Oregon Law Review : Vol. 90, No. 2, p. 359-412 : Securitization and Suburbia
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Date
2011
Authors
Hughes, Heather
Journal Title
Journal ISSN
Volume Title
Publisher
University of Oregon School of Law
Abstract
This Article explores the relationship between one typical form of
real estate development finance—the securitized mezzanine loan—
and one controversial phenomenon—suburban sprawl. It asks
foundational questions about the connection between financial
transactions and real-world applications of the capital they raise. In
this work, sprawl serves as an example of an environmental
consequence of applications of capital raised with a common form of
transaction. This Article considers the extent to which commercial
finance laws release forceful incentives driven by capital markets
upon land use decisions, potentially undermining the collective,
morally informed determination such decisions require. It rejects the
aesthetic aversion to looking beyond transactional structures in the
abstract to consider what results as commercial actors use typical
deals to fund typical growth patterns. To the extent that standardized
forms of financial transactions fund recurring land uses that many
find problematic, the terms and structures of the transactions
themselves should be a subject of critical inquiry.
Description
54 pages
Keywords
Citation
90 Or. L. Rev. 359 (2011)