Reconsidering the application of the holder in due course rule to home mortgage notes

In this paper we investigate the history of negotiable instruments and the holder in due course rule and contrast their function and consequences in the 1700s with their function and consequences today. We explain how the holder in due course rule works and identify ways in which the rule’s application is limited in some consumer transactions. In particular, we focus on laws limiting application of the rule to some home mortgage loans. We investigate Lord Mansfield’s original justification for the rule as a money substitute, the lack of explicit justification of the rule by the drafters of the Uniform Commercial Code in the 1950s, the contemporary justification of the rule as a means of increasing the availability and decreasing the cost of credit, and the concerns of legislators and regulators about lack of consumer knowledge, bargaining power, and financial resources which caused them to limit the application of the holder in due course rule to some consumer transactions. We conclude that changes in policy justification, parties to negotiable instruments and the structure of the home mortgage market call for a reconsideration of the continuing appropriateness of holder in due course protection for assignees of home mortgage notes. We suggest further analysis based on economic theory and review of empirical research in order to formulate policy recommendations.Mortgage loans ; Holder in due course

Study on Housing Exclusion: Welfare Policies, Housing Provision and Labour Markets

This is a six country comparative study of the relationship between housing, welfare states and labour markets. The study employs both quantitative (using EU-SILC) and qualitative data

Country level devolution: Scotland

The Scottish Parliament has been in existence for nearly two decades. Its powers have been extended to cover a number of taxes and areas of social security in recent years. This paper examines the use of these powers and assesses 10 individual exemplar policies in distributional terms. These lie in the areas of taxation, social security and housing. It identifies that the values underpinning them are progressive, as are the individual policies themselves. They are also imbued with caution, with tax changes being designed to leave most people better or no worse off. Social security and housing policies are generally targeted at low income households or people who are otherwise vulnerable. Private rented tenancy reform is an exception, since it is designed to bring security to a broader range of the population. These policies do not tell the whole story, and a complete assessment would need to consider other areas notably education, as part of a wider assessment of where funding has been diverted from in order to finance priority areas. Many of the powers have been recently acquired and it is not possible to assess their outcomes. Looking to the future, there should be concern about the suitability of the funding base to finance spending ambitions. Meanwhile Scotland is developing new tax and social security institutions that may in time permit more strategic thinking about distributional policies

A framework for analysing bilateral research cooperation agreements relating to reciprocity: Deliverable 1.1: Analytical report on the reciprocity issues of bilateral cooperation agreements and existing bilateral/reciprocal cooperation

Deliverable lead: ANUThe Forum for European-Australian Science and Technology cooperation (known as FEAST) was an Australia-EU joint initiative that highlighted and promoted international research collaboration between Australia and Europe. It operated from 2001 until 2012The key outcomes of the paper are as yet undefined as this aspect awaits feedback from stakeholders following circulation of this paperAUS-ACCESS4EU project no. 244485Project funded under EU FP7, Capacities Programme, International Cooperation; Project number: FP7-244485Project funded by the European Commission under the International cooperation activity of the Capacities Programme of the 7th European Framework Programme for RTD.Version

Resolving large, complex financial firms

How to best manage the failure of systemically important financial firms was the theme of a recent conference at which the latest research on the issue was presented. Here we summarize that research, the discussions that it sparked, and the areas where considerable work remains.Banks and banking ; Bank supervision ; Systemic risk ; Financial risk management ; Financial crises - United States

The Chawton House Experience - Augmenting the Grounds of a Historic Manor House

Museum research is a burgeoning area of research where ubiquitous computing has already made an impact in enhancing user experiences. The goal of the Chawton House project is to extend this work by introducing ubicomp not to a museum as such, but a historic English manor house and its grounds. This presents a number of novel challenges relating to the kinds of visitors, the nature of visits, the specific character of the estate, the creation of a persistent and evolving system, and the process of developing it together with Chawton House staff