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Monday, March 26, 2012

Reiss Paper on Qualified Mortgages

David J. Reiss

 of Brooklyn has written Message in a Mortgage: What Dodd-Frank's 'Qualified Mortgage' Tells Us About Ourselves, Boston University Review of Banking and Financial Law (2012).  Here's the abstract:

This essay outlines the ethics that shape federal housing finance policy and situates them in the context of the Dodd-Frank Act. In a way, however, it asks a simpler question: what do our mortgages tell us about our society? The essay proceeds as follows. First, it outlines three ethics that inform American housing finance policy generally. Second, it contrasts two mortgages: the one from the subprime boom of the early 2000s and the other from Dodd-Frank, the “Qualified Mortgage.” It concludes by using the three ethics to answer the question posed above and outlining what is at stake in the housing sector given the choices that we might make.

Posted by Jeff Sovern on Monday, March 26, 2012 at 05:21 PM in Consumer Law Scholarship, Other Debt and Credit Issues | Permalink | Comments (1) | TrackBack (0)

Daschle on the Health Care Mandate

Conservatives favor individual responsibility, and liberals favor group think, right? Wrong, according to this interesting article published on the eve of the Supreme Court health care arguments by former Senator Tom Daschle. He explains that a health care "mandate" exists, no matter what we do. It's the cost of dealing with people who, for whatever reason, don't have insurance, and we cannot wish it away. It's a social cost, and the only real issue is what is the best way for society to pay for it. Here's a key excerpt:

The only real question, in fact, is whether we have an individual mandate — one that requires individual responsibility, which I always thought was claimed as a conservative value — or we have a community mandate. The community mandate is what we have now. It requires us to pay more than $64 billion in uncompensated care through higher taxes, low payments for health providers and higher premiums for those who already pay for insurance. This mandate costs the typical family more than an estimated $1,000 a year in higher health insurance costs. It drives people to seek care in the most expensive ways — rather than focusing on primary care and prevention.

 

 

Posted by Brian Wolfman on Monday, March 26, 2012 at 08:24 AM | Permalink | Comments (2) | TrackBack (0)

The Political Battle Over The Electric Car

Popular interest in electic cars is very low. Production of the Chevy Volt has been temporarily halted. I would have thought that interest would be higher given the dramatic spike in gas prices. Read here about the politics of electric cars.

Posted by Brian Wolfman on Monday, March 26, 2012 at 07:43 AM | Permalink | Comments (8) | TrackBack (0)

CFPB Releases Its First Annual Report on Fair Debt Collection

The Consumer Financial Protection Bureau (CFPB) has released its first annual report on complaints and enforcement under the Fair Debt Collection Practices Act (FDCPA). From the FDCPA's enactment in 1977 until last year, the FTC was responsible for the annual report. Dodd-Frank transferred that responsibility to the FDCPA. The CFPB's report is easy to read and informative. The CFPB has begun taking consumer complaints on all sorts of issues, including unfair debt collection. But the FTC continues to take consumer complaints and enforce the FDCPA, and it reports that unfair debt collection continues to be the #1 consumer complaint:

The FTC continues to receive more complaints about the debt collection industry than any other specific industry. Complaints about third-party debt collectors11 and in-house collectors in 2011 together totaled 142,743 complaints and accounted for 27.16% of all complaints the FTC received.

Consumer debt collection complaints are varied, concerning, for instance, the failure of debt collectors to identify themselves, impermissible calls to the alleged debtor's workplace, and revealing the alleged debt to third parties. Here's a chart breaking down the complaints by category: (Click on the chart to enlarge it.)

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Posted by Brian Wolfman on Monday, March 26, 2012 at 06:11 AM | Permalink | Comments (1) | TrackBack (0)

The Affordable Care Act and the Business of Medicine

This morning, as the Supreme Court begins three days of argument on the fate of the Affordable Care Act, it's worth noting that the ACA does much more than "mandate" the purchase of health insurance. The ACA tries to change the business of medicine. As explained in Sunday's Washington Post:

The two-year-old Affordable Care Act is mostly known for its mandate to expand insurance to 30 million more Americans within a decade. But much of the law is devoted to a more ambitious effort: an overhaul of the nation’s business model for medicine. It includes 45 changes to how doctors deliver care — and how patients pay for it. These reforms, if successful, will transform the health-care sector into one that places less emphasis on volume and more on value.

Significant changes to the medical business may remain even in the (unlikely) event that the Supreme Court strikes down some or all of the ACA. Read the entire Post story here.

Posted by Brian Wolfman on Monday, March 26, 2012 at 12:27 AM | Permalink | Comments (2) | TrackBack (0)

The Sixth Circuit Upholds Graphic Tobacco Labeling Requirement

Here is one of the FDA's new graphic labels slated to appear on cigarette packages if the courts say that's okay:

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We've blogged on this topic many times, including recently, when Judge Richard Leon of the D.C. federal district court permanently enjoined the FDA's rules as contrary to the First Amendment. But, as explained here, the U.S. Court of Appeals for the Sixth Circuit just upheld the provision of the Tobacco Control Act that required the FDA to promulgate the warnings, disagreeing with much of Judge Leon's reasoning. The Sixth Circuit's opinion is here.

Posted by Brian Wolfman on Monday, March 26, 2012 at 12:26 AM | Permalink | Comments (4) | TrackBack (0)

Saturday, March 24, 2012

Ron Paul Campaign Committee Drops Effort to Identify Anonymous Videographer

by Paul Alan Levy

Ron Paul’s presidential campaign committee has dropped its lawsuit against the anonymous individuals who created and posted to YouTube an offensive video that attacked the candidacy of rival candidate Jon Huntsman and closed with an endorsement of Paul’s candidacy, using a pseudonym that also endorsed Paul.  In January, Paul filed his suit as well as an ex parte motion seeking permission to send subpoenas to Google and Twitter seeking identifying information about the videographer and a Twitter user who publicized the video.  In response to an amicus brief that I wrote for Public Citizen and other civil liberties groups EFF, ACLU and Digitial Media Law Center, a federal judge first directed the Paul campaign to address our arguments, and then decided earlier this month that Paul had not shown that he has sound trademark claims and hence any basis for overriding the First Amendment right of the videographer and Twitter user to speak about presidential candidates anonymously.

Late yesterday, the Paul campaign did the right thing, and dropped its suit without prejudice, leaving itself the option to seek discovery in some other proceeding (for example, in California state court).  Hopefully, though, this is the end of the matter.  The campaign has distanced itself from the video does not need further pursuit of  litigation to show its bona fides in denouncing the video, and it is hard to see what further legal proceedings could accomplish, especially given that lawsuits like this are at odds with the libertarian principles on which Paul is campaigning.

Posted by Paul Levy on Saturday, March 24, 2012 at 06:31 PM | Permalink | Comments (0) | TrackBack (0)

Nine Graduates Lose Case Against New York Law School.

As reported here in the N.Y. Times, Judge Melvin L. Schweitzer, a New York Supreme Court judge, dismissed a lawsuit brought by nine graduates of New York Law School who accused their alma mater of misleading them about their postgraduate employment prospects. “In this court’s view, the issues posed by this case exemplify the adage that not every ailment afflicting society may be redressed by a lawsuit,” he wrote.

Throughout his opinion, Jude Schweitzer looks to the reasonableness of the plaintiff’s claims and whether a reasonable college graduate would have relied on the representations. He notes that college graduates “seriously considering law schools are a sophisticated subset of education consumers, capable of sifting through data and weighing alternatives before making a decision regarding their postcollege options,” [Query whether all college graduates, are sophisticated and whether they have the ability to shift through law school data.]

Although the opinion does not bode well for other similar suits, it may not be a good predictor of the results in other cases, based on different state law. According to Judge Schweitzer, the N.Y, Deceptive Practices Act upon which the case was based requires that “plaintiffs must plead that NYLS has engaged ‘in an act or practice that is deceptive or misleading in a material way . . . to a reasonable consumer.’” The court concluded that, “NYLS's statements could not have been materially misleading to a reasonable consumer acting reasonably under the circumstances, i.e. taking into account the obvious, dramatic changes in the economy as they began to impact the legal profession.”

            Not all states, however, impose such an objective standard under their unfair and deceptive practices act statutes. In many cases, courts apply a more subjective standard to both deception and reliance. Only time will tell if that makes a difference in the remaining suits.

 

Posted by Richard Alderman on Saturday, March 24, 2012 at 11:45 AM | Permalink | Comments (8) | TrackBack (0)

Friday, March 23, 2012

Paper on the Proposed Arbitration Fairness Act

John Wood

 of the Natural Resources Defense Council has written Opening the Door to Justice: Amending the Federal Arbitration Act to Remedy the Unjust Use of Predispute Arbitration Agreements.  Here's the abstract:

This paper assesses the Arbitration Fairness Act’s proposed amendments to the Federal Arbitration Act, as well as the possibility of contracting for heightened judicial review of arbitration awards. In brief, I support the amendments as well as the possibility of review.

Section 2(b) of the AFA would prohibit the enforcement of predispute arbitration agreements that require arbitration of employment, consumer, or franchise disputes or disputes arising under any statute intended to protect civil rights. I demonstrate why the prevailing practice of summarily enforcing predispute arbitration agreements is unjust in these contexts, and why Congressional amendment, rather than State law or contract-based remedies, is necessary to fix the problem. Section 2(c) of the AFA would render the validity and enforceability of arbitration agreements subject to the determination of the court rather than an arbitrator. I claim the doctrine of separability and the distinction between substantive and procedural arbitrability should be abolished, and that this amendment does so. Lastly, parties should be free to contract for heightened judicial review of arbitration awards. If neither amendment is feasible, improvements in the world of arbitration could still be attained by relaxing the currently severe restraints on arbitral review.


Posted by Jeff Sovern on Friday, March 23, 2012 at 04:25 PM in Arbitration, Consumer Law Scholarship | Permalink | Comments (0) | TrackBack (0)

Chemerinsky on the Health Care Cases

Prof. Erwin Chemerinksy has penned this helpful, bite-sized explanation of all the issues before the Supreme Court in the cases challenging the constitutionality of the Affordable Care Act.

Posted by Brian Wolfman on Friday, March 23, 2012 at 10:35 AM | Permalink | Comments (0) | TrackBack (0)

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