Professor Eggert Speaks on Mortgages
May 7, 2008
Professor Kurt Eggert was quoted in the Los Angeles Times, in a story entitled “In mortgage market, ‘walkaway’ homeowners may be urban myth,” which discussed whether homeowners are walking away from their mortgages . Excerpt: “So many of the loans made were irresponsible — for the borrowers and for the lenders,” said Kurt Eggert, an expert on predatory lending at Chapman University Law School in Orange County. “Lenders have an interest in painting themselves as responsible, even caring entities. They want to cast blame for the sub-prime meltdown as much as possible on their borrowers.” Read story…
Additionally, Professor Kurt Eggert presented a paper at research conference at Seton Hall Law School entitled “Emerging Issues in Subprime and Predatory Lending.” Professor’s Eggert’s paper was called, “The Subprime Crisis and What to Do About It: Mandating Loan Modifications.”
Professor Kurt Eggert was also quoted in Money Magazine, in an article entitled “California screaming: Tales from the housing bust ,” a story about securitization and the housing bust . Excerpt: “To some extent, it’s rational behavior by borrowers to fight harder to save houses with a lot of equity than those where they owe more than it’s worth,” says Kurt Eggert, a law professor at Orange County’s Chapman University who has studied the mortgage industry. Every month that prices slip, more homeowners lose hope. ” He was further quoted: “Because of the way mortgages were sliced up and resold, the “lender” is now a group of investors with sometimes-competing interests, says Eggert. Some are first in line to get paid back and would benefit from a quick foreclosure and sale; others farther back in the queue might prefer to modify the loan.” Read story…