Prosser's Privacy at 50: A Symposium on Privacy in the 21st Century: Comment: Cracks in the Foundation of Federal Law: Ameliorating the Ongoing Mortgage Foreclosure Crisis Through Broader Predatory Lending Relief and Deterrence Skip over navigation
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Copyright (c) 2010 California Law Review, Inc., a California Nonprofit Corporation
California Law Review

Prosser's Privacy at 50: A Symposium on Privacy in the 21st Century: Comment: Cracks in the Foundation of Federal Law: Ameliorating the Ongoing Mortgage Foreclosure Crisis Through Broader Predatory Lending Relief and Deterrence

December, 2010

California Law Review

98 Calif. L. Rev. 2049

Author

Katherine M. Lehe+

Excerpt



Introduction
 
The ongoing U.S. mortgage foreclosure crisis worsened significantly in 2008 and the first half of 2009. 1 At the end of September 2009, a record 14.4 percent of mortgage borrowers were either in foreclosure or delinquent on their mortgages. 2 The Congressional Budget Office (CBO) estimated that 2.2 million homeowners with subprime and Alt-A mortgages, 3 the categories thought to be riskiest to borrowers, will have foreclosure proceedings initiated against them between October 1, 2008, and September 30, 2011. 4 Projections by the Center for Responsible Lending (CRL) are much higher, predicting that 9 million prime and subprime home loans will be foreclosed from 2009 to 2012. 5 Other consumer advocates estimate 16 percent of all home mortgages will foreclose in the next four years. 6

The cost of these foreclosures to U.S. homeowners is staggering. In addition to the loss of personal wealth experienced by borrowers themselves, foreclosures are estimated to decrease property values of nearby homes by more than $ 500 billion in 2009 alone. 7 With regard to predatory loans in particular, the CRL estimated in 2001 that predatory mortgage lending costs $ 9.1 billion annually. 8 As the foreclosure crisis worsened in recent years, CRL qualified this estimate by concluding that "the total cost of bad lending practices is almost incalculable." 9 Recognizing that federal government action is necessary, Congress has grappled with legislation to curb the growing tide of foreclosures and help people keep their homes. Against a backdrop of seemingly ...
 
 
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