Abstract

http://ssrn.com/abstract=1970249
 


 



In-House Counsel’s Role in the Structuring of Mortgage-Backed Securities


Shaun Barnes


Duke University - School of Law

Kathleen G. Cully


Kathleen G. Cully PLLC

Steven L. Schwarcz


Duke University - School of Law

December 8, 2011

Wisconsin Law Review, Forthcoming

Abstract:     
We briefly introduce the financial crisis and the role played by mortgage-backed securities. Then we describe the controversy at issue: whether, in order to own and enforce the mortgage loans backing those securities, a special-purpose vehicle “purchasing” mortgage loans must take physical delivery of the notes and security instruments in the precise manner specified by the sale agreement. Focusing on this controversy, we analyze (i) the extent, if any, that the controversy has merit; (ii) whether in-house counsel should have anticipated the controversy; and (iii) what, if anything, in-house counsel could have done to avert or, after it arose, to mitigate the controversy. Finally, we examine how the foregoing analysis can help to inform the broader issue of how in-house counsel should address complex legal transactions.

Number of Pages in PDF File: 30

Keywords: financial crisis, mortgage-backed securities

Accepted Paper Series


Download This Paper

Date posted: December 10, 2011  

Suggested Citation

Barnes, Shaun and Cully, Kathleen G. and Schwarcz, Steven L., In-House Counsel’s Role in the Structuring of Mortgage-Backed Securities (December 8, 2011). Wisconsin Law Review, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1970249

Contact Information

Shaun Barnes
Duke University - School of Law ( email )
Box 90360
Duke School of Law
Durham, NC 27708
United States
Kathleen G. Cully
Kathleen G. Cully PLLC ( email )
42 W. 44th Street
New York, NY 10036
United States
(212) 447-9882 (Phone)
Steven L. Schwarcz (Contact Author)
Duke University - School of Law ( email )
Box 90360
Duke School of Law
Durham, NC 27708
United States
919-613-7060 (Phone)
919-613-7231 (Fax)
Feedback to SSRN


Paper statistics
Abstract Views: 889
Downloads: 127
Download Rank: 130,257

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo6 in 0.469 seconds