The law of real property usually develops in an evolutionary fashion. Change is often measured in terms of decades and centuries rather those in months and years. Yet economic turmoil can accelerate this process. Just as the Great Depression of the 1930’s spurred the enactment of mortgage moratoria and anti-deficiency legislation, so too the inflationary economic climate of the 1970’s and early 1980’s engendered new mortgage law.
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June 2015
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