Subprime: Real Estate Frauds, Mortgage Frauds and Legal Certainty

Abstract:     
This paper was presented to the Italian Civil Law Notaries at their conference in Turin Italy. It responds to their concerns about the subprime crisis in the United States which is negatively affecting Italian investors. Part I of the article explains commodificaiton of real estate including mortgages and REITs; explains the funciton of mortgage backed securities, collateralized debt obligations (CDO) and securitization of real estate debt. Part II describes the history of the subprime loans in the United States, including predatory lending and ascribes fault to the absence of adequate regulation.

Number of Pages in PDF File: 20

Keywords: subprime, mortgage,predatory, loan,mortgage, securitization,regulation

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