About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

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.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most