The Way We Live Now

Courtney J. Linn

Journal of Financial Crime, 2009, vol. 16, issue 1, 7-27

Abstract: Purpose - The paper seeks to focus on the causes of the recent subprime lending crisis in the US residential property market. Design/methodology/approach - The paper reviews the present situation. Findings - A number of causes for the crisis are shown, including the fragmented structure of the real estate settlement process, and the various people involved in real estate closings who operate under different regulatory and supervisory regimes with varying intensities of enforcement effort. This fragmentation makes it difficult to regulate the conduct of real estate industry insiders. Fragmented regulation also provides opportunities for swindlers, con‐artists, and fraudsters. Originality/value - The paper makes a case for a meaningful regulatory reform, namely mandatory fraud reporting by all those involved in residential real estate closings and settlements.

Keywords: Residential property; Lending services; United States of America; Financial control; Fraud (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:13590790910924939

DOI: 10.1108/13590790910924939

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