Why Mortgage 'Formalities' Matter

20 Pages Posted: 12 Jun 2012

Date Written: June 8, 2012


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.

Keywords: Mortgage, Foreclosure, Courts

JEL Classification: K10, K11, K19,

Suggested Citation

Dana, David A., Why Mortgage 'Formalities' Matter (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, Available at SSRN: https://ssrn.com/abstract=2082374

David A. Dana (Contact Author)

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States
312-503-0240 (Phone)
312-503-2035 (Fax)

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