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Why Mortgage 'Formalities' MatterDavid A. DanaNorthwestern 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 Abstract: 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 SeriesDate posted: June 12, 2012Suggested CitationContact Information
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