Financial Restructuring to Sustain Recovery

Index

 Index Absolute priority rule, 103, 112 “Actual intent” test, 109 Adjustable-rate mortgages, 35, 55 Affordability of housing, 79–86; and government-sponsored enterprises, 48; and lease-to-purchase mortgages, 80; and property rights, 88; and shared-equity ownership, 79–80; and subsidies, 72 Allen, Franklin, 2–5, 20, 25 Alternative Investment Market (AIM), 126 American Recovery and Reinvestment Act of 2009, 85 Analyst coverage of IPOs, 11, 127–28 Asset Securitization Act of 2000 (Japan), 19, 166 Australia: homeownership rates in, 45; housing finance in, 36, 81; subprime mortgages in, 63 Austria, housing finance in, 36 Automatic stay provisions, 6, 100 Bailouts, 98, 116–20 Baily, Martin Neil, 1 Balance sheet insolvency, 8–9, 107 Bankable spreads, 133–34 Bank Insurance Fund, 32 Bank of America, 150 Bank of Japan, 162 Bankruptcy, 5–11, 97–122; Chrysler case study, 116–20; delayed commencement of cases, 7–8, 101–10; and economic growth, 97–100; economic vs. financial failure, 98–99; in Japan, 163–65; and jobs, 9–10, 110–15; nonpunitive nature of, 7, 101; recommendations, 107–10; of subprime lenders, 57 Bankruptcy Act (Japan), 163 Bankruptcy Code of 1978, 112–13, 115, 120 Bankruptcy judges, 113–14 Bardhan, Ashok, 41 Barth, James R., 2–5, 20, 25 Basel I capital requirements, 151 Basic Policies for Economic and Fiscal Management and Structural Reform (Japan), 155 Belgium, homeownership rates in, 37–38 07 2524-4 index.indd 173 10/21/13 8:55 PM  index Bid-ask spreads, 133–34 Book building, 14, 15, 142 Brandeis, Louis, 132 Bright-line rules, 109 Brookings Institution, 1, 20 Building societies, 30 Business improvement plans, 18, 158–59 California, property tax–based financing in, 85 Canada: homeownership rates in, 4, 65; housing crisis in, 64–68; housing finance in, 4; subprime mortgages in, 63, 67 Canada Mortgage and Housing Corporation (CMHC), 44, 66 CAPC (Community Asset Preservation Corporation), 77 Capital aggregation, 78–79, 88–89 Capital requirements, 150–51 “Cash flow” test for involuntary bankruptcy, 106 CDOs (collateralized debt obligations), 57, 88 Chapter 7 bankruptcy, 111, 112, 113 Chapter 11 bankruptcy, 103, 112–13, 115, 120, 163 China: housing finance in, 80–81; housing market in, 25; intellectual property rights in, 143 Chrysler bankruptcy case study, 10–11, 116–20 Citigroup, 150 Civil Rehabilitation Act of 2000 (Japan), 18, 163 Class-action lawsuits, 15, 143 Clean Energy Works Portland, 85–86 CMHC (Canada Mortgage and Housing Corporation), 44, 66 Collateralized debt obligations (CDOs), 57, 88 Collectivization of creditors, 8, 103–04, 111–12 Colorado, property tax–based financing in, 85 Commercial banks, 31–33, 36, 45, 55–56, 82 Committee on Small and Emerging Companies (SEC), 125 Community Asset Preservation Corporation (CAPC), 77 Community Reinvestment Act of 1977 (U.S.), 3, 43, 54, 66 Compliance costs of Sarbanes-Oxley, 12, 126 Copyrights, 15, 143 Council on Economic and Fiscal Policy (Japan), 155 Covered bonds, 3, 36, 50, 64, 76 “Cream-skimming,” 47 Credit analysis: and housing finance, 87–88; and subprime mortgages, 56, 59; technology innovations for, 73–74 Credit enhancement, 82–83; housing funds, 78 Creditors: bankruptcy shifting ownership to, 6, 99–100, 103–04; and delayed commencement of bankruptcy case, 101–10; incentives for, 108–09 Crowdfunding, 13, 137 Debtor-in-possession financing, 163–64 Decimalization, 132–36 Deed-restricted housing, 79 Delaware, bankruptcy courts in, 102 Demiroglu, Cem, 127 Denmark, housing finance in, 3, 36, 50, 64, 76 Deposit Insurance Act (Japan), 162 Deposit Insurance Corporation of Japan (DICJ), 16, 19, 152, 164 Deposit Insurance Fund, 33 Directors and officers (D&O) insurance, 132 Dodd-Frank Act of 2010 (U.S.), 8, 70, 106 07 2524-4 index.indd 174 10/21/13 8:55 PM index  Economies of scope hypothesis, 130–31 Edelstein, Robert H., 41 Emergency Home Loan Financing Act of 1970 (U.S.), 48 Employment: and bankruptcy, 9–10, 110–15; IPO market and job creation, 138–41 Energy-efficient home improvement, 84–86 England. See United Kingdom Enron, 126 Enterprise Community Partners, 78 Entrepreneurial innovation, 98 Equal Credit Opportunity Act of 1974 (U.S.), 43, 54 Equity owners: and delayed commencement of bankruptcy case, 101–10; incentives for, 99–100, 108 Europe and European Union: financial regulation in, 150; government involvement in mortgage markets in, 43–44; homeownership rates in, 37–38; housing finance in, 36, 41, 64, 76; housing market declines in, 88; investment banking fees in, 131; IPO market in, 130; sovereign debt crisis...