November 21, 2011
Swire on What the Fair Credit Reporting Act Should Teach Us About Mortgage Servicing
Peter Swire (Ohio State) has posted What the Fair Credit Reporting Act Should Teach Us About Mortgage Servicing on SSRN. Here' the abstract:
The current housing crisis has revealed deep flaws in the way monthly mortgage payments by homeowners are handled by mortgage servicers – the companies that collect monthly mortgage payments from homeowners and forward the payments to investors in those mortgages. This article suggests that the structural flaws in mortgage servicing are directly analogous to the market failures that led to the creation of the Fair Credit Reporting Act of 1970 (FCRA). The FCRA thus serves as a significant model for possible reforms in mortgage servicing.
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