Anatomy of a Crisis: the Real Estate Meltdown (2 credits)

This course examines the recent meltdown of the real estate industry in the United States beginning with a history and analysis of bubbles, an analysis of the mortgage securitization process, the role of credit default swaps in the meltdown and an examination of the role fraud played in the crisis, including an analysis of actual cases. Also, rampant foreclosure abuses will be examined, including issues surrounding the foreclosure process such as false affidavits of indebtedness, “robo signing” of assignments, the application of the UCC to the mortgage assignment process and the origins and functions of MERS. Settlements, proposed legislation and regulation will also be analyzed.