The foreclosure crisis has had a huge effect on individual homebuyers, financial institutions, the economy — and bankruptcy courts. In response, some courts have initiated programs to give debtors and lenders an opportunity to work through their differences — these programs serve the needs of both groups but don’t necessarily lead to foreclosure on the debtor’s home. This broadcast looks at these programs, how they work, and what affect they have had on debtors, creditors, and the bankruptcy courts that use them. Judges Arthur Votolato (Bankr. DRI) and Robert Drain (Bankr. SDNY) talk about the programs in their courts with Judge Elizabeth Stong (Bankr. EDNY), who will moderate the discussion. Bankruptcy practitioner Patricia Antonelli (Partridge Snow & Hahn, LLP) talks about working within the programs from the attorney’s perspective. John Rao (National Consumer Law Center) and Victor Milione (Nixon Peabody, LLP) discuss the programs from the debtors’ and creditors’ perspectives. Debra Miller, Chapter 13 US Trustee (ND Ind.), talks about the role and the view of the Trustee’s office. (April 2011)
First Time Home Buyer Programs
Capitalism: Success, Crisis and Reform (PLSC 270) Professor Rae discusses the subprime mortgage crisis. Major actors are presented and analyzed, including homebuyers, brokers, appraisers, lenders, i-banks, and rating and government agencies. Major actors’ incentives and risks are assessed. Professor Rae also presents a brief history of government involvement in mortgage markets. Deregulation of the industry and its consequences are explored, and Professor Rae facilitates a discussion on apportioning blame for the collapse of the US housing market. Complete course materials are available at the Open Yale Courses website: open.yale.edu This course was recorded in Fall 2009.
First Time Home Buyer Programs