1.9 Kids and a Foreclosure: Subprime Mortgages, the Credit Crisis, and Restoring the American Dream

The symposium examined various issues and problems stemming from the subprime mortgage crisis, placed an emphasis on analyzing proposed solutions, and attempted to determine the role of law in correcting the current financial turbulence and preventing future recurrences.

The Symposium hosted a distinguished and diverse field of speakers with perspectives from law, economics, business, history, and the social sciences. Professor Steven Schwarcz (Duke Law School) delivered the keynote address. Widely considered to be the leading legal scholar on subprime issues, Schwarcz pioneered the field of asset securitization and authored one of the most widely used texts in the field. He is a fellow of the American College of Commercial Finance Lawyers and founding member of the International Insolvency Institute.

Other distinguished participants included Professors Kristen Adams (Stetson University College of Law), Donald Boudreaux (George Mason University), Ray Brescia (Albany Law School), Gerald Korngold (New York University), Brian McCall (University of Oklahoma College of Law), Thomas Plank (University of Tennessee School of Law), Sam Waters (Rogers Townsend & Thomas, P.C.), Alan White (Valparaiso University School of Law), Rhonda Marcum (Mortgage Bankers Association of the Carolinas, Inc.), William Leroy (American Financial Network). Panel topics included Subprime Mortgages and Discriminatory Lending, Historical Perspectives on the Subprime Crisis, Proposed Regulatory Solutions, and Local and Regional Trends.

In addition to these panelists, United States Representative Brad Miller from the 13th Congressional District of North Carolina spoke at the Symposium. Congressman Miller has been a leader in Congress in supporting legislation aimed at protecting consumers from predatory financial practices. In 2007, Congressman Miller co-sponsored both the “Mortgage Reform and Anti-Predatory Lending Act of 2007” and the “Emergency Home Ownership and Mortgage Equity Protection Act." In addition, Congressman Miller has proposed the Miller-LaTourette Amendment, which would amend the American Housing Rescue and Foreclosure Prevention Act to create a voluntary FHA program to provide mortgage refinancing assistance to allow families to stay in their homes, protect neighborhoods, and help stabilize the housing market.

For more information, contact:
Miles Coleman, Symposium Editor, at coleman.miles@gmail.com.