BlogTalkRadio uses cookies. By using our services, you're agreeing to our Cookies Policy. Got it

Our Terms of Use and Privacy Policy have changed. We think you'll like them better this way.

Interview with James Ackley Part 2:

  • Broadcast in Finance
THE NEIL GARFIELD SHOW

THE NEIL GARFIELD SHOW

×  

Follow This Show

If you liked this show, you should follow THE NEIL GARFIELD SHOW.
h:540179
s:12011225
archived

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.

 

I asked James to come back tonight because he is on the front line of litigation and as a competent trial attorney, he knows a lot about the frustrating pitched battles in foreclosure cases. Welcome back James and thanks for coming back.

 

So just to get started, I will ask James why should everyone understand the elements of a prima facie case first, before they do anything?

Comments