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Legal and Regulatory Considerations for Residential Mortgage Backed Securitization in Developing Economies

By Guindi, Shahir

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Book Id: WPLBN0000229226
Format Type: PDF eBook
File Size: 0.2 MB
Reproduction Date: 2005
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Title: Legal and Regulatory Considerations for Residential Mortgage Backed Securitization in Developing Economies  
Author: Guindi, Shahir
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Publication Date:
Publisher: The World Bank


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Guindi, S. (n.d.). Legal and Regulatory Considerations for Residential Mortgage Backed Securitization in Developing Economies. Retrieved from


INTRODUCTION TO THE PROJECT AND THE SUBJECT Legal and regulatory issues are, in some jurisdictions, complex and costly issues to resolve prior to initiating a successful residential mortgage-backed securitization (RMBS) program. Our objective is, via two country-specific case studies which have already been submitted to the World Bank1 and this non-country specific more general note, to raise legal issues and potential impediments before to an RMBS being instituted. Typically, the papers identify the various components of the securitization transaction, review the actual legal and regulatory context of the jurisdiction to identify the extent to which each of these components is affected and, finally, develop either legal or contractual remedies for any deficiencies, constraints or difficulties. These papers are not detailed case analyses, but rather function as illustrations on how to go about looking at limited information and raising legal and regulatory issues associated with securitization. Resolving legal issues associated with securitization is particularly important in that securitization is a legal contract and investors need to understand the impact of federal, state and local laws before they will invest.2 The paper will not deal explicitly issues such as institutional development issues which can have a critical impact on the potential effectiveness of a securitization regime, including the capacity of the judiciary, the sophistication of the registry and tax authorities and the institutional development of the legal and accounting professions. The emphasis, rather is on the impact current legislation would have on securitization, and using this legal paradigm to assess potential legal lacunae and impediments to its successful development. Nonetheless, it is important to emphasize that the legal and accounting treatment of securitization inter-relate, and that the right result is possible only if the practicing bar, the accounting profession, the bank regulators and the tax authorities all understand the requirements of securitization and work together. The papers do not pretend to be exhaustive in their analysis and should not be relied upon to analyze an actual securitization process, which would require a much more detailed analysis. The papers may serve as a starting point in examining some important issues which need to be addressed before a sustainable securitization market can emerge in various developing economies.


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