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Resolution of Distressed Mortgages: Legal Framework and Lessons Learned

Our two presenters recently authored papers on the resolution of distressed mortgages, focusing on the legal and regulatory framework. Larry Cordell from the Federal Reserve Bank of Philadelphia has done a cost-benefit analysis of the delays in judicial states versus non-judicial states. Cordell’s paper quantifies the timelines, and looks at the direct costs and benefits associated with the longer judicial timelines. He also takes a first look at the new mortgage servicing rules put into place by the Consumer Financial Protection Bureau (CFPB), effective in January 2014. Jochen Andritzky from the International Monetary Fund has looked at the modification process, policies, and experiences across four countries negatively affected by the financial crises: Iceland, Ireland, Spain, and the United States.  By focusing on the similarities and differences in legal structures, economic circumstances, and modification tools, Andritzky concludes with lessons learned across the globe. Adam Levitin from Georgetown Law School discussed both papers, focusing on methodology, results, and takeaways.

For inquiries regarding this event, please contact Alison Rincon at [email protected]



  • Laurie Goodman, director, Housing Finance Policy Center, Urban Institute


  • Larry Cordell, vice president, Federal Reserve Bank of Philadelphia
  • Jochen Andritzky, economist, International Monetary Fund


  • Adam Levitin, professor of law, Georgetown University Law Center
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Call in Details

Topic: Lunchtime Data Talk: Resolution of Distressed Mortgages: Legal Framework and Lessons Learned
Date and Time: Tuesday, June 9, 2015 12:30 pm, Eastern Daylight Time (New York, GMT-04:00)
Event number: 660 502 394
Event password: HousingFinance1
Event address for attendees:
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US TOLL: +1-415-655-0003
Access code: 660 502 394


Date & Time Tuesday, June 9, 2015