Abstract

http://ssrn.com/abstract=2168189
 
 

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Losing the Paper – Mortgage Assignments, Note Transfers and Consumer Protection


Alan M. White


CUNY School of Law

October 29, 2012

Loyola Consumer Law Review, Vol. 24, No. 468, 2012

Abstract:     
In this article, I survey the state of the mortgage loan transfer system, the legal rules that govern it, and the widening gap between those rules and the practices in the secondary mortgage market just prior to the 2008 crisis. The review includes some empirical assessment of the extent of errors and execution problems; the damage done by “robo-signing;” the Mortgage Electronic Registration System (MERS) and note delivery practices; and the extent to which courts will prevent or reverse foreclosure sales based on those errors and problems. I then examine why existing legal structures, for both paper-based and electronic transfers, are not working, and the extent to which they have failed, I also identify the key consumer and investor protection values and interests (finality, transparency, fraud protection, and so forth) that must be addressed by the law governing secondary market transfers of home loans. I conclude by outlining options for reforming the mortgage loan transfer system, including the use of a single document merging the note and mortgage, and a structure for the registration of a single authoritative electronic version of the mortgage/note and of all changes in parties to, and terms of, the transaction.

Number of Pages in PDF File: 37

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Date posted: October 30, 2012 ; Last revised: November 7, 2012

Suggested Citation

White, Alan M., Losing the Paper – Mortgage Assignments, Note Transfers and Consumer Protection (October 29, 2012). Loyola Consumer Law Review, Vol. 24, No. 468, 2012. Available at SSRN: http://ssrn.com/abstract=2168189 or http://dx.doi.org/10.2139/ssrn.2168189

Contact Information

Alan M. White (Contact Author)
CUNY School of Law ( email )
2 Court Square
Long Island City, NY 11101
United States
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