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Research Article
Open Access

A Public Choice Approach to the Unequal Treatment of Securities Market Participants and Home Borrowers

Jonathan Macey
RSF: The Russell Sage Foundation Journal of the Social Sciences January 2017, 3 (1) 94-101; DOI: https://doi.org/10.7758/RSF.2017.3.1.05
Jonathan Macey
aThe Sam Harris Professor of Corporate Law, Corporate Finance and Securities Regulation at Yale Law School
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REFERENCES

  1. ↵
    1. Board of Governors of the Federal Reserve System
    . 2014. “The 2013 Home Mortgage Disclosure Act Data.” Federal Reserve Bulletin 100(6). Available at: hwww.federalreserve.gov/pubs/bulletin/2014/articles/hmda/2013-HMDA-Data.htm; accessed June 8, 2016.
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    Center for Responsive Politics. 2015a. “Mortgage Bankers Assn.” Available at: www.opensecrets.org/orgs/lobby.php?id=D000000309; accessed January 18, 2016.
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    Center for Responsive Politics. 2015b. “Real Estate, Industry Profile: Summary, 2015.” Available at: www.opensecrets.org/lobby/indusclient.php?id=F10&year=2015; accessed January 18, 2016.
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    1. Choi, Stephen J.,
    2. Jill E. Fisch, , and
    3. A. C. Pritchard
    . 2010. “Attorneys as Arbitrators.” Journal of Legal Studies 39(1): 109–57.
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    Choi, Stephen, and Theodore Eisenberg. 2010. “Punitive Damages in Securities Arbitration: An Empirical Study.” Cornell Law Faculty Publications, Paper 391. Available at: http://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=1315&context=facpub; accessed June 8, 2016.
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    Consumer Financial Protection Bureau. 2016. “What Is a Subprime Mortgage.” Ask CFPB, Mortgages.” Available at: www.consumerfinance.gov/askcfpb/110/what-is-a-subprime-mortgage.html; accessed June 8, 2016.
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    Dunbar, John. 2009. “The Roots of the Financial Crisis: Who Is to Blame?” Center for Public Integrity, May 6. Available at: www.publicintegrity.org/2009/05/06/5449/roots-financial-crisis-who-blame; accessed June 6, 2016.
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    1. Engel, Kathleen C., and
    2. Patricia A. McCoy
    . 2002. “A Tale of Three Markets: The Law and Economics of Predatory Lending.” Texas Law Review 80(6): 1255–1368.
    OpenUrl
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    Financial Industry Regulatory Authority. 2015a. “FINRA Orders RBC to Pay Fine and Restitution Totaling More Than $1.4 Million for Unsuitable Sales of Reverse Convertibles.” News release, April 23. Available at: www.finra.org/newsroom/2015/finra-orders-rbc-pay-fine-and-restitution-totaling-more-14-million; accessed June 8, 2016.
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    Financial Industry Regulatory Authority. 2015b. “FINRA Sanctions Barclays Capital Inc. $13.75 Million for Unsuitable Mutual Fund Transactions and Related Supervisory Failures.” News release, December 29. Available at: www.finra.org/newsroom/2015/finra-sanctions-barclays-capital-inc-1375-million-unsuitable-mutual-fund-transactions; accessed June 8, 2016.
  11. ↵
    1. Levinson, Charles
    . 2015. “How Wall Street Captured Washington’s Effort to Rein in Banks.” Reuters, April 9, 2015.
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    1. Macey, Jonathan
    . 2010. “The Distorting Incentives Facing the U.S. Securities and Exchange Commission.” Harvard Journal of Law and Public Policy 33(2): 639–70.
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    1. Macey, Jonathan,
    2. Geoffrey Miller, ,
    3. Maureen O’Hara, , and
    4. Gabriel Rosenberg
    . 2009. “Helping Law Catch up to Markets: Applying Broker-Dealer Law to Subprime Mortgages.” Journal of Corporation Law 34(3): 789–842.
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    1. Mahoney, Peter E., and
    2. Peter M. Zorn
    . 1996. “The Promise of Automated Underwriting,” Mortgage Market Trends 1996: 18–24. Available at: http://www.freddiemac.com/finance/smm/nov96/pdfs/mhnyzorn.pdf; accessed July 11, 2016.
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    Mortgage Bankers Association. 2007. “Suitability—Don’t Turn Back the Clock on Fair Lending and Homeownership Gains.” MBA Policy Paper Series, Paper 2007-1. Available at: www.pdffiller.com/en/project/50523286.htm?form_id=5734291; accessed June 8, 2016.
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    1. Quercia, Roberto G., and
    2. Michael A. Stegman
    . 1992. “Residential Mortgage Default, A Review of the Literature.” Journal of Housing Research 3(2): 341–79.
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    1. Shenn, Jody
    . 2015. “Subprime Bonds Are Back with a Different Name Seven Years After U.S. Crisis.” Bloomberg, January 27.
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    1. Simpson, Glenn R
    . 2007. “Lender Lobbying Blitz Abetted Mortgage Mess.” Wall Street Journal, December 31, 2007.
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    U.S. Department of Housing and Urban Development. 2006. “Data Sets: HUD Subprime and Manufactured Home Lender List.” Available at: www.huduser.gov/portal/datasets/manu.html; accessed June 8, 2016.
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RSF: The Russell Sage Foundation Journal of the Social Sciences: 3 (1)
RSF: The Russell Sage Foundation Journal of the Social Sciences
Vol. 3, Issue 1
1 Jan 2017
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A Public Choice Approach to the Unequal Treatment of Securities Market Participants and Home Borrowers
Jonathan Macey
RSF: The Russell Sage Foundation Journal of the Social Sciences Jan 2017, 3 (1) 94-101; DOI: 10.7758/RSF.2017.3.1.05

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A Public Choice Approach to the Unequal Treatment of Securities Market Participants and Home Borrowers
Jonathan Macey
RSF: The Russell Sage Foundation Journal of the Social Sciences Jan 2017, 3 (1) 94-101; DOI: 10.7758/RSF.2017.3.1.05
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    • Abstract
    • SUITABILITY
    • THE POSSIBILITIES
    • RECOGNIZING THE PROBLEM
    • ANALYSIS: WHY CHANGE DOESN’T HAPPEN
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