This shows the difference between how mortgage securitization is SUPPOSED to be done, based on long-standing property law and state statutes, versus how mortgage securitization is USUALLY done. It's important to note that US v. Hibernia ruled that standard banking practices do NOT overrule the requirements of law. The end result of the banks' non-compliance is that the mortgage becomes an unsecured unenforceable nullity.
This shows the difference between how mortgage securitization is SUPPOSED to be done, based on long-standing property law and state statutes, versus how mortgage securitization is USUALLY done. It's important to note that US v. Hibernia ruled that standard banking practices do NOT overrule the requirements of law. The end result of the banks' non-compliance is that the mortgage becomes an unsecured unenforceable nullity.
This shows the difference between how mortgage securitization is SUPPOSED to be done, based on long-standing property law and state statutes, versus how mortgage securitization is USUALLY done. It's important to note that US v. Hibernia ruled that standard banking practices do NOT overrule the requirements of law. The end result of the banks' non-compliance is that the mortgage becomes an unsecured unenforceable nullity.