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Contract Theory and Mortgage Foreclosure Moratoria

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Author Info

  • Jaffe, Austin J
  • Sharp, Jeffery M
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    Abstract

    Contracts are an essential institution in capitalist economies. Contract law provides a long and interesting constitutional history. At the same time, mortgage foreclosure moratoria is shown to be an occasional and repeated phenomenon. This paper explores the legal and economic aspects of this issue via a survey of the schools of thought on contracts. The paper also speculates about the nature of mortgage contracts and the economics of moratoria statutes. Copyright 1996 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 12 (1996)
    Issue (Month): 1 (January)
    Pages: 77-96

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    Handle: RePEc:kap:jrefec:v:12:y:1996:i:1:p:77-96

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Lynn Fisher & Abdullah Yavas, 2007. "The Value of Equitable Redemption in Commercial Mortgage Contracting," The Journal of Real Estate Finance and Economics, Springer, vol. 35(4), pages 411-425, November.
    2. David C. Wheelock, 2008. "Changing the rules: state mortgage foreclosure moratoria during the Great Depression," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 569-584.
    3. David C. Wheelock, 2008. "Government response to home mortgage distress: lessons from the Great Depression," Working Papers 2008-038, Federal Reserve Bank of St. Louis.
    4. Matthew J. Baker & Thomas J. Miceli & C. F. Sirmans, 2006. "An Economic Theory of Mortgage Redemption Laws," Working papers 2006-25, University of Connecticut, Department of Economics.
    5. Thomas Miceli & C. Sirmans, 2005. "Time-Limited Property Rights and Investment Incentives," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 405-412, December.

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