The Jurisprudential and legal analysis of the relation between Issuer and Special Purpose Vehicle(SPV) in mortgage-backed securitie

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The Jurisprudential and legal analysis between involved parties in mortgage-backed securities- as an important financial instrument for banks and credit institutions- needs to be explained. Since Issuer and Special Purpose Vehicle (SPV) are the main parties involved, the relation between them is of utmost importance. Our legal concept candidates here are debt sale, novation, and transfer of claim.
Some of the Islamic lawyers disagree with some of the assumptions of debt sale so that reaching an agreement is not likely here. Besides problems with its form and content, novation has the problem of all its guaranties being canceled once the first obligation is so, and we need new guaranties which make novation less practical.
Transfer of claim seems more applicable than others because in addition to having the advantages of other candidates has the advantage of all legal guaranties being transferable without borrower’s permission