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Predatory Lending and the Subprime Crisis$
Journal of Financial Economics ] (]]]]) ]]]–]]] Contents lists available at ScienceDirect Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec Predatory lending and the subprime crisis$ Sumit Agarwal a, Gene Amromin b, Itzhak Ben-David c,d,n, Souphala Chomsisengphet e, Douglas D. Evanoff b a National University of Singapore, Singapore 119077, Singapore b Federal Reserve Bank of Chicago, Chicago, IL 60604, USA c Fisher College of Business, The Ohio State University, Columbus, OH 43210, USA d NBER, Cambridge, MA 02138, USA e Office of the Comptroller of the Currency, Washington DC 20219, USA article info abstract Article history: We measure the effect of a 2006 antipredatory pilot program in Chicago on mortgage Received 29 April 2011 default rates to test whether predatory lending was a key element in fueling the subprime Received in revised form crisis. Under the program, risky borrowers or risky mortgage contracts or both triggered 19 October 2012 review sessions by housing counselors who shared their findings with the state regulator. Accepted 29 July 2013 The pilot program cut market activity in half, largely through the exit of lenders specializing in risky loans and through a decline in the share of subprime borrowers. JEL classification: Our results suggest that predatory lending practices contributed to high mortgage default D14 rates among subprime borrowers, raising them by about a third. D18 & 2014 Elsevier B.V. All rights reserved. G01 G21 Keywords: Predatory lending Subprime crisis Household finance Default 1. Introduction as imposing unfair and abusive loan terms on borrowers, often through aggressive sales tactics, or loans that contain Predatory lending has been the focus of intense aca- terms and conditions that ultimately harm borrowers demic and policy debate surrounding the recent housing (US Government Accountability Office, 2004 and Federal crisis (2007–2010). -
Predatory Lending Practices in the Subprime Industry
PREPARED STATEMENT OF THE FEDERAL TRADE COMMISSION before the HOUSE COMMITTEE ON BANKING AND FINANCIAL SERVICES on Predatory Lending Practices in the Subprime Industry May 24, 2000 I. INTRODUCTION Mr. Chairman and members of the Committee: I am David Medine, Associate Director for Financial Practices, of the Federal Trade Commission's Bureau of Consumer Protection.(1) I appreciate the opportunity to appear before you today on behalf of the Commission to discuss the serious problem of abusive lending practices in the subprime lending industry, commonly known as "predatory lending." I will discuss the recent growth of the subprime industry, predatory lending practices that reportedly are occurring in the industry, the Commission's recent activities in this area, and possible statutory changes to enhance consumer protection. First, however, let me briefly speak about the Commission's role in enforcing laws that bear on these problems. The Commission has wide-ranging responsibilities concerning nearly all segments of the economy. As part of its mandate to protect consumers, the Commission enforces the Federal Trade Commission Act ("FTC Act"), which broadly prohibits unfair or deceptive acts or practices.(2) The Commission also enforces a number of laws specifically governing lending practices, including the Truth in Lending Act ("TILA"),(3) which requires disclosures and establishes certain substantive requirements in connection with consumer credit transactions, the Home Ownership and Equity Protection Act ("HOEPA"),(4) which, as part of the TILA, provides special protections for consumers in certain non-purchase, high-cost loans secured by their homes, and the Equal Credit Opportunity Act ("ECOA"),(5) which prohibits discrimination against applicants for credit on the basis of age, race, sex, or other prohibited factors. -
Resurrection
THE CITY RESURRECTION A Publication of Houston Baptist University SPRING 2016 T H E C I T Y A selection from Article 4, Question 54, Third Part of the Summa Theologiae, written by Thomas Aquinas in the 13th Century A.D. From the Blackfriars translation, edited and translated by Thomas Gilby, et al., McGraw Hill, 1976. It was fitting that in the resurrection Christ’s soul take up once more a body with wounds. This was so first of all for the sake of his own glory, for Bede tells us that he persevered his wounds not from any inability to cure them, but that there might be a perpetual sign of his glorious triumph. Augustine continues this line of reasoning, Perhaps in the kingdom of God we shall see on the bodies of the martyrs marks of those wounds which they received for the sake of Christ’s name; in their bodies this will not be a sign of deformity but of dignity. From these wounds, though they are in the body, will shine forth a beauty which is not from the body but is the result of virtue. A publication of Houston Baptist University S p r i n g 2016 ooo T he C ity p u b l i S h e r Robert Sloan e d i t o r S Jerome Johnston Craig A. Evans Jeffrey Green Jeremiah J. Johnston S t u d e n t e d i t o r Cullen Ware C ontributing W r i t e r S John Granger Cook Craig A. -
Beyond Europe's Financial Bifurcation Point
Beyond Europe’s financial bifurcation point: Policy proposals for a more stable and more equitable financial system Gary Dymski Leeds University Business School Annina Kalterbrunner Leeds University Business School The European citizens need a financial system that provides for their credit and payments- system needs without imposing costs from excessive volatility, recurrent crises and financial discrimination. Such a financial system will use productive finance to reduce inequality by levelling “up.”As things stand, the European financial system both reflects the effects of three decades of worsening inequality and operates in ways that deepen it. This policy brief proposes ten reforms aimed at breaking the inequality-finance cycle in Europe. Economic Policy Brief No.4 2014 1. Introduction The people of Europe need a financial system that provides for their credit and payments-system needs without imposing costs from excessive volatility, recurrent crises and financial discrimination. Such a financial system will use productive finance to reduce inequality by levelling “up.” As things stand, the European financial system both reflects the effects of three decades of worsening inequality and operates in ways that deepen it. Super-leveraged speculation enriches the 1% in the financial system’s inner core while fragilizing the financial institutions on which commerce, industry, and households depend. When these institutions’ weaknesses are exposed, it is the too-big-to-fail megabanks most prone to excessive risk-taking that have absorbed the lion’s share of bailout support: not as a reward for cushioning the economy from crisis, but because of fear that their failure could lead to system collapse. -
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R E S E A R C H O N M O N E Y A N D F I N A N C E Discussion Paper no 2 Racial Exclusion and the Political Economy of the Subprime Crisis Gary A Dymski University of California Center Sacramento (UCCS) 15 February 2009 Research on Money and Finance Discussion Papers RMF invites discussion papers that may be in political economy, heterodox economics, and economic sociology. We welcome theoretical and empirical analysis without preference for particular topics. Our aim is to accumulate a body of work that provides insight into the development of contemporary capitalism. We also welcome literature reviews and critical analyses of mainstream economics provided they have a bearing on economic and social development. Submissions are refereed by a panel of three. Publication in the RMF series does not preclude submission to journals. However, authors are encouraged independently to check journal policy. Gary A Dymski, Address: UCCS, 1130 K Street Suite LL22, Sacramento CA 95814, USA. Email: [email protected]. The author gives special thanks to Mariko Adachi, Philip Arestis, Glen Atkinson, Dean Baker, David Barkin, Etelberto Cruz, Jim Crotty, Silvana De Paula, Shaun French, Masao Ishikura, Tetsuji Kawamura, Costas Lapavitsas, Noemi Levy, George Lipsitz, Andrew Leyshon, Tracy Mott, Jesus Munoz, Anastasia Nesvetailova, Ronen Palan, Yoshi Sato, Tokutaru Shibata, Jan Toporowski, Thomas Wainwright, Michelle White, Clyde Woods, and two anonymous referees of this journal for their insightful comments on the work presented here, and he acknowledges the useful feedback he received from participants in the January 2008 Association for Evolutionary Economics conference, in the 2008 conference on Structural Change and Development Policies at the National Autonomous University of Mexico, and in seminars at Denver University, the University of Nevada-Reno, Nottingham University, and the University of Tokyo. -
Z Dziejów Bowaryzmu We Francji
ACTA UNIVERSITATIS LODZIENSIS Folia Litteraria Polonica 3(49) 2018 http://dx.doi.org/10.18778/1505-9057.49.02 Anita Staroń* Z dziejów bowaryzmu we Francji Historia pojęcia „bowaryzm” zaczyna się zaraz po opublikowaniu powieści Flau- berta. Jego znaczenie podlegało jednak istotnej ewolucji. Pierwsze użycie – w nieco odmiennej formie1 – dotyczyło zwolenników śmiałej obyczajowo Pani Bovary, któ- rzy stanęli w jej obronie podczas słynnego procesu z 1857 roku. Utwór był wówczas obszernie komentowany w prasie, a i w kolejnych latach zainteresowanie nim nie słabło. W 1860 roku Gustave Merlet poświęcił mu długi tekst, pełen zastrzeżeń dotyczących „sztuki i moralności”. W zakończeniu artykułu pojawia się pierwszy raz termin „bowaryzm”, mający określać niewłaściwie pojmowany realizm: …ten zaś realizm, który zabija wymowę i poezję utworu, w człowieku widzi tylko dzikusa, pozbywa się duszy i serca, pragnie się nam przypodobać smakiem wypa- czonym, zohydza twórczość i społeczeństwo udając, że nie znajduje w nich nic prócz brzydoty fizycznej i moralnej – ten więc realizm proponuję zwać odtąd bowaryzmem2. Propozycja nie przyjęła się, jednak termin pozostał. Pięć lat później Jules Bar- bey d’Aurevilly użył go w znaczeniu bliższym współczesnemu, pisząc o bohater- ce pewnej powieści, że „stacza się coraz niżej, aż wreszcie osiąga stan absolutne- go bowaryzmu”3. Prawdziwa kariera słowa rozpoczęła się wszelako pod koniec XIX wieku, pod piórem krytyka i filozofa Julesa de Gaultiera. Uczynił on z bowa- ryzmu sedno swojej koncepcji współczesnego człowieka, szerzej – nowoczesnego społeczeństwa. Jego pierwszy esej z 1892 roku, Le Bovarysme. La psychologie dans * Dr hab., prof. UŁ, Uniwersytet Łódzki, Instytut Romanistyki, Zakład Literaturoznawstwa Ro- mańskiego, ul. Pomorska 171/173, 90-236 Łódź, e-mail: [email protected] 1 Mówiło się wtedy o „bowarystach” (les bovaristes); podobno termin ukuł sam Flaubert. -
L'exemple De Gemma Bovery De Posy Simmonds
Synergies Espagne n° 14 - 2021 p. 25-41 GERFLINTGERFLINT Adapter l’ironie flaubertienne : l’exemple ISSN 1961-9359 de Gemma Bovery de Posy Simmonds ISSN en ligne 2260-6513 Marina Isabel Caballero Muñoz Université de Séville, Espagne [email protected] https://orcid.org/0000-0002-7680-3534 Reçu le 04-11-2020 / Évalué le 12-12-2020 / Accepté le 17-03-2021 Résumé Gustave Flaubert a refusé d’illustrer ses livres tout au long de sa vie ; une attitude qui contraste, paradoxalement, avec les nombreuses occasions où ses œuvres ont été adaptées aux formats graphiques et cinématographiques. Dans l’univers de la narration graphique, nous trouvons Gemma Bovery (2014) de Posy Simmonds, actuel- lement le seul roman graphique inspiré du chef-d’œuvre Madame Bovary (1857) de Gustave Flaubert. L’objectif du présent article est d’étudier l’ironie flaubertienne comme source de l’humour de Posy Simmonds dans Gemma Bovery (2014). D’abord, nous contextualiserons notre étude dans le domaine des adaptations, de la bande dessinée et du roman graphique à partir des ouvrages et des auteurs clés. Ensuite, dans une partie méthodologique, nous essayerons de définir brièvement le concept d’ironie ainsi que les différents concepts qui peuvent la déclencher dans un texte littéraire. Finalement, dans l’analyse proposée, nous étudierons la présence de l’ironie flaubertienne de la forme au contenu de ce roman graphique, afin d’observer également son originalité. Mots-clés : Adaptation, roman graphique, Posy Simmonds, Gemma Bovery, Madame Bovary Adaptar la ironía flaubertiana: el ejemplo de Gemma Bovery de Posy Simmonds Resumen Gustave Flaubert rechazó ilustrar sus libros durante toda su vida. -
Variações E Recriações Cinematográficas De Madame Bovary | 82 MONOGRÁFICO Variações E Recriações Cinematográficas De Madame Bovary
Variações e recriações cinematográficas de Madame Bovary | 82 MONOGRÁFICO Variações e recriações cinematográficas de Madame Bovary Variaciones y recreaciones cinematográficas de Madame Bovary Variations and cinematographic recreations of Madame Bovary Luis Carlos Pimenta Gonçalves Docente e vice-coordenador dos cursos de Mestrado em Estudos Comparados Literatura e outras Artes e do Mestrado em Estudos Portugueses Multidisciplinares (Universidade Aberta) http://orcid.org/0000-0003-4183-2869 Portugal Data de recepção: 30 de janeiro de 2019 Data de revisão: 4 de junho de 2019 Data de publicação: 1 de julho de 2019 Para citar este artigo: Pimenta Gonçalves, L. C. (2019). Variações e recriações cinemato- gráficas de Madame Bovary, Icono 14, 17 (2), 82-108. doi: 10.7195/ri14.v17i2.1355 DOI: ri14.v17i2.1355 | ISSN: 1697-8293 | Julio - diciembre 2019 Volumen 17 Nº 2 | ICONO14 83| Luis Carlos Pimenta Gonçalves MONOGRÁFICO Resumo A literatura tem sido desde a criação do cinematógrafo fonte inspiradora de filmes e guiões. Obras literárias pertencentes ao cânone literário foram e são, por conseguinte, objeto apetecível de inúmeras adaptações e não podia escapar a este fenómeno o romance que constitui um marco da literatura realista, Madame Bovary, de Gustave Flaubert. Contam-se cerca de vinte adaptações e versões do romance, nomeadamente as dos cineastas franceses Jean Renoir (1933) e Claude Chabrol (1991), e americano Vicente Minelli (1949). Neste artigo debruçar-me-ei sobre duas variações interartísticas e inter-semió- ticas baseadas em adaptações indiretas do romance de Flaubert. Uma portuguesa, Vale Abraão (1993), de Manoel de Oliveira, a partir do romance homónimo de Agus- tina Bessa-Luís centrado na figura de uma Bovary duriense, e outra francesa,Gem - ma Bovery (2014), de Anne Fontaine, recriação da novela gráfica de Posy Simmonds onde um leitor do romance francês tenta ler o real através da ficção. -
Introduction Le Bovarysme, Nouvelle Génération
INTrODuCTION 15 Introduction Le bovarysme, nouvelle génération aUx soUrces dU Bovarysme C’est en s’appuyant sur le personnage central du célèbre roman de Flaubert, Madame Bovary (1857) que Jules de Gaultier développe le concept de « bovarysme », dans son traité intitulé Le Bovarysme, essai sur le pouvoir d’imaginer (1902). Ce désir de désirer, si bien décrit par Flaubert, finira mal pour l’héroïne qui, songeant aux événements de sa jeune vie, analyse ses illusions et leur cortège de désillusions et de frustrations : « Quel bonheur dans ce temps-là ! Quelle liberté ! Quel espoir ! Quelle abondance d’illusions ! Il n’en restait plus maintenant ! elle en avait dépensé à toutes les aventures de son âme, par toutes les conditions successives, dans la virginité, dans le mariage et dans l’amour, les perdant © 2012 Pearson France – Les nouveaux Bovary – Georges Lewi ST383-6532Livre.indb 15 11/07/12 16:05 16 LeS NOuVeAux BOVAry ainsi continuellement le long de sa vie, comme un voyageur qui laisse quelque chose de sa richesse à toutes les auberges de la route. » La définition du bovarysme est tout entière contenue dans ces quelques phrases du roman. « Quel espoir ! Quelle abondance d’illusions [perdues] continuellement le long de sa vie ». Belle définition d’une nouvelle génération qui se retrouve au carrefour de moments historiques ! 2010 : la crise économico-financière mondiale, la crise de l’europe, la crise des régimes dictatoriaux ouvrent la perspective d’une obligation pour cette génération de prendre son des- tin en main. Les économistes et les politiques n’ont visi- blement plus que des solutions de rafistolage. -
Food Heritage and Nationalism in Europe
Chapter 4 Food and locality Heritagization and commercial use of the past Paolo Capuzzo Geographical roots of food? Identifying a food culture with a locality has always involved a trade-off between searching for roots and recognizing they are not planted in any one spot but entail exchanges and borrowings from remote origins. But even this tension between the local and the supralocal is a simplification: it rests on the assumption that food cultures can be identified by place alone. Actually, highly different food regimes may be at work in one and the same place, and have been so in the past. Class stratification may afford a first prism dividing up food culture domains, but it then interweaves with gender, religious observance, ethnic belonging and so on. Does this mean that any attempt to find a relationship between food and place is a waste of effort? No, indeed: such a relationship can definitely be established. But one does need a critical analysis of the various factors bearing on the link between food and place, since they are cultural and historical constructs rather than causal connections between milieus in nature/history and food cultures. A cuisine rich in victuals of different kinds, prepared from a wide range of ingredients at times exotic in provenance, was typical of the food culture found in the courts of Europe from the late Middle Ages to the early modern era; the diet of the people was more closely locally connected, perforce. For most of the population poverty dictated the choice of diet. A plentiful cosmopolitan cuisine reigned at court (Montanari 2014); it was garnished with rare and exotic ingredients indicating wealth, though also a background of culture deriving from greater familiarity with distant lands. -
Pirandello Proto-Modern: a New Reading of <I>L'esclusa</I>
City University of New York (CUNY) CUNY Academic Works All Dissertations, Theses, and Capstone Projects Dissertations, Theses, and Capstone Projects 9-2017 Pirandello Proto-Modern: A New Reading of L’Esclusa Bradford Masoni The Graduate Center, City University of New York How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/gc_etds/2330 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] PIRANDELLO PROTO-MODERN: A NEW READING OF L’ESCLUSA by Bradford A. Masoni A dissertation submitted to the Graduate Faculty in Comparative Literature in partial fulfillment of the requirement for the degree of Doctor of Philosophy, The City University of New York. 2017 © 2017 BRADFORD A. MASONI All Rights Reserved ii Pirandello Proto-Modern: A New Reading of L’Esclusa by Bradford A. Masoni This manuscript has been read and accepted for the Graduate Faculty in Comparative Literature in satisfaction of the dissertation requirement for the degree of Doctor of Philosophy. ____________________ ________________________________ Date Paolo Fasoli Chair of Examining Committee ____________________ _____________________________ Date Giancarlo Lombardi Executive Officer Supervisory Committee: Paolo Fasoli Giancarlo Lombardi William Coleman THE CITY UNIVERSITY OF NEW YORK iii ABSTRACT Pirandello Proto-Modern: A New Reading of L’Esclusa by Bradford A. Masoni Advisor: Paolo Fasoli Luigi Pirandello’s first novel, L’Esclusa, written in 1893, but not published in its definitive edition until 1927, straddles two literary worlds: that of the realistic style of the Italian veristi, and something new, a style and approach to narrative that anticipates the theory of writing Pirandello lays out in his long essay L’Umorismo, as well as the kinds of experimental writing that one associates with early-20th-century modernism in general, and with Pirandello’s later work in particular. -
Eça De Queirós
CORE Metadata, citation and similar papers at core.ac.uk Provided by Apollo !1 Naturalism Against Nature: Kinship and Degeneracy in Fin-de-siècle Portugal and Brazil David James Bailey" Trinity Hall 1/9/17 This dissertation is submitted for the degree of Doctor of Philosophy !2 DECLARATION This dissertation is the result of my own work and includes nothing which is the outcome of work done in collaboration except as declared in the Preface and specified in the text. It is not substantially the same as any that I have submitted, or, is being concurrently submitted for a degree or diploma or other qualification at the University of Cambridge or any other University or similar institution except as declared in the Preface and specified in the text. I further state that no substantial part of my dissertation has already been submitted, or, is being concurrently submitted for any such degree, diploma or other qualification at the University of Cambridge or any other University or similar institution except as declared in the Preface and specified in the text. It does not exceed the prescribed word limit. !3 Abstract The present thesis analyses the work of four Lusophone Naturalist writers, two from Portugal (Abel Botelho and Eça de Queirós) and two from Brazil (Aluísio Azevedo and Adolfo Caminha) to argue that the pseudoscientific discourses of Naturalism, positivism and degeneration theory were adapted on the periphery of the Western world to critique the socio-economic order that produced that periphery. A central claim is that the authors in question disrupt the structure of the patriarchal family — characterised by exogamy and normative heterosexuality — to foster alternative notions of kinship that problematise the hegemonic mode of transmitting name, capital, bloodline and authority from father to son.