Mortgage brokers have grown in importance in the home mortgage origination process in recent years, suggesting they provide a valuable service matching borrowers and lenders, although their involvement has also been linked to the recent surge in mortgage defaults and foreclosures. As in other markets dominated by brokers, agents' incentives are often poorly aligned with those with whom they do business, in this case both the lenders who bear the risks once the loan is originated and the consumer who assumes liability for the debt and contract terms. This paper describes the institutional arrangements under which mortgage brokers operate and empirically test whether loans originated by mortgage brokers are lower in cost than those that would be available directly from retail lenders. The...
In the private equity world, partnership agreements have received praise from many corners for reducing the agency costs arising between the interests of fund managers and investors. This article sets out to assess contract design in private equity partnerships. The argument here is that the importance of many of these heralded contract design features has been overstated. Part II describes the legal rights of investors in private equity funds. By default, investors in private limited partnerships have limited rights to participate in day-to-day operations or challenge decisions of fund managers. As a result of this set of default legal rules, investors in these funds face a familiar agency problem. That is, fund managers may be emboldened to pursue their own self-interest at the expens...
Many local families facing financial problems over the last couple of years went to a Buffalo not-for-profit agency called HomeFront for help and advice. The agency assigned housing counselor Lori J. Macakanja to assist at least 100 of the families. But instead of helping her clients fight off mortgage foreclosures, Macakanja stole their money -- about $200,000 in all - - and gambled it away in local casinos, prosecutors charge.
Washington County is part of the tri-county metro area surrounding Portland, Oregon, and has experienced explosive population growth during the past 20 years. Before the 1990s, the county, which extends westward from the Portland urban center toward the Pacific Coast, consisted mainly of sleepy farming communities, with a population just over 300,000. During the past two decades, as downtown Portland pushed growth into the county's rural spaces, the population rapidly increased to more than 500,000, with a recent growth rate of more than 15%-nearly twice the state average.
Another air traffic controller working the midnight shift was caught sleeping on the job. No joke. The most recent incident occurred this week when the pilot of a plane transporting a critically ill passenger was unable to raise the sole controller working at 2 a.m. in the tower of the Reno- Tahoe International Airport in Nevada.
Corporate governance scholarship has long focused on conflicts of interest between firms and their top executive officers. This Essay contends that increasing leverage and financial complexity make it important for scholars also to focus on conflicts of interest between firms and their secondary managers.
FURCY, Haiti - Where the road gave way to trails, the hunger- hunters parked their motorcycle and hiked for more than an hour up a mountain too steep even for mules. There, in a foggy clearing high above the Haitian capital, the Baptist aid workers made their find. Two glassy-eyed boys stood beside a wood and mud hut. Their low weight made them look half their ages, but their hair, grey and patchy from lack of nutrition, gave them the appearance of old men.
Police departments would have to report instances of officer wrongdoing to the state, under a bill reviewed by members of the West Virginia House of Delegates on Friday. The bill (HB 2358) would expand the duties of the state body that decides when police officers lose their certification.
Approximately 77.7 million individuals in the US invest in equities through stock mutual funds. When these investors put their money to work and at risk, they depend upon strong corporate governance structures at corporations (portfolio companies) held by the mutual funds that they own. Unlike direct retail investors who can take action to influence corporate governance, these 77.7 million individuals depend upon mutual fund advisers (Advisers) to advocate for them. In its conclusion, this paper takes a broader perspective, suggesting that corporate governance scholars and reformers use the mutual fund case to reexamine the prevailing framework that is largely based upon the agency problem recognized in 1932 by Adolf Berle and Gardiner Means. Berle and Means saw a shift between the nine...
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