Merchants and banks are currently engaged in a wide-ranging struggle for control over payment systems. The conflict is playing itself out in business practices, in banking regulation, in corporate governance, in corporate restructuring, in securities offerings, and in the biggest antitrust...

This Article argues that a principal-agent problem plays a critical role in the current foreclosure crisis.A traditional mortgage lender decides whether to foreclose or restructure a defaulted loan based on its evaluation of the comparative net present value of those options. Most residential...

Introduction: In praise of homeownership -- Housing finance before the New Deal -- The New Deal mortgage -- The rise of securitization -- The boom and the bubble -- The bubble bursts -- Timing the bubble -- Demand or supply? -- Theories of the bubble -- The securitization daisy chain --...

This Article takes stock of post-financial crisis regulatory developments to tell a tale of two markets within a political economy of financial regulation. The financial crisis stemmed from excessive risk-taking and dodgy practices in the subprime home mortgage market, a market that owed its...

The car loan market is rife with consumer abuses: inflated pricing, discriminatory lending, and a variety of deceptions and scams. These abuses all stem from the dealer-centric nature of the auto finance market that ties the vehicle purchase to the vehicle financing.The overwhelming majority of...

Digital wallets, such as ApplePay and Android Pay, are “smart” payment devices that can integrate payments with two-way, real-time communications of any type of data. Integration of payments with real-time communications holds out tremendous promise for consumers and merchants alike: the...

The most recent round of state budget crises has resulted in calls to permit states to file for bankruptcy in order to restructure and reduce their financial obligations. This Article argues that these proposals are misguided because states’ financial distress is primarily a political problem...