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Columbia Law School

2003

Securities Law

Securitization

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The Rise Of State Bankruptcy-Directed Legislation, Ronald J. Mann Jan 2003

The Rise Of State Bankruptcy-Directed Legislation, Ronald J. Mann

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This is a paper for a conference at Cardozo Law School on the relation between securitization and secured credit. Concerns about securitization have been focused by decisions of various States to take the lead in attempting to decide how those issues will be resolved in bankruptcy proceedings. In this paper I step back from that debate to ask a more fundamental question: who is to decide the appropriate policy response to those issues? On the one hand, Congress could decide those questions in the exercise of its exclusive constitutional power to enact bankruptcy laws. Or, if it chose to do ...