Paul H. Cherry V. Chase Manhattan Mortgage Group

analytical Essay

811 words

Joshua Franco Professor Nanci Carr BLAW 481 Paul H. Cherry v. Chase Manhattan Mortgage Group Issue: Can Chase Manhattan recover from Cherry for breaching the acceleration clause? Rules: • An acceleration clause: Is a provision in a mortgage that provides the lender to collect the entire amount that a debtor owes in debt if the debtor becomes late even if one payment is missed. • Breach refers to the failing of the duty of upholding a contract. • A loan reactivation letter is a document that is sent from the mortgage lendor that remedies the mortgage loan by reactivating it. • Biggs v. Smith, was a case that reached the conclusion that a recorded mortgage provides clear evidence of the debtors attempt at the eradication of the mortgage. …show more content…

• United Service Corp. v. Vi-An Const. Corp., was a court case that said that a Satisfaction of a Mortgage “made through a mistake may be canceled” and a mortgage becomes reestablished as long as no other innocent third parties have “acquired an interest in the property.” • “Inequitable result test” Rule# 5 5) where there was intent to make a timely payment, and it was attempted and or steps taken to accomplish a payment was made. Nonetheless the payment was not made due to a misunderstanding or excusable neglect, coupled with some conduct of the mortgagee which contributed to the failure to pay when the payment was due or within the grace period for when the payment was …show more content…

Cherry argues that these attempts would satisfy the Inequitable result test Factors 1-5 but, the one that applies would be #5. Factor #5 applies because there was an intent to make a timely payment and it was attempted or tried to have the payment accomplished without neglect. The payments were intended to all be in good faith towards the lender. Thus, factor number five creates enough of the limited circumstances for the court to decide on Cherry’s favor in order to deny the foreclosure. Since Cherry intent was to pay Chase and also attempted to make the mortgage payments to Chase on time this factor would qualify Cherry to be granted the denial of the foreclosure. In addition, Cherry claims that he attempted to make the payments, but was told by a representative of Chase that there was no mortgage loan number upon which to apply the payments. As a result, the mortgage payments were placed into an account and later into his counsel’s trust account as a mortgage escrow account. In the end Cherry did take steps to make mortgage payments and Chase’s erroneous letter of satisfaction of payment helps Cherry on the fifth factor of the inequitable test

In this essay, the author

Explains that an acceleration clause provides the lender to collect the entire amount that a debtor owes in debt.
Explains that a loan reactivation letter and satisfaction of mortgage are documents from the mortgage lendor that are given to the lendee.
Explains that united service corp. v. vi-an const. corp was a court case that said that satisfaction may be canceled if no innocent third parties have acquired an interest in the property. the payment was not made due to misunderstanding or excusable neglect.

Explains that an acceleration clause provides the lender to collect the entire amount that a debtor owes in debt.
Explains that a loan reactivation letter and satisfaction of mortgage are documents from the mortgage lendor that are given to the lendee.
Explains that united service corp. v. vi-an const. corp was a court case that said that satisfaction may be canceled if no innocent third parties have acquired an interest in the property. the payment was not made due to misunderstanding or excusable neglect.
Argues that cherry is liable for the breaching of the acceleration clause provision that is in the mortgage.
Analyzes how cherry argues that chase cannot force a foreclosure because he intended to pay chase and had also made previous payments to his attorney escrow account for when the payment was needed.
Concludes that chase cannot recover from cherry because of factor #5 in the inequitable results test. the court denied chase's request for foreclosure.

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Legislation and Predatory Lending in the Mortgage Industry
opinion essay
to take advantage of these people by granting mortgages to them at terms that are
In this essay, the author
- Opines that immigrant hopes to one day produce 1.7 kids, obtain 1.3 cars, and of course purchase the goods.
- Opines that there is a growing legislative movement all over the country to end it.
- Explains that easily identifiable forms like issuing loans that are ostensibly more than 10 points above comparable u.s. treasury notes and attaching balloons are virtually extinct.
- Opines that immigrant hopes to one day produce 1.7 kids, obtain 1.3 cars, and of course purchase the goods.
- Opines that there is a growing legislative movement all over the country to end it.
- Explains that easily identifiable forms like issuing loans that are ostensibly more than 10 points above comparable u.s. treasury notes and attaching balloons are virtually extinct.
- Describes the reasons for borrowers to refinance unnecessarily, adding up itont points, fees, or credit insurance without disclosure to the borrower, splitting loans in two so that interest can be charged twice, and colluding with brokers and insurers.
- Explains that hud announced in 2001 that it will soon refuse to do so.
- Explains that state regulation of predatory lending has the potential to have a more significant impact on this activity than federal regulation.
- Describes the prepayment penalties prevalent in north carolina. a 2002 review of the law.
- Argues that it is possible to successfully regulate predatory lending and not adversely affect the credible sub-prime industry. the competitiveness of the mortgage industry should prove the scarcity argument wrong.
- Describes the benefits of the law, stating that it not only punishes guilty lenders, but also forces them to resign.
- Explains the settlement reached in a class action suit filed in 50 states.
- Opines that they should be able to compare them against federal rules in order to avoid complications with pre.
- Opines that no predatory lending legislation will ever be totally effective due to one fact.
- Analyzes how connor, geofffey m., "how to be a predatory lender and how can banks put an end to the practice" new jersey law journal, 4 september 2000 lexis-nexis.
- Explains that sah, pamel'., "remedies for victims of mortgage scams" new york law journal.
- Opines that north carolina's predatory lending law saves borrowers 100 million study finds. consumer financial services law report.
- Opines that election aftermath creates hurdles for georgia fair lending act. lexis-nexis. baruch college.
- Explains that people's need for extra funding has led to the extension of credit to large segments of the population who were previously deemed unqualified. however, some lenders have tried to take advantage of these people by granting mortgages.
- Explains that redlining was the practice by financial institutions of pinpointing an area with a certain racial makeup and refusing to do business there.
- Explains that many of the loans made to individuals in minority neighborhoods were made at sub-prime rates regardless of their economic status or credit history.
- Argues that the laws will affect all sub-prime lenders and put a necessary segment of the lending industry out of business.
- Opines that it will soon cease buying mortgages from firms that engage in this practice, since they provide much of the liquidity in the mortgage market.
- Explains that this law is important in new york because it is not unusual for low-income homeowners to pay 35 to 50 percent of their income on housing and these people need protection.
- Narrates how opponents of the law sprang up from all sectors and succeeded in having major components of it thrown out.
- Opines that the lure of the extra money that lenders can make via predatory financing makes it hard to imagine that new laws will be able to effectively eradicate this practice.
- Analyzes how wyly, elvin k., and holloway, steven r. "invisible cities: geography and the disappearance of 'race' from mortgage-lending data in the usa".
- Explains that acorn sues household over alleged predatory lending practices.
1895 words
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Arbitration Clauses and Litigation
opinion essay
A similar situation occurs in the case of Toppings v. Meritech Mortgage Services (MMS). An elderly couple, Margaret and Roger Toppings received a loan from Meritech Mortgage Services for thirty-seven thousand dollars with a monthly payment plan which would last for fifteen years, along with thirty-six thousand dollars in interest. Before signing the loan, the couple asked for the document to be explained. At the time, the MMS lawyer was not coherent with the document but told the couple to read it at home after signing the document. Upon reading the contract, the Toppings came across the amount to be repaid in interest and tried to bring MSS to court for trying to take advantage of the elderly.
In this essay, the author
- Explains that more companies are including arbitrational clauses in their contracts, but do they hold up in the legal system? in the recent paypal corporation case, the arbitration clause was not enforced due to small details.
- Analyzes how bellsouth mobilized an arbitrational clause in its service agreement that states that company and customer agree to arbitrate any and all disputes. christopher brought the case before an appellate court, the court sided in his favor.
- Explains how margaret and roger toppings received a loan from meritech mortgage services for thirty-seven thousand dollars with monthly payment plan which would last for fifteen years. the couple tried to bring mss to court for trying to take advantage of the elderly.
- Explains that more companies are including arbitrational clauses in their contracts, but do they hold up in the legal system? in the recent paypal corporation case, the arbitration clause was not enforced due to small details.
- Analyzes how bellsouth mobilized an arbitrational clause in its service agreement that states that company and customer agree to arbitrate any and all disputes. christopher brought the case before an appellate court, the court sided in his favor.
- Explains how margaret and roger toppings received a loan from meritech mortgage services for thirty-seven thousand dollars with monthly payment plan which would last for fifteen years. the couple tried to bring mss to court for trying to take advantage of the elderly.
- Explains that arbitrational clauses are also appearing in employee contracts. in eeoc v. waffle house, an arbitration clause was argued over the employee's right to litigate over unlawful employment practices.
- Opines that arbitrational clauses don't hold up well during litigation, and that they're not necessary in all contracts.
- Opines that agreements don’t supersede authority to recover damages. the legal intelligencer, 6 june 2002, and the lexisnexis academy, 30 september 2002.
780 words
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Mortgage Laws and Contracts
explanatory essay
Under title theory of mortgage law, a lender has the right to formal ownership of the property for the duration of the mortgage (Kent, 1830). However, borrowers legally own the property during terms of the mortgage under lien theory (Gadow, 2000). During this period, all lending interests we...
In this essay, the author
- Explains that mortgage laws across the u.s. can be traced back to america's history. to understand how mortgage fraudulent activities occur, it is essential to trace the history of mortgage law in the us.
- Explains that the word mortgage was conned from a french term which means death pledge. early english laws were derived from civil law and the roman hypotheca.
- Explains that under title theory of mortgage law, a lender has the right to formal ownership of property for the duration of the mortgage.
- Explains that mortgage laws across the u.s. can be traced back to america's history. to understand how mortgage fraudulent activities occur, it is essential to trace the history of mortgage law in the us.
- Explains that the word mortgage was conned from a french term which means death pledge. early english laws were derived from civil law and the roman hypotheca.
- Explains that under title theory of mortgage law, a lender has the right to formal ownership of property for the duration of the mortgage.
- Explains that before the 17th century, the lender had more rights than the borrower.
- Explains that after the mid-13th century, the responsibility shifted to the borrower in order for him to show proof of payment of the debt so that he could retrieve the property.
- Explains that the english mortgage drastically changed after the introduction of concepts like the equity of redemption by english courts. the borrower had the right to his estate even though he had entered into a contract that would make him lose his home
- Explains that the equity of redemption principle allowed lenders to evict borrowers, but mandated them to document rents and profits they made on the property.
- Explains that the equitable right of redemption was an establishment of a court of equity. courts had freedom to determine the conditions required for foreclosure.
- Explains that states formed after independence from great britain were less likely to follow precedents grounded on english law.
- Explains that mortgage foreclosures in early american states were mainly a judicial process, but some states moved towards non-judicial foreclosure at the influence of lenders to diminish the equity of redemption that the british court system had established.
- Explains that pennsylvania established the writ of scire facias in order to foreclose rapidly, which mostly favored lenders or creditors. illinois and ohio adopted it, but by the end of the 19th century the two states no longer used it.
- Explains that a sale-in-lieu of foreclosure was introduced to help property owners to benefit from the sale of their properties.
- Explains that the 1827 supreme court ruling was not practiced by many states for many decades. in the 1860s, lenders did not require the judiciary in order to foreclose on a property.
- Analyzes how ghent (2012) maintains that wing v. cooper (1864) did not terminate the power of sale foreclosures.
- Explains that the federal housing administration introduced new categories of mortgages after the great depression to help individuals who were unable to acquire a mortgage under the strict programs that were in existence.
- Explains that the fha introduced mortgage loan structures which were restricted to 50% of the property's market value.
- Explains that the banks loosened their restrictive measures in order to accommodate the american dream of owning a home. however, by 2007, interest rates sky rocketed and monthly mortgage payments were higher causing the crash of the housing market.
- Explains the housing market crash of 2007 and what caused the crash.
- Cites ghent, a. (2012). the historical origins of america’s mortgage laws.
- Cites kent, j., newman v. jackson, and roos, d.
1536 words
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Solving the Foreclosure Crisis: Amending §1322(b)(2)
argumentative essay
The rationale for not allowing a debtor to file bankruptcy and modify payment for his or her home to the present fair market value of the home is that Congress feared that interes...
In this essay, the author
- Recommends that congress amend the bankruptcy code to allow debtors to modify a secured claim on their principal residence to reflect the present market value of the home.
- Explains that under chapter 13 of the bankruptcy code, a debtor may file bankruptcy and keep assets so long as he or she comes up with an asset repayment plan.
- Explains that under 11 u.s.c. 1322(b)(2), a bankruptcy plan may not modify "a claim secured only by an security interest in real property that is the debtor's principal residence."
- Recommends that congress amend the bankruptcy code to allow debtors to modify a secured claim on their principal residence to reflect the present market value of the home.
- Explains that under chapter 13 of the bankruptcy code, a debtor may file bankruptcy and keep assets so long as he or she comes up with an asset repayment plan.
- Explains that under 11 u.s.c. 1322(b)(2), a bankruptcy plan may not modify "a claim secured only by an security interest in real property that is the debtor's principal residence."
- Proposes that congress amend 1322(b)(2) to allow debtors to modify their security interest in real property.
- Proposes a temporary modification to 1322(b)(2) to give relief to all chapter 13 bankruptcy debtors who signed the loan prior to 2009.
- Recommends that congress tailor this amendment to apply only to bankruptcy filers who bought their home before the economic crisis, and lift the ability of a chapter 13 bankruptcy petitioner to modify real-property-principal residence debt by 2013.
- Recommends congress temporarily allow chapter 13 bankruptcy petitioners to modify secured debt on their principal residence to reflect the current fair market value.
- Argues that by amending 1322(b)(2), congress could ease the burden on homeowners declaring chapter 13 bankruptcy.
- Explains the benefits of amending the bankruptcy code, including the fact that the federal government already has a bankruptcy system, unlike the creation of an entirely new federal program.
- Explains that the home owner modification program has been unsuccessful. more than half of all modified loans were more than 60 days past due or in foreclosure within six months of modification.
- Argues that tailoring 1322(b)(2) would target a broader cross-section of the middle class, even those with more than one mortgage.
- Explains that there are adequate protections to ensure that people do not abuse the temporary amendment to 1322(b)(2).
- Concludes that congress can solve the foreclosure crisis by temporarily amending 1322(b)(2) to allow debtors to modify a secured claim on their principal residence.
2303 words
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Solving the Foreclosure Crisis with Grace Periods
opinion essay
I want to elaborate further on this topic. To avoid future crisis in this area a clause can be put in the mortgage contract stating that if financial hardship come, they, which is the mortgagor can receive a six month grace period. That will enable them time to get another job. They can only receive this grace period every five to ten years. In order to prevent the mortgagee from loosing money they will receive the same payments, plus a certain amount of their income tax as well to catch up for the six months that they didn’t make payments. Let me give you a brief illustration. We have a mortgage contract in which it is agreed by both parties that the borrower will pay $1000 dollars a month for a $250,000 dollar home which is all inclusive.. It will take the borrower twenty years and ten months to fulfill this contract. If there is a cl...
In this essay, the author
- Explains that america has experienced a serious economic depression since the recession. people loosing jobs that they were going to retire from have left thousands of families out in the cold.
- Opines that in order to improve the situation, we must devise a plan that will benefit the mortgagee and the mortgagor.
- Explains that a clause can be put in the mortgage contract to prevent future crisis in this area.
- Explains that america has experienced a serious economic depression since the recession. people loosing jobs that they were going to retire from have left thousands of families out in the cold.
- Opines that in order to improve the situation, we must devise a plan that will benefit the mortgagee and the mortgagor.
- Explains that a clause can be put in the mortgage contract to prevent future crisis in this area.
- Explains that the six-month grace period clause is great, but the lender can refinance the mortgage contract if needed. hardship can happen to anyone and the borrower may lose their job.
- Explains that the borrower owes $118,000 dollars on a $250,000 dollar home. the grace period clause will be paid off during income tax season and after the refinancing it will take 19 years and 8 months.
- Opines that foreclosure has gone down by 28% since 2008 according to good morning america. buyers that don't exceed $125,000 a year may qualify for an $8000 tax credit.
- Opines that being greedy with high interest rates has caused lenders to be in the financial predicament they are in now.
- Opines that if lenders would lower some of these interest rates and are willing to work with the borrowers, they would make money.
1000 words
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Solving the Foreclosure Crisis
analytical essay
United States. Cong. House. A Bill to Prevent Mortgage Foreclosures and Enhance Mortgage Credit Availability. 111th Cong., 1st sess. Washington: Library of Congress, 2009. Web.
In this essay, the author
- Analyzes how the sub-prime mortgage crisis is breathing down the necks of americans in every state, city, and neighborhood. foreclosure and bankruptcy affect not only individual families forced to move out of their homes.
- Argues that the real issue of the conflict lies in the homeowner's inability to modify the terms of their agreement with the mortgage company.
- Opines that foreclosure has infected the american people with fear for the past three years, and it is time a solution was solidly agreed upon.
- Analyzes how the sub-prime mortgage crisis is breathing down the necks of americans in every state, city, and neighborhood. foreclosure and bankruptcy affect not only individual families forced to move out of their homes.
- Argues that the real issue of the conflict lies in the homeowner's inability to modify the terms of their agreement with the mortgage company.
- Opines that foreclosure has infected the american people with fear for the past three years, and it is time a solution was solidly agreed upon.
- Analyzes how adam levitin of georgetown university and joshua goodman of columbia university argue a tangible solution to the sub-prime mortgage crisis.
- Argues that allowing modification of all mortgages in bankruptcy would create a low-cost, effective, and immediately available method for resolving much of the current foreclosure crisis without imposing costs.
- Explains that the plan involves extending chapter 13 of filing bankruptcy to include loan modifications. if legislation was introduced that included mortgages, it could efficiently and effectively aid american homeowners.
- Explains how philadelphia's "avoiding foreclosures" program was a derivation of the program. the plan faced criticism for being ineffective in the long-term, but the philadelphia inquirer reported that housing prices stabilized.
- Explains that the first bill introduced to congress did not include any mention of loan modifications. senator durbin proposed a "cramdown", which can be defined as empowering bankruptcy judges to reduce principals and interest rates for homeowners in bankruptcy.
- Argues that monetary incentives and government handouts are expensive, but instructing mortgage companies to cooperate should be cheaper for both parties.
- Explains that high interest rates have not proven to be a main concern in the context of history. michelle white, an expert on economics, argues for mortgage loan modification.
- Explains that securities are a negative force in the housing market, partly causing the crisis and currently impeding its resolution.
- Opines that servicers are an important second obstacle to mortgage loan modification. they are supposed to help securities present a united front, though presently they are allowed much freedom to act in renegotiation.
- Opines that foreclosure is a prominent source of trouble for american families. city governments and economics experts are pointing to extending chapter 13 bankruptcy as an efficient, low-cost, manageable way to solve our sub-prime mortgage crisis.
- Explains that obama may press banks to cut mortgage payments. the new york times 16 february 2009: b1.
- Analyzes heavens, alan j., elizabeth warren, deborah thorne, and steffie woolhandler. "illness and injury as contributors to bankruptcy." health affairs w5.
- Explains levitin, adam j., and joshua goodman, mortgage market sensitivity to bankruptcy modification. american law and economics association annual meeting.
- States levitin, adam j., "helping homeowners: modification of mortgage in bankruptcy." harvard law and policy review online 3 (2009): 1-9.
2172 words
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The Foreclosure Crisis: Solved
opinion essay
The foreclosure crisis began with balloon payments and adjustable rate mortgages, these products should be carefully scrutinized and perhaps eliminated. It is very rare that a consumer actually benefits by taking on this type of unstable debt. Legislation to strengthen the rules of lending and eliminate “No Doc” loans is the first step, but we must still make the dream of homeownership obtainable.
In this essay, the author
- Opines that legislation to strengthen the rules of lending and eliminate "no doc" loans is the first step, but we must still make the dream of homeownership attainable.
- Opines that americans need jobs, and corporations need to invest in america.
- Opines that while asia is leading us in many areas, the green revolution is not a strong point for them.
- Opines that legislation to strengthen the rules of lending and eliminate "no doc" loans is the first step, but we must still make the dream of homeownership attainable.
- Opines that americans need jobs, and corporations need to invest in america.
- Opines that while asia is leading us in many areas, the green revolution is not a strong point for them.
- Recommends sprucing up abandoned homes in the area, providing much needed attention to grounds maintenance, and providing rehab grants to those willing to revitalize inner city and low-income neighborhoods.
- Suggests giving banks incentives to donate properties in impoverished neighborhoods and give them to organizations such as habitat for humanity. neighborhoods in bloom places penalties on homeowners who sell prior to a set number of years.
- Opines that at the heart of the foreclosure crisis, is property value decrease and the decrease in property values is directly related to number of foreclosed properties in a given area.
- Opines that the favorable conclusion of the foreclosure crisis can be brought on with close attention to american production and export of goods, the green revolution, giving greater support to the education and law enforcement sectors, and urging financial institutions to make investments in our neighborhoods.
1087 words
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Whalen v. J.P. Morgan Chase
explanatory essay
Human Resources (HR) is responsible for monitoring employee job classifications. The framework of the job description and job analysis ensures a company is compliant and compensates employees fairly. Companies have two options for determining how to categorize their workers, based on the Fair Standards Labor Act (FSLA); employers must recognize an employee job classification as an exempt employee or non-exempt employee. The guidelines suggest the nature of the work performed by the employee determines which classification a company selects. Certain job classifications warrant an employee to receive overtime pay, if a worker works over forty hours during a workweek, which would require the employer to compensate the worker at a higher rate. This process has had conflicts and legal litigation since its inception. There have been numerous complaints filed by employees who feel their jobs are incorrectly classified, and they should be eligible to receive overtime pay. The case below is an example of a legal action filed against employers. These cases are increasing across the country as employer look for ways to augment their payrolls and main production cost.
In this essay, the author
- Explains that human resources monitors employee job classifications, which ensures a company is compliant and compensates employees fairly.
- Explains how the courts have interpreted the fsla standards for determining factors to validate whether an employee categorize is correctly distinguished when cases appear for litigation.
- Explains that the case of andrew whalen, an employee for jp morgan chase, involves a conflict with the fsla overtime exemption provision.
- Explains that human resources monitors employee job classifications, which ensures a company is compliant and compensates employees fairly.
- Explains how the courts have interpreted the fsla standards for determining factors to validate whether an employee categorize is correctly distinguished when cases appear for litigation.
- Explains that the case of andrew whalen, an employee for jp morgan chase, involves a conflict with the fsla overtime exemption provision.
- Explains that the employee's primary duties must be the performance of office or non-manual work directly related to the management or general business operations of the employer.
- Explains that an employee must meet all three of the criterions listed above in order to be exempt from the administrative exemption — the discretion test was the basis for the appeals court decision to reverse the lower court ruling.
- Explains the fair labor standards act and the financial services industry and walsh's employment law for human resource practice.
950 words
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Solving the Foreclosure Crisis
explanatory essay
In late 2008, there was an economic “crash” in the stock-market caused by many contributing factors. One of these factors was the mortgage companies holding mortgage notes that were not being repaid. During the late 1980’s and early 1990’s, the government pressed the idea that as part of the American Dream in a time of economic prosperity, as many Americans as possible should own their own homes rather than pay monthly rent expenses. Mortgage loans were made by banks to individuals who did not have the income or assets to repay the loans. The qualifications to receive a loan became more relaxed and plans were created to allow people to get into a mortgage at a low interest rate that increased or “ballooned” in subsequent years. Once the interest rates increased and the payments became greater, the borrower discovered that he could no longer afford the home he lived in and the only solution for him was to let the home go into foreclosure.
In this essay, the author
- Explains that in 2008, there was an economic "crash" in the stock-market caused by many contributing factors, such as the mortgage companies holding mortgage notes that were not being repaid.
- Explains that some mortgage loans were made in a relaxed environment to borrowers whose income and assets were not even verified.
- Explains that the stock-market dropped, many companies had to lay off employees, and the unemployment rates in america grew considerably higher than usual. employees who lost their jobs and did not quickly become reemployed are also more likely to experience home foreclosure.
- Explains that in 2008, there was an economic "crash" in the stock-market caused by many contributing factors, such as the mortgage companies holding mortgage notes that were not being repaid.
- Explains that some mortgage loans were made in a relaxed environment to borrowers whose income and assets were not even verified.
- Explains that the stock-market dropped, many companies had to lay off employees, and the unemployment rates in america grew considerably higher than usual. employees who lost their jobs and did not quickly become reemployed are also more likely to experience home foreclosure.
- Explains that the largest common factor in home foreclosures is negative equity. the government is spending money to help the foreclosure crisis, but mr. liebowitz considers its measures ineffective.
- Explains that mr. liebowitz's research shows that mortgages with lower obligation ratios did not result in lower foreclosure rates. he suggests clarifying what mortgage companies can legally do once a home-owner has defaulted on his note.
- Opines that the answer to the foreclosure crisis lies in our free market economy.
- Opines that as more investors and home-owners looking for a bargain buy homes, the united states will see an end to the foreclosure crisis.
1032 words
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Exploring the Foreclosure Crisis
analytical essay
Mortgage. The word stems from the old French phrase “mort gaige,” which loosely translates into “dead pledge.” Truth in title, it precisely sums up its bearing on modern homeowners. In order to fully grasp the weight and severity of the former statement, a thorough definition must be produced. A mortgage is a debt and/or pledge, which cannot be expunged under ordinary circumstances. Its demise depends upon one of two occurrences, the first being its payoff. The other option is payment failure otherwise known as foreclosure. The latter seems to be an unsettling staple of society in America and abroad, thus fulfilling its namely obligation. More and more homes are going into foreclosure, leaving an equal amount of homeowners to face the daunting uncertainty of their and the economy’s situation. Most likely feel that they are indeed trapped in a death pledge, and must succumb to a grim fate resulting from their inability to carry out the provided stipulations of their intended fate. Intentional fate sounds oxymoronic, but does exist as a multifaceted philosophy. For example, the homeowners intend for their mortgage to be payable, thus eradicating the necessity of foreclosure. The bank owners intend to get their money by any means necessary and contrary to moral belief, the “ends justify the means.” Outwardly, banks project an innocuous image of support and stability, when in all reality their primary concern is receiving their money. Quite frankly, either option serves as a source of contentment for them. I am in no way insinuating that banks intend for their customers’ homes to go into foreclosure, but their actions speak louder than their words. As long as a provision of funds continues, methods remain immaterial whether they are p...
In this essay, the author
- Explains the meaning of the word "mort gaige," which translates into "dead pledge," and opines that banks are not wholly responsible for this crisis.
- Opines that to rectify this issue, we must root out the cause and begin the rehabilitation of its very foundations.
- Argues that the burden rests on the shoulders of the banks, who shelled out unreasonable mortgages behind the façade of lower than actual interest rates.
- Explains the meaning of the word "mort gaige," which translates into "dead pledge," and opines that banks are not wholly responsible for this crisis.
- Opines that to rectify this issue, we must root out the cause and begin the rehabilitation of its very foundations.
- Argues that the burden rests on the shoulders of the banks, who shelled out unreasonable mortgages behind the façade of lower than actual interest rates.
- Proposes a series of random checks and balances for all parties involved in the housing market.
- Opines that america needs to eliminate, not reduce, but eliminate its dependence on foreign oil and energy.
- Opines that we must cease this lethal cycle of irresponsible splurges and assume responsibility for our part. we owe it to ourselves and future generations to thrive and grow.
- Cites fleisher, lisa, new jersey real estate news, trends, home buying tips and more.
- States shierholz, heidi, "the steep rise in unemployment continues." economic policy institute.
- Analyzes how morello, carol, "millions more thrust into poverty." washington post (2009): n. pag.
- Explains that obama administration plans new efforts to battle foreclosure crisis.
- Analyzes how unpaid dues drive homeowner association foreclosures. saldinger, adva.
1608 words
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Doctrine Of Proportionality Essay
explanatory essay
In this case, the Respondent was working as the Superintendent of Central Excise. He was subjected to a punishment of withholding 50% of the pension and 50% of his gratuity. A writ petition was filed in the High Court which was later moved to the Administrative Tribunal. The Tribunal held the punishment to be too severe. Again an appeal was made to the Supreme Court. The Court set aside the order of the Tribunal saying that the original punishment was not found to be too severe when the Wednesbury Test was applied to it and hence, it was rational and reasonable. This Court observed that:
In this essay, the author
- Advises against using a steam hammer to crack nut crackers.
- Explains that the modern procedural definition of the proportionality test is relatively clear within the uk administrative law.
- Explains that the wednesbury test is applied whenever the validity of an administrative action is challenged.
- Advises against using a steam hammer to crack nut crackers.
- Explains that the modern procedural definition of the proportionality test is relatively clear within the uk administrative law.
- Explains that the wednesbury test is applied whenever the validity of an administrative action is challenged.
- Explains that the corporation, while making the decision, took into account factors that should not have been taken into consideration.
- Explains that the word "unreasonable" is often used as a general description of the things that must not be done.
- Analyzes how lord diplock summarized the principles of judicial review as illegality, procedural impropriety and irrationality in council of civil services union v. ministry of civil services
- Explains that the doctrine of proportionality is used only when an administrative action is attacked as discretionary under article 14 of the constitution of india.
- Explains that in india, courts play a secondary role while the primary judgment as to reasonableness remains with the administrative or executive authority cases of administrative law, in which fundamental rights are not involved.
- Opines that the doctrine of proportionality is a concept which has great practical and social significance in india.
- Explains that the doctrine of proportionality is a general concept in law that ensures fairness and justice in statutory interpretation processes.
- Explains that the doctrine of proportionality was first applied in prussia in the late 18th century as the law was codified on ‘constitutional state’ lines.
- Explains that in india, the doctrine of proportionality includes two tests- the balancing test and the necessity test.
- Explains that associated provincial picture houses was granted a licence by the defendant local authority to operate cinema on the condition that no children under the age of 15 were admitted on sundays.
- Explains that the wednesbury corporation's decision was so unreasonable that no reasonable authority would ever consider to impose it. the condition did not fall in any of the above stated categories.
- Explains that fundamental rights are integral part of the indian constitution. the indian courts have always used the doctrine of proportionality.
- Explains how the respondent was subjected to a punishment of withholding 50% of his pension and 50% gratuity. the supreme court set aside the tribunal's order saying the original punishment was rational and reasonable.
- Explains that some workers had remained absent treating a particular day as holiday. the supreme court observed that the absence could have been treated as leave without pay.
- Explains how the apex court applied the doctrine of proportionality while quashing the punishment of dismissal from service and sentence of imprisonment awarded by the court martial under the army act.
- Explains that the petitioner was a jawan serving in the indian army for the past 10 years. he was granted leave and on his way home he bought eleven rum bottles from the army canteen.
2316 words
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Solving the Foreclosure Crisis
analytical essay
The mortgage business has been conducted with only the bottom line in mind, without conscience, without concern for community or long term stability, resulting in the mortgage crisis. Because it is the bankers – the men whose sole job is to make money at the expense of the average Joe (who didn’t study finance) – who devise the most complicated, undiscoverable ways to profit, a very few people are wealthy while many, many are facing foreclosure. Refinancing, with one’s home as collateral, should be outlawed. We need a separate finance system for homes. Home ownership should be sacrosanct – not open to unscrupulous people to profit from.
In this essay, the author
- Opines that the mortgage business has been conducted with only the bottom line in mind, without conscience, and without concern for community or long-term stability.
- Opines that you can't fix this mess with more laws — this industry has made it their business to find ways around the laws.
- Argues that a non-profit mortgage center program should be established in each state. every home that has been foreclosed would be taken by eminent domain.
- Opines that the mortgage business has been conducted with only the bottom line in mind, without conscience, and without concern for community or long-term stability.
- Opines that you can't fix this mess with more laws — this industry has made it their business to find ways around the laws.
- Argues that a non-profit mortgage center program should be established in each state. every home that has been foreclosed would be taken by eminent domain.
- Argues that a special unit of ethical lawyers and financial experts should be assembled to compile new contracts and sub-programs to help people become homeowners within their budgets.
- Argues that small business companies would be required to embrace the new economy rule to make decent profits, not indecent ones.
- Opines that government should revamp its system of taxing homeowners at every refinance of property, so it can implement more bureaucracy.
- Argues that the mortgage banks should be barred from doing home mortgages, and that homeowners with excellent payment history would be rewarded.
- Opines that all foreclosure websites should be policed — there is so much fraud here. mortgage modification lawyers make money scrutinizing an agreement that should have been made with a lawyer.
- Proposes that all home inspectors would be required to take part in continuing education and a clearinghouse established for unfavorable reports. appraisers would also be called in for re-training and held accountable for their appraisals.
- Argues that builders, developers, realtors, investors ect., should be more closely monitored. they also profit at the homeowner’s expense — that should not be allowed.
- Argues that building inspection costs should decrease, but the quality of service should increase, with the goal of serving the long-term needs of the homeowner, not the builder or politician.
- Argues that the country needs to disassociate from the banking industry and establish a non-profit type organization with honest hearted people managing it.
1134 words
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