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The Real Problem in the Wall Street Crisis

Another good blog post by Neil Garfield.

Livinglies's Weblog

see Anh N. Tran, et al. v. Bank of New York COMMENTARY Mortgage Securitization and Lender’s Ability to Foreclose_SRCH

A fairly well written and well-reasoned article. But absent from the article is the fact that homeowners are not just asserting some technicality. If the Trust actually paid real money for a legally binding loan contract with an enforceable promissory note and enforceable mortgage then it would seem to be the kind of internal affair that some courts have tried to fashion by reading the word “voidable” into a statute that clearly says “void.”

But if there was no transaction and the Trust stands to lose nothing by losing a case in which it had no standing, ab initio, then you would find the same courts — that are looking for a way out of the void transaction — instead accepting the idea that the whole thing was a sham transaction…

View original post 703 more words

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