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Power House: The Struggle over Mortgage Finance

Power House: The Struggle over Mortgage Finance Abstract The real estate and mortgage finance (REMF) industry has considerable political power. This power stems from its use of targeted campaign contributions and lobbying efforts, and manifests itself as politically structured markets that extract rents from consumers. REMF has used this power not just to structure markets in its favor, but also to escape the normal regulatory limits on criminal and quasi-criminal behavior. Consumers and regulators alike are unlikely to set limits on the REMF, because both normal collective-action dynamics and deep pockets favor finance. This situation is, however, also self-destructive for REMF, as the subprime mortgage financial crisis shows. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Forum de Gruyter

Power House: The Struggle over Mortgage Finance

The Forum , Volume 11 (1) – May 1, 2013

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Publisher
de Gruyter
Copyright
Copyright © 2013 by the
ISSN
2194-6183
eISSN
1540-8884
DOI
10.1515/forum-2013-0029
Publisher site
See Article on Publisher Site

Abstract

Abstract The real estate and mortgage finance (REMF) industry has considerable political power. This power stems from its use of targeted campaign contributions and lobbying efforts, and manifests itself as politically structured markets that extract rents from consumers. REMF has used this power not just to structure markets in its favor, but also to escape the normal regulatory limits on criminal and quasi-criminal behavior. Consumers and regulators alike are unlikely to set limits on the REMF, because both normal collective-action dynamics and deep pockets favor finance. This situation is, however, also self-destructive for REMF, as the subprime mortgage financial crisis shows.

Journal

The Forumde Gruyter

Published: May 1, 2013

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