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No Freedom without RegulationThe Hidden Lesson of the Subprime Crisis$
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Joseph William Singer

Print publication date: 2015

Print ISBN-13: 9780300211672

Published to Yale Scholarship Online: January 2016

DOI: 10.12987/yale/9780300211672.001.0001

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Why Private Property Needs a Legal Infrastructure

Why Private Property Needs a Legal Infrastructure

(p.95) 4 Why Private Property Needs a Legal Infrastructure
No Freedom without Regulation

Joseph William Singer

Yale University Press

Chapter 4 explains why private property needs a regulatory infrastructure. Property cannot exist if we do not have relatively clear rules about who owns what. But it also cannot operate justly if we do not ensure that property rights are not abused so as to cause harm to others. The mechanisms used to market subprime mortgages violated the justified expectation of borrowers and undermined the clarity of land titles. These subprime practices are a vivid reminder of the reasons why laws are needed to create a viable infrastructure for both markets and private property.

Keywords:   property, private property, law, regulation, title, subprime, MERS, Mortgage Electronic Registration Systems, foreclose, foreclosure, recording, deeds, ownership, law, regulation, freedom, democracy

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