In what would likely be yet another obstacle in New Jersey’s free market’s slog to correct its real estate market and lending and banking industry, the state’s Law Revision Commission recently proposed changes to New Jersey’s mortgage recording statute and other laws. The changes would clarify who can foreclose on a mortgage when that debt was assigned by the original lender and the resulting documentation is lost, incomplete or unclear. If adopted, the changes would limit who can foreclose to an ‘established holder of a mortgage …. Who is owed a debt secured by the mortgage.’ An ‘established holder’ would be a mortgage holder identified in records on file with the recording officer for the county where the property is located. The impetus for the changes is the alleged recent abandonment by mortgage holders of the recording system, leaving no record of mortgage assignments as the number and frequency have increased, partly because of securitization. Two (2) 2010 cases addressed some of these issues targeted by the proposed changes: Deutsche Bank National Trust Co. v. Mitchell and Bank of New York v. Laks.