Slideshow: Where is a default in a securitization?(2012)
AbstractThere is no "default" in a securitized mortgage loan. The loan is paid off ab initio and the existence of the note is fabricated from paid off balances for the convenience of the originators who didn't think through the foreclosure process.
Publication DateJune, 2012
Citation InformationSymphony Music. "Slideshow: Where is a default in a securitization?" (2012)
Available at: http://works.bepress.com/symphonymusic/10/