39 W. St. U. L. Rev. 337 (2011-2012)
Transcript Highlights of Panelist Discussions

handle is hein.journals/wsulr39 and id is 349 raw text is: WSU Symposium

Four More Years? Looking Backward and
Looking Forward Regarding the Great Recession
and the Law
Transcript Highlights of Panelist Discussions
SESSION 1
MORTGAGE MELTDOWN PANEL
Moderators
Professor Edith Warkentine
Western State University College of Law
Professor David Groshoff
Western State University College of Law
Vice Dean Mary Jo Wiggins
University of San Diego School of Law
Assistant Dean Arnold Rosenberg
Thomas Jefferson School of Law
PROFESSOR EDITH WARKENTINE: I'm just going to say a few words, and then
I'm going to turn it over to our panelists. We are not going to be focusing on Wall
Street. We're not going to be focusing on the banks. Our topic is the mortgage
meltdown, and we are looking primarily at the impact of the whole recession on
people's home loans. For those of you who aren't 100 percent sure of what we're
talking about, we're talking primarily about the dilemma of homeowners who financed
their houses at a time when they were told that housing prices would always go up.
And no matter what terms they got on their loan, it didn't matter because if they had to
refinance later on, the housing prices would have gone up, and they would still be able
to get easy credit. And so there would never be a problem.
One example of the people or person who thought there would be no problem is my
son who bought a house in Los Angeles for $550,000.00 with the help of his parents.
He put down 20 percent equity, and he got a $440,000.00 loan. The house is now
worth about $325,000.00. So he's an example of someone who has what we call an
upside-down mortgage where the mortgage is worth much more than the house. Now,
EDITORS NOTE: This transcript has been edited for clarity by the Western State University Law
Review and approved by the respective speakers.

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