US mortgage and foreclosure law
AbstractA mortgage is an exchange of a collection of rights between a borrower and a lender. In this article, we describe those rights and explain both their economic logic and their implications for economic analysis and policy. We briefly discuss the medieval origins of the American mortgage contract and its evolution into its present form. We then turn to topics relevant for contemporary economic research â€“ including title and lien theory; recording and registration of documents; judicial versus power-of-sale foreclosure; deficiency judgments and recourse; assignments; the Mortgage Electronic Registration System; and methods for avoiding foreclosure, including deeds-in-lieu and short sales. Our discussion focuses on real property law and its economic implications; we do not discuss, for example, securities law related to mortgage contracts.
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This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , chapter 1, pages , 2012,1st quarter update.
This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:6:year:2012:doi:3876.
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Find related papers by JEL classification:
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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- Gerardi, Kristopher & Lambie-Hanson, Lauren & Willen, Paul S., 2013.
"Do borrower rights improve borrower outcomes? Evidence from the foreclosure process,"
Journal of Urban Economics,
Elsevier, vol. 73(1), pages 1-17.
- Kristopher Gerardi & Lauren Lambie-Hanson & Paul S. Willen, 2011. "Do borrower rights improve borrower outcomes? Evidence from the foreclosure process," Working Paper 2011-16, Federal Reserve Bank of Atlanta.
- Kristopher Gerardi & Lauren Lambie-Hanson & Paul S. Willen, 2011. "Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process," NBER Working Papers 17666, National Bureau of Economic Research, Inc.
- Kristopher Gerardi & Lauren Lambie-Hanson & Paul S. Willen, 2011. "Do borrower rights improve borrower outcomes?: evidence from the foreclosure process," Public Policy Discussion Paper 11-9, Federal Reserve Bank of Boston.
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