Judicial Requirements for Foreclosures

Jaime Luque
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Jaime Luque: 1University of Wisconsin-Madison, USA

Chapter 5 in The Subprime Crisis:Lessons for Business Students, 2017, pp 39-46 from World Scientific Publishing Co. Pte. Ltd.

Abstract: As a result of the falling property values that followed the bursting of the housing bubble, many people saw their investments plummet. Some cases were so extreme that the value of homes was underwater, meaning they owed more on it than it was actually worth. Many were forced to foreclose on their homes. Foreclosing a home essentially means vacating it and turning it over to the bank after inability to service the loan. Widespread foreclosures not only have a negative impact on the values of surrounding properties, but they also negatively affect securities packaged from a bad loan. Could legal environments in communities affect the likelihood of foreclosures to happen?…

Keywords: Subprime Crisis; Great Recession; 2009 Recession; Mortgage; Financial Market; Preventing Recession; 2009 Crisis; Interest Rates (search for similar items in EconPapers)
JEL-codes: G01 G1 (search for similar items in EconPapers)
Date: 2017
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