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However, the danger of blanket mortgages when something goes wrong can be a nightmare.
Blanket mortgages frequently are incurred by subdividers or developers who have purchased a single tract of land for the purpose of dividing it into smaller parcels for sale or development.
Eventually these blanket mortgages, which encompass multiple encumbered assets with individual legal descriptions, could comprise the multiborrower debt collateral pools underlying some types of securitizations.