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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.
The Forum – de Gruyter
Published: May 1, 2013
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