An Answer To The 'Clogging' Question Under NY Law

Law360, New York (March 22, 2013, 11:46 AM EDT) -- Recently, on the eve of closing a large mortgage loan for a regional mall intended for a single asset securitization, it was determined that there was an extremely remote risk that the mortgage might not be foreclosable due to a peculiarity of the improvements on the real property and local foreclosure practices.

It is not necessary for purposes of this article to explain the circumstances that created this risk, but only to note that, in order to mitigate the risk, the borrower agreed to grant to...
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