Risk in the Global Real Estate Market[全球房地产市场风险]

图书标准信息

• 作者 Mike C. I. Nwogugu 著
• 出版社 Wiley
• 出版时间 2012-01
• 版次 1
• ISBN 9781118011355
• 定价 427.10元
• 装帧 精装
• 开本 其他
• 纸张 其他
• 页数 433页
• 正文语种 英语
• 丛书 Wiley Finance

【内容简介】

Essentialreadingforprofessionalinvestors,riskmanagers,regulators,centralbankers,andrealestateprofessionals,RiskintheGlobalRealEstateMarket:InternationalRiskRegulation,MechanismDesign,Foreclosures,TitleSystems,andREITstakesaninternationallookatthewaysinwhichU.S.–styleconstitutionallaws,financiallaws,andrealestatelawsinvariouscountriesaffectglobaleconomicsandrisk;andanalyzesspecificconstraintsthatdetermarketdevelopmentsuchasAssetLiabilityMatching,inappropriatefinancialproducts,landtitlesystems,inefficientconstitutionsandhumanbiases.Thesub–primemortgagecrisis(thatbeganaround2006)andtheGlobalFinancialCrisisof2007–2010disruptedtheeconomiesofvariouscountriesandexposedmanyofthepsychological,social,andeconomicproblemsinherentinthelegal/riskinfrastructureformortgages,landtitlesystems,REITs,securitization,andpensions.Inthisremarkablenewbook,MichaelNwoguguexplainshowtheseprocessesandstatutesareunconstitutionalandinefficient,andhowtheyinfluencedemandforhousing,realestateprices,retirementsavings,householdwealth,consumerdisposableincome,marriageopportunities,jobmarkets,crime,andregionaleconomicgrowth.Theresultingmajoreconomicandpublichealthproblemshavecontinuedtoreducethequality–of–lifeofnations,andcontinuetocausepermanentdeclinesinwealth,increasesincrimeanddelinquency,highdivorcerates,depression,andinadequatejobcreation,amongotherproblems.Thebookexaminesarangeoffields—includingmechanismdesign,psychology,riskfinance,andcorporategovernance;?andemphasizesConstitutionaleconomicsasadistinctdimensionofriskanalysis.RiskintheGlobalRealEstateMarketmakesacompellingcaseabouthowconstitutionaltortsincreaseinformationasymmetry,transactioncosts,agencyproblems,andcompliancecosts,aswellasinefficiencyinrealestatetransactions.Theseproblems,thebookargues,arenotuniquetotheUnitedStates,butalsoaffectCommonwealthcountriesandothernationsthathavedevelopedregulationsthataresimilarto,orarebasedonU.S.commercial,securities,andorconstitutionallaws.RiskintheGlobalRealEstateMarketpresentsanovelanalysisofthesub–primecrisis(thatfirstbeganin2006),thefailureofsecuritization(CMBS/MBS)markets,theGlobalFinancialCrisis,andsocio–economicproblemscausedbytraditionalmortgagesandsecuritization.Thebookrevealsthatmanyofthestatutesandprocessesthatdefinemortgages,foreclosures,securitization,andREITsintheUnitedStates(andmanycommon–lawcountriesandnationsthathaveadoptedAmerican–stylerealestateregulations)arefundamentallyunconstitutionalandinefficient,andhavelastingnegativeeffectsonconsumerpsychology,thedemandforrealestate,pricediscoveryinpropertymarkets,economicgrowth,andqualityoflife.Thebookexaminesthenatureofconstitutionaltortsandpropertyrightsasthefoundationforbusinesstransactionsandeconomicgrowthwithinthecontextofriskregulation,interstatecommerce,takings,andlegislation.RiskintheGlobalRealEstateMarketintroducesnewtheoriesofconsumerpsychologyandinstitutionaldynamicsinrealestatetransactions;presentsnewtheoriesoftakings,andalsosurveyspsychology/psychiatrystudies(basedondatafromvariouscountries)thatconfirmtheharmfuleffectsofmortgages,securitization,andforeclosures.Usingelementsofmechanismdesign,MichaelNwogugudevelopsnewefficientfinancialproducts(Mortgage–Alternativesproducts),andpresentsapolicyframeworkforaunified“Mortgage–Alternatives”marketfortheCEE/CISregionandChina.HealsoexplainswhyAssetLiabilityMatchinghinderslending,capitalformationandriskmanagement,especiallyindevelopingcountries.

【作者简介】

MICHAELC.I.NWOGUGUisanauthorandentrepreneurbasedinNewJersey;andis?affiliatedwithtwocompanies.Mr.Nwoguguhasbeenaco-founderofseveralnewventuresinthetechnology/Internet,businessservices,andhealthcaresectors.HehasreviewedarticlesfortheEuropeanJournalofOperationalResearchandtheAmericanStatisticianandhaswrittenandpublishedarticlesonrealestate,constitutionaleconomics,andfinanceininternationalrefereedjournalssuchasManagerialAuditingJournal;InternationalCompanyandCommercialLawReview;JournalofDerivatives&HedgeFunds;AppliedMathematicsandComputation;JournalofInternationalBankingLawandRegulation;ComputerandTelecommunicationsLawReview;JournalofRiskFinance;CorporateOwnership&Control;InternationalJournalofMathematics,GameTheory,andAlgebra;andChaosandComplexityLetters.Mr.NwoguguearnedagraduatedegreeinbusinessfromColumbiaUniversityinNewYorkCity;anddegreesinarchitecturefromCityUniversityOfNewYork,andUniversityOfNigeria(Nigeria).

【目录】

PrefacexviiCHAPTER1RegulationandConstitutionalTorts1Federalism,Preemption,andRisk2TheRestoringAmericanFinancialStabilityActof2010(RAFSA)6TheExistingTestsforUnconstitutionality6QuasiConstitutions10SocialCapital10References11CHAPTER2ACritiqueofMechanismDesign13Conclusion16Reference16CHAPTER3GeneralPublicHealthandSocialPsychologyIssuesinGlobalHousingMarketsandMortgageMarkets17SurveyofPublicHealthProblemsCausedbyTraditionalMortgagesandForeclosures18Conclusion32References32CHAPTER4PublicHealthIssues:PsychologicalFactorsInherentinHousingDemand,MortgageDemand,andHousePrices37Proposition1:CreditBias44Proposition2:TheSLawsAreUnconstitutional85TheBorrowersPost-ForeclosureRightofRedemptionIsUnconstitutional93TheUnconstitutionalityofPreemptiveForeclosureRules98EnforcementofCoreForeclosureProcessesandtheFailuretoEnactUniformFederalForeclosureandMortgageStatutesConstituteViolationsoftheU.S.Constitution103AlternativeForeclosureSystems109NewTheoriesofTakings109Conclusion112References112CHAPTER7UnconstitutionalityofU.S.BankruptcyCode,PreemptionofState-LawMortgageForeclosureStatutes,andRelatedEconomicEffects115ExistingLiterature116SurveyofMacroeconomicEffectsofBankruptcyCodes118TheFinancialAcceleratorTheoryIsInaccurate126CriteriaforPreemption:EquitableSubordination,FraudulentTransfers(theReasonablyEquivalentValueDoctrine),theDeprizioControversy,andtheBankruptcyAbusePreventionandConsumerProtectionActof2005127TheU.S.SupremeCourtsStandardsforPreemptionCases132NewStandardsforPreemptionCases135ConstitutionalLawIssues139DueProcessRights140TheSeparation-of-PowersDoctrine144ANewTheoryofTakings144Conclusion145Note146References147CHAPTER8MortgagesandDeedsofTrust151ImproperCoupling/CombinationsofMortgageMarkets,RentalMarkets,Savings/InvestmentMarkets,andProperty-ValueMarkets152MortgagesCauseFraudandMisallocationofRisk153TraditionalandAlternativeMortgagesAreInefficientand燙reateWrongIncentives154MortgagesReducetheEfficiencyofMonetaryTransmission155TheMortgageWealthIllusion:InefficientHouseholdAllocationsandReductionoftheMarginalPropensitytoSave160TraditionalandAlternativeWesternMortgagesReduceSocioeconomicFlexibilitythatSubstantiallyAffectsPsychologicalWell-Being161TraditionalandAlternativeMortgagesDistorttheMarriageMarket162TraditionalWesternMortgagesandAlternativeMortgagesDistorttheJobMarket163TheStatutoryorCommonLawProhibitionofPrepaymentPenalty/YieldMaintenanceorLimitationsonPrepaymentPenaltyonDefaultAreUnconstitutional165TheLackofDefinitionoftheFutureAdvancesClauseinMortgagesConstitutesaViolationoftheU.S.Constitution172TheGovernmentsFailuretoEnactStatutesthatDefinetheQualifications/CharacteristicsofaFirstMortgagee173TheLendersRighttoReceiveProceedsofInsuranceandCondemnation(ArisingfromRealEstate)IsNotCodified176Anti-DeficiencyStatutesAreUnconstitutionalandtheLendersRighttoDeficiencyJudgmentMustRemainEnforceable180NewTheoriesofTakings190Conclusion191Notes192References192CHAPTER9SubprimeLendingIsUnconstitutional197TheState-ActionRequirement:TheSubstitutionTheoryandFailure-to-ActasStateAction198SubprimeLendingIsUnconstitutional198Conclusion201Note201References202CHAPTER10ConstitutionalityofRealPropertyTitleSystems205TheRecordingSystemandtheRegistration/TorrensSystemAreUnconstitutional205TheUniformCommercialCode(UCC),TitleSystems,andConflictofLaws213Conclusion217References218CHAPTER11ConstitutionalityofRealEstateInvestmentTrusts219TheREITOwnership-ConcentrationRulesAreUnconstitutional227TheRegulationofREITsbyU.S.StatesConstitutesViolationsoftheU.S.Constitution233TheEntireREIT-QualificationStatutes(IRCSection-856,RMA,andAJCAREIT-QualificationRules)AreUnconstitutional235TheMandatoryREITDividendPayoutRuleViolatestheU.S.Constitution242TheGovernmentsFailuretoRegulateManagementAgreementsofREITsConstitutesaViolationoftheEqualProtectionClauseoftheU.S.Constitution245REITsAreUnconstitutionalBecauseTheyResultinIllegalMisconduct246ANewTheoryofTakings246Conclusion247References247CHAPTER12AssetSecuritizationIsUnconstitutionalandShouldBeBanned249SecuritizationDampensMonetaryTransmissionandProvidesWrongIncentivesforBanksandSponsors250SecuritizationIncreasesTransactionCosts,SystemicRisk,Inflation,andHedgingCosts257SecuritizationConstitutesaViolationoftheCommerceClauseoftheU.S.Constitution260SecuritizationConstitutesaViolationoftheFreeSpeechClause261SecuritizationConstitutesaViolationoftheRight-to-ContractClauseoftheU.S.ConstitutionandIsIllegal262SecuritizationConstitutesaViolationoftheEqualProtectionClause263SecuritizationConstitutesaViolationoftheSeparationofPowersDoctrine264TheElementsofRequiredNewRegulations265TheImplicationsofChange267Conclusion269References270CHAPTER13RecommendationsfortheDevelopmentofaMortgageandMortgage-AlternativesMarketintheCISRegion,theCEE(CentralandEasternEurope)Region,andChina271SurveysandNeedsAssessment277CoordinationamongInstitutionsinCIS/CEECountriesandChina278EstablishmentofMortgageandRealEstateResearchNetworks(Institutes)279TheMortgage-AlternativesFunds280LegalInfrastructure281CreditRatingsSystems293Taxation298PensionReform300AccountingandTransparency/Disclosure300CentralBanks301MortgageInsurance302Home-EquityMortgages303PrimaryMortgageMarkets304CreationofSecondaryMortgage-AlternativesMarkets307StatutoryBanofTraditionalWesternSecuritization308AlternativestoForeclosure308ThePrice-DiscoveryProcessandViabilityofMortgage-AlternativesMarkets309MonitoringAlternativestoPrimaryandSecondaryMortgage-AlternativesMarkets311IncentivesforBanksandFinancialInstitutions314IncentivesforBorrowers/BuyerstoUseMortgageAlternatives315Risk-ManagementandRisk-TransferSystems315References316CHAPTER14Asset-LiabilityMatchingIsaHindrancetoLending323ErrorsintheFormulasforDuration,ModifiedDuration(MD),andConvexity324Default/BankruptcyRiskandIlliquidity330ExistingLiquidityDerivatives(SwapsandOptions)AreInaccurateandInefficient337PossibleSolutionstothePerceivedALMProblem339ConstitutionalityofCentralBankRestrictionsonDailyCashWithdrawalsbyCustomers341Conclusion344References344CHAPTER15NewMortgage-AlternativeProductsforPrimaryMortgageMarketsinChinaandCIS/CEECountries349TheAdjustableBalanceMortgage351TheContinuousWorkoutMortgage,SharedAppreciationMortgages(SAMs),SharedIncomeMortgages(SIMs),andSharedEquityMortgages(SEMs)353TraditionalAlternativeMortgages354IndexedMortgages356IslamicFinanceProducts357CooperativeMortgages359ThePricingofMortgagesandBehavioralFinanceMostModelsAreInaccurate359DistortionofEconomicDataandNationalAccounting363Banks/LendersasSeller-Lenders(InstallmentSalesContractsandInstallmentLandContracts);andBanksasRealEstateBrokers364RenegotiationandSequentialInvestments368RecursionofMortgagesandthePerceptionofDefaultsasLow-ProbabilityEvents372CharacterizationoftheNewMortgage-AlternativeProducts374TheNewMortgage-AlternativeProducts381Conclusion410Notes410References411CHAPTER16Conclusion419References421AbouttheAuthor423Index425