And now we are learning through the patents the banks filed in the USTPO, that it was actually the 1003 loan application that began the securitization process, BEFORE the borrower signed the documents – as it was pledged/committed/sold to the investment bank (underwriters) …dipped into securitization (like being a little pregnant, wouldn’t you say?). All done without disclosure to the homeowner.
Corroborating what I have been saying for years on this blog, the Supreme Court of the state of California is reasserting its position that if entity ABC wants to collect on a debt in California, then that particular entity must own the debt. This is basic common sense and simply follows article 9 of the Uniform Commercial Code. If a court were to adopt the position of the banks, then a new industry would be born, to wit: spying on people to determine whether or not they are behind on any payment to anyone and then beating the real creditor to court, filing a complaint and getting a judgment without the real creditor even knowing about it. The Supreme Court of the state of California obviously understands this.
This is not really complicated although the words used are complicated. If you find out that your neighbor is behind in payments…
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