusts.
BUSINESS & ECONOMICS / Investments & Securities. -- bisacsh