Dirt Lawyers and Dirty REMICs: A Debate
Probate & Property, Volume 27, No 3 © 2013
11 Pages Posted: 29 Nov 2013 Last revised: 13 Oct 2014
Date Written: November 27, 2013
In mid-2013, Professors Bradley T. Borden and David J. Reiss published an article in the American Bar Association’s PROBATE & PROPERTY journal (May/June 2013, at 13), about the disconnect between the securitization process and the mechanics of mortgage assignments. The Borden/Reiss article discussed potential legal and tax issues caused by sloppiness in mortgage assignments. Joshua Stein responded to the Borden/Reiss article, arguing that the technicalities of mortgage assignments serve no real purpose and should be eliminated. That article appeared in the November/December 2013 issue of the same publication, at 6. Stein’s response was accompanied by a commentary from Professors Borden and Reiss, which also appeared in the November/December 2013 issue, at 8.
Keywords: mortgage-backed securities, MBS, Real Estate Mortgage Investment Conduit, REMIC, dirt lawyers, MERS
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