Perspective
Oct. 8, 2009
Using Loss-Shifting to Reduce Foreclosures
Isaac Gradman of Howard Rice says the 'Servicer Safe Harbor,' intended to encourage loan modification, violates the Takings Clause.
CONSTITUTIONAL RIGHTS
By Isaac GradmanOn May 21, 2009, President Barack Obama signed into law the Helping Families Save Their Homes Act, a bill aimed at easing the fallout from the greatest financial calamity since the Great Depression. But the manner in which Washington sought to keep troubled borrowers in their homes-by shielding large mortgage lenders from the costs of reworking the distressed mortgages they created and dumping these costs on inves...For only $95 a month (the price of 2 article purchases)
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