Paul L. Caron

Wednesday, December 11, 2013

Dirt Lawyers and Dirty REMICs: A Debate

REMICDavid J. Reiss (Brooklyn), Bradley T. Borden (Brooklyn) & Joshua Stein (Joshia Stein, PLLC), Dirt Lawyers and Dirty REMICs: A Debate:

In mid-2013, Professors Bradley T. Borden and David J. Reiss published an article in the ABA’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.

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