The Historical Origins of America's Mortgage Laws
50 Pages Posted: 5 Nov 2012
Date Written: November 5, 2012
This paper examines the different legal frameworks for mortgage markets in different states, focusing on how and when they came into existence, including the British influence on laws in some of the older states, with a particular emphasis on foreclosures, including judicial vs. non-judicial regimes, redemption rights and deficiency judgments. The paper concludes that mortgage laws in America are a patchwork driven by path dependence, rather than a coordinated effort or a reaction to some economic event or condition.
Keywords: Mortgage Laws, Evolution of Mortgage Legal Frameworks
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