Abstract

http://ssrn.com/abstract=1970249
 


 



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


Shaun Barnes


affiliation not provided to SSRN

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





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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
affiliation not provided to SSRN
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 )
210 Science Drive
Box 90362
Durham, NC 27708
United States
919-613-7060 (Phone)
919-613-7231 (Fax)
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