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The contributors to the Consumer Law & Policy blog are lawyers and law professors who practice, teach, or write about consumer law and policy. The blog is hosted by Public Citizen Litigation Group, but the views expressed here are solely those of the individual contributors (and don't necessarily reflect the views of institutions with which they are affiliated). To view the blog's policies, please click here.

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Thursday, October 13, 2011

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Mike Gilmore

Real estate mortgage foreclosure is an event of forfeiture. That's the law. Forfeiture is not favored by the law. Mortgage lenders and downstram securitisers have always known this. They built a securitization model seeking more profit, underbought necessary skill set talent to meet state law requirements, and now whine and moan that they can't get their mortgages to yield outcomes like trades of pork bellies on a commodities exhange. Talking heads from this industry have appeared on CNBC and other venues making the bald assertion that borrowers do not have a right to know who is the owner and holder of the mortgage note and lien on the residence. That is consistent with the rest of the hubris that has brought us to this point.

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