Commercial Law Aspects of Residential Mortgage Securitisation in Australia [Hardcover]

This book evaluates key commercial law aspects of the relevant law and legislation governing residential mortgage-backed securities (RMBSs) in Australia from a legal perspective. Within the context of a public benefit test framework, the book seeks to critically evaluate the impact and effectiveness of current law and regulation governing RMBSs. There is a dearth of both academic and practical literature on the legal and regulatory issues surrounding RMBSs in Australia.  The book aims to make a contribution to the formulation of law and public policy by suggesting a number of reforms to the current law and practice surrounding RMBSs in Australia.  In part, these suggested reforms will be based on the lessons learned from the experiences of overseas jurisdictions such as Canada, the U.K, and the United States. 

1. Introduction.- 2. Towards Formulating a Conceptual Framework.- 3. Structuring and Issuance in Residential Mortgage Securitisation.- 4. Mortgage Origination.- 5. The Legal Process for Transferring Mortgagees Rights to the Special Purpose Vehicle.- 6. Law And Regulation of the Issue of Mortgage-Backed Securities.- 7. Insolvency Considerations Pertaining to Trustee Issuer and Mortgage Originator.- 8. Assessment of Current Regulation and Practice of RMBS Programs.- 9. Summary of Conclusions.

Pelma Rajapakse is a Senior Lecturer in Business Law and Corporations Law in the Department of Accounting Finance and Economics, Griffith University, Nathan, Queensland, Australia.  Her research combines socio-legal and doctrinal analysis and qualitative methods. Her research has encompassed a range of topics such as fraud in fund management in Australia and overseas, legal aspects of residential mortgage securitisation, morlCŽ