Why Mortgage 'Formalities' Matter
David A. Dana
Northwestern University - School of Law
June 8, 2012
Loyola Consumer Law Review, Vol. 24, p. 101, 2012
Northwestern Public Law Research Paper No. 12-14
Northwestern Law & Econ Research Paper No. 12-06
This Article argues that adherence to mortgage formalities regarding foreclosure is valuable for expressive reasons and also as a potential deterrent to future undesirable underwriting and securitization practices. The Article reviews how some courts have in effect written procedural requirements for foreclosure out of the law, and asks why these courts have done so and whether lenders' behavior might have been improved during this housing crisis had the state courts uniformly afforded equal respect to the legal rights of homeowners and those of lenders.
Number of Pages in PDF File: 20
Keywords: Mortgage, Foreclosure, Courts
JEL Classification: K10, K11, K19,Accepted Paper Series
Date posted: June 12, 2012
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