We recently discussed in this column some unique issues that apply to security interests in fixtures—being assets that reside at the intersection between real property and personal property.1 This month we continue that theme by addressing issues related to another class of assets that spans both real and personal property, namely, mortgage notes.
As is well-known, the period from the late 1990s until the economic collapse in 2008 witnessed an unprecedented wave of financing of mortgage loans through the issuance of mortgage-backed securities (MBS).2 At the peak of this cycle, nearly 30 million mortgages were originated in the two-year period of 2005-2006, and over $2 trillion dollars of MBS were issued in 2006 alone.3
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