Monday, June 25, 2012

Dana on Why Mortgage 'Formalities' Matter

DanaDavid Dana (Northwestern) has posted Why Mortgage "Formailities" Matter (Loyola Consumer Law Review) on SSRN.  Here's the 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.

Steve Clowney

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