Faculty Journal Articles and Book Chapters

ORCID (Links to author’s additional scholarship at ORCID.org)

Julia Patterson Forrester Rogers: https://orcid.org/0000-0001-8260-1325


This Article explores one possible private law prescription that may help common-interest communities avoid the financial disaster associated with foreclosure epidemics-a financing restriction that would limit (1) the ability of any homeowner in a common-interest community to borrow excessively against the value of her home, and (2) the ability of lenders to make loans that a homeowner does not have the ability to repay. Part I of this Article begins in the Great Depression with a discussion of Neponsit Property Owners' Association v. Emigrant Industrial Savings Bank, w exploring how the case both fostered the development of common-interest communities and foreshadowed the current crisis in which common-interest communities find themselves. Part I also discusses reasons why commoninterest communities may have evolved without the inclusion of a financing restriction. Part II explains the failure of the regulatory system to prevent the mortgage crisis and outlines recent regulatory changes. Part II also discusses the advantages of this private law approach in protecting commoninterest communities. Part III analyzes the legal enforceability of a financing restriction, while Part IV outlines some of the practical challenges to implementing financing restrictions in the marketplace. Part V sets forth a proposed financing restriction for integration into the documents for common-interest communities.

Publication Title

George Mason Law Review

Document Type



Common-interest community, Restrictive covenant, CCRs, CC&R, Homeowners’ association, Predatory lending, Subprime lending, Home mortgage, Home mortgage loan, Home equity loan, Real estate finance, Real property law, Mortgages, Real estate law, Secondary market, Secondary mortgage market



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.