MORTGAGE GATE: LAS INCERTIDUMBRES SOBRE LA EJECUTABILIDAD DE LAS HIPOTECAS GESTIONADAS POR EL MORTGAGE ELECTRONIC REGISTRATION SYSTEM EN ESTADOS UNIDOS.

Abstract

The already lengthy real estate crisis is putting the solidity of the institutional system to the test. In the US grave deficiencies are appearing in the documentation of mortgages, especially securitised mortgages managed by the Mortgage Electronic Registration System, a private registration system created in the early nineties by the leading members of the US mortgage industry with the idea of sidestepping the need to have mortgage loan assignments made as part of the securitisation process entered in the public recording system. It is seriously hampering foreclosure, with all the consequences thus entailed. In Spain there have been some reforms that have sowed legal uncertainty in mortgage matters.