Tonight! Interview with James Ackley Part 2: The pitched battle for control of the narrative in foreclosure litigation 6PM EDT 3PM PDT
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In the last show, we talked generally about how the promissory note morphs from a promise to pay a debt into a security that is simply an agreement between someone who does not own the debt and someone who will get paid because of a securities scheme.
As James tells it the note is transformed into a security that is essentially irrelevant in any current foreclosure case because that certificate is not and cannot be secured by a mortgage — at least not one from a homeowner. I would add that current law requires, as a condition precedent, that the claimant has paid value for the underlying obligation, assuming there is one. See Article 9 §203 UCC, adopted in all U.S. jurisdictions verbatim.