We have New Century agreements between parties that establish the collateral is merely “pledged” until default and that the investment bank may continue to reuse, repledge, rehypothecate the collateral – even though he collateral is supposed to be inside a closed trust.
Judges are thinking the unthinkable — that none of the trusts ever acquired anything and that the foreclosures were and are a sham.
THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
It isn’t “theory. It is facts, or rather the absence of facts.
As shown in the two articles by Jeff Barnes below, we are obviously reaching the tipping point. First, the presentation of a Trust instrument means nothing if there is no proof the trust was active — and in particular actually purchased the subject loan. And Second, Judges will deny all objections to discovery and will rule for the borrower if the Trust did not acquire the loan.
In ruling this way the two Judges — thousands of miles apart — are obviously recognizing that the long standing bank objection to borrowers’ defenses based…
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