Xyggy Legal – Beta

Xyggy Homepage

Xyggy’s paradigm for search is based on the fundamental idea that search should be item-based not just text-based. Just start typing in the name of a case >>

Xyggy Legal – Beta

Cases covered include:
United States Supreme Court:
United States Reporter (U.S.): 1 – 544
United States Circuit Courts of Appeal:
Federal Reporter, Second Series (F.2d): 178 – 999
Federal Reporter, Third Series (F.3d): 1 – 491
Case coverage is incomplete for recent years and Xyggy will endeavor to complete the collection in the future. Till then the site is at beta status.

Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis

Land Use Prof Blog: White on Shame, Fear, and the Social Management of the Housing Crisis

Brent T. White (Arizona) has posted Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis.  The abstract:

Despite reports that homeowners are increasingly “walking away” from their mortgages, most homeowners continue to make their payments even when they are significantly underwater. This article suggests that most homeowners choose not to strategically default as a result of two emotional forces: 1) the desire to avoid the shame and guilt of foreclosure; and 2) exaggerated anxiety over foreclosure’s perceived consequences. Moreover, these emotional constraints are actively cultivated by the government and other social control agents in order to encourage homeowners to follow social and moral norms related to the honoring of financial obligations – and to ignore market and legal norms under which strategic default might be both viable and the wisest financial decision. Norms governing homeowner behavior stand in sharp contrast to norms governing lenders, who seek to maximize profits or minimize losses irrespective of concerns of morality or social responsibility. This norm asymmetry leads to distributional inequalities in which individual homeowners shoulder a disproportionate burden from the housing collapse.


Download the entire article here.