A “portfolio” here is a bundled set of contracts. In this Article, we address a commercially important example, where a local bank finances home purchases. The bank bundles the resultant contracts—the mortgage-backed securities (MBS)—into a portfolio, which it then sells to a firm, denoted an “originator.” The originator buys portfolios from several local banks and sells the portfolios to a large bank, which markets the portfolios to public- investment vehicles, such as trusts. “Portfolio contracts” govern each of these sales
Tracy Lewis & Alan Schwartz,
Unenforceable Securitization Contracts,
Yale J. on Reg.
Available at: https://digitalcommons.law.yale.edu/yjreg/vol37/iss1/4