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Risk in the Global Real Estate Market
Cover of Risk in the Global Real Estate Market
Risk in the Global Real Estate Market
International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs
Borrow Borrow Borrow

Essential reading for professional investors, risk managers, regulators, central bankers, and real estate professionals, Risk in the Global Real Estate Market: International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs takes an international look at the ways in which U.S.-style constitutional laws, financial laws, and real estate laws in various countries affect global economics and risk; and analyzes specific constraints that deter market development such as Asset Liability Matching, inappropriate financial products, land title systems, inefficient constitutions and human biases.

The sub-prime mortgage crisis (that began around 2006) and the Global Financial Crisis of 2007–2010 disrupted the economies of various countries and exposed many of the psychological, social, and economic problems inherent in the legal/risk infrastructure for mortgages, land title systems, REITs, securitization, and pensions. In this remarkable new book, Michael Nwogugu explains how these processes and statutes are unconstitutional and inefficient, and how they influence demand for housing, real estate prices, retirement savings, household wealth, consumer disposable income, marriage opportunities, job markets, crime, and regional economic growth. The resulting major economic and public health problems have continued to reduce the quality-of-life of nations, and continue to cause permanent declines in wealth, increases in crime and delinquency, high divorce rates, depression, and inadequate job creation, among other problems. The book examines a range of fields—including mechanism design, psychology, risk finance, and corporate governance; and emphasizes Constitutional economics as a distinct dimension of risk analysis.

Risk in the Global Real Estate Market makes a compelling case about how constitutional torts increase information asymmetry, transaction costs, agency problems, and compliance costs, as well as inefficiency in real estate transactions. These problems, the book argues, are not unique to the United States, but also affect Commonwealth countries and other nations that have developed regulations that are similar to, or are based on U.S. commercial, securities, and or constitutional laws.

Risk in the Global Real Estate Market presents a novel analysis of the sub-prime crisis (that first began in 2006), the failure of securitization (CMBS/MBS) markets, the Global Financial Crisis, and socio-economic problems caused by traditional mortgages and securitization. The book reveals that many of the statutes and processes that define mortgages, foreclosures, securitization, and REITs in the United States (and many common-law countries and nations that have adopted American-style real estate regulations) are fundamentally unconstitutional and inefficient, and have lasting negative effects on consumer psychology, the demand for real estate, price discovery in property markets, economic growth, and quality of life. The book examines the nature of constitutional torts and property rights as the foundation for business transactions and economic growth within the context of risk regulation, interstate commerce, takings, and legislation.

Risk in the Global Real Estate Market introduces new theories of consumer psychology and institutional dynamics in real estate transactions; presents new theories of takings, and also surveys psychology/psychiatry studies (based on data from various countries) that confirm the harmful effects of mortgages, securitization, and foreclosures. Using elements of mechanism design, Michael Nwogugu develops new efficient financial products (Mortgage-Alternatives products), and...

Essential reading for professional investors, risk managers, regulators, central bankers, and real estate professionals, Risk in the Global Real Estate Market: International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs takes an international look at the ways in which U.S.-style constitutional laws, financial laws, and real estate laws in various countries affect global economics and risk; and analyzes specific constraints that deter market development such as Asset Liability Matching, inappropriate financial products, land title systems, inefficient constitutions and human biases.

The sub-prime mortgage crisis (that began around 2006) and the Global Financial Crisis of 2007–2010 disrupted the economies of various countries and exposed many of the psychological, social, and economic problems inherent in the legal/risk infrastructure for mortgages, land title systems, REITs, securitization, and pensions. In this remarkable new book, Michael Nwogugu explains how these processes and statutes are unconstitutional and inefficient, and how they influence demand for housing, real estate prices, retirement savings, household wealth, consumer disposable income, marriage opportunities, job markets, crime, and regional economic growth. The resulting major economic and public health problems have continued to reduce the quality-of-life of nations, and continue to cause permanent declines in wealth, increases in crime and delinquency, high divorce rates, depression, and inadequate job creation, among other problems. The book examines a range of fields—including mechanism design, psychology, risk finance, and corporate governance; and emphasizes Constitutional economics as a distinct dimension of risk analysis.

Risk in the Global Real Estate Market makes a compelling case about how constitutional torts increase information asymmetry, transaction costs, agency problems, and compliance costs, as well as inefficiency in real estate transactions. These problems, the book argues, are not unique to the United States, but also affect Commonwealth countries and other nations that have developed regulations that are similar to, or are based on U.S. commercial, securities, and or constitutional laws.

Risk in the Global Real Estate Market presents a novel analysis of the sub-prime crisis (that first began in 2006), the failure of securitization (CMBS/MBS) markets, the Global Financial Crisis, and socio-economic problems caused by traditional mortgages and securitization. The book reveals that many of the statutes and processes that define mortgages, foreclosures, securitization, and REITs in the United States (and many common-law countries and nations that have adopted American-style real estate regulations) are fundamentally unconstitutional and inefficient, and have lasting negative effects on consumer psychology, the demand for real estate, price discovery in property markets, economic growth, and quality of life. The book examines the nature of constitutional torts and property rights as the foundation for business transactions and economic growth within the context of risk regulation, interstate commerce, takings, and legislation.

Risk in the Global Real Estate Market introduces new theories of consumer psychology and institutional dynamics in real estate transactions; presents new theories of takings, and also surveys psychology/psychiatry studies (based on data from various countries) that confirm the harmful effects of mortgages, securitization, and foreclosures. Using elements of mechanism design, Michael Nwogugu develops new efficient financial products (Mortgage-Alternatives products), and...

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About the Author-
  • MICHAEL C. I. NWOGUGU is an author and entrepreneur based in New Jersey; and is affiliated with two companies. Mr. Nwogugu has been a co-founder of several new ventures in the technology/Internet, business services, and healthcare sectors. He has reviewed articles for the European Journal of Operational Research and the American Statistician and has written and published articles on real estate, constitutional economics, and finance in international refereed journals such as Managerial Auditing Journal; International Company and Commercial Law Review; Journal of Derivatives & Hedge Funds; Applied Mathematics and Computation; Journal of International Banking Law and Regulation; Computer and Telecommunications Law Review; Journal of Risk Finance; Corporate Ownership & Control; International Journal of Mathematics, Game Theory, and Algebra; and Chaos and Complexity Letters. Mr. Nwogugu earned a graduate degree in business from Columbia University in New York City; and degrees in architecture from City University Of New York, and University Of Nigeria (Nigeria).

Table of Contents-
  • Preface xvii

    CHAPTER 1 Regulation and Constitutional Torts 1

    Federalism, Preemption, and Risk 2

    The Restoring American Financial Stability Act of 2010 (RAFSA)6

    The Existing “Tests” for Unconstitutionality 6

    Quasi Constitutions 10

    Social Capital 10

    References 11

    CHAPTER 2 A Critique of Mechanism Design 13

    Conclusion 16

    Reference 16

    CHAPTER 3 General Public Health and Social Psychology Issuesin Global Housing Markets and Mortgage Markets 17

    Survey of Public Health Problems Caused by Traditional Mortgagesand Foreclosures 18

    Conclusion 32

    References 32

    CHAPTER 4 Public Health Issues: Psychological FactorsInherent in Housing Demand, Mortgage Demand, and House Prices37

    Proposition 1: Credit Bias 44

    Proposition 2: The S&L Crisis Effect 44

    Proposition 3: Tenure Bias 45

    Proposition 4: Low Willingness to Accept Losses (WTAL) 46

    Proposition 5: Investment Horizon Effect 46

    Proposition 6: The Deferred-Disutility/Deferred Pain Bias 47

    Proposition 7: The Lender-Experience Effect 48

    Proposition 8: The Government Intervention Effect 49

    Proposition 9: The Multiple-Listing-Service (MLS) Effect 50

    Proposition 10: Psychological Limitations on Supply of HousingUnits 50

    Validity of Housing Demand Models 52

    Conclusion 53

    References 53

    CHAPTER 5 Behavioral Biases in Property Taxation and PropertyAppraisal 59

    Biases in Property Taxation 60

    Psychological Effects and Biases Inherent in Property Appraisal64

    Conclusion 76

    References 77

    CHAPTER 6 Foreclosure Statutes and Processes 83

    Foreclosures Reduce the Efficiency of Monetary Policies andFiscal Policies 83

    Some Adverse Contagion Effects of Foreclosures 84

    The Statutory Ban of Waiver of Judicial Foreclosure inConveyancing Documents and the Omission of Nonjudicial Foreclosurefrom States’ Laws Are Unconstitutional 85

    The Borrower’s Post-Foreclosure Right of Redemption IsUnconstitutional 93

    The Unconstitutionality of Preemptive Foreclosure Rules 98

    Enforcement of Core Foreclosure Processes and the Failure toEnact Uniform Federal Foreclosure and Mortgage Statutes ConstituteViolations of the U.S. Constitution 103

    Alternative Foreclosure Systems 109

    New Theories of Takings 109

    Conclusion 112

    References 112

    CHAPTER 7 Unconstitutionality of U.S. Bankruptcy Code,Preemption of State-Law Mortgage Foreclosure Statutes, and RelatedEconomic Effects 115

    Existing Literature 116

    Survey of Macroeconomic Effects of Bankruptcy Codes 118

    The Financial Accelerator Theory Is Inaccurate 126

    Criteria for Preemption: Equitable Subordination, FraudulentTransfers (the “Reasonably Equivalent Value” Doctrine),the Deprizio Controversy, and the Bankruptcy AbusePrevention and Consumer Protection Act of 2005 127

    The U.S. Supreme Court’s Standards for Preemption Cases132

    New Standards for Preemption Cases 135

    Constitutional Law Issues 139

    Due Process Rights 140

    The Separation-of-Powers Doctrine 144

    A New Theory of Takings 144

    Conclusion 145

    Note 146

    References 147

    CHAPTER 8 Mortgages and Deeds of Trust 151

    Improper Coupling/Combinations of Mortgage Markets, RentalMarkets, Savings/Investment Markets, and Property-Value Markets152

    Mortgages Cause Fraud and Misallocation of Risk 153

    Traditional and Alternative Mortgages Are Inefficientand Create Wrong Incentives 154

    Mortgages Reduce the Efficiency of Monetary...

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Risk in the Global Real Estate Market
Risk in the Global Real Estate Market
International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs
Mike C. I. Nwogugu
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