Industry Groups Say Ruling to Prevent Lender Declaring Loan Default Undermines Commercial MBS Structure
July 18, 2003
The sanctity of mortgage security transactions could be threatened if the New York Supreme Court does not reconsider a ruling that would reportedly impede lenders from exercising remedies under loan documents. The Mortgage Bankers Association of America filed a motion with the Commercial Mortgage Securities Association to submit an amicus curiae, or “friend of the court” brief, in support of CIGNA