This Report, commissioned by the German Council of Economic Experts (Der Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), addresses the key institutional and regulatory differences between the American and European securitization markets. In particular, it considers...

This Foreword to a themed volume of the University of Miami Law Review relates the different contributions to the volume to emerging narratives of the financial crisis: monetary policy, deregulation, bad regulation, innovation run amok, and greed. It emphasizes how this crisis has been different...

This Article argues that private ordering of fraud loss liability in payment card systems is likely to be socially inefficient because it does not reflect Coasean bargaining among payment card network participants. Instead, loss allocation rules are the result of the most powerful party in the...

Private risk capital has virtually disappeared from the U.S. housing finance market since the market's collapse in 2008. This Article argues that private risk capital is unlikely to return on any scale until the informational problems in housing finance are resolved so that investors can...

This Article, part of a theme-volume on the Credit C.A.R.D. Act, explores the phenomenon of credit card “rate-jacking” — the practice of card issuers suddenly raising the interest rate on an account, often applying the new rate retroactively to existing balances. This Article examines the...

This paper argues that during the housing bubble, housing finance markets failed to price risk correctly because of information failure caused by the complexity and heterogeneity of private-label mortgage-backed securities and structured finance products. Addressing the informational problems...