I did check out your friends blog and I have to point out that in most states a copy of a note is sufficient under a "best evidence" rule if the party has made diligent effort to locate the original.
Not that it matters. Many of these banks don't even have copies for thousands of these loans.
Of course the banks could have avoided all this by paying the courthouse fees to have this all recorded legal beagle, but they wanted to save a few bucks and now they're getting burned. Too bad, so sad.
The recording process is an ancient method used to gird our land title and civil procedure systems for centuries. It isn't some new fangled "technicality" as I've seen some Freepers describing this debacle.
Cut corners and try to bypass our system that dates before the colonies whether for fraud or frugality and pay the consequences.
I was taught that in law that you have to have two things to have standing in court: 1) ownership and 2) injury.
The banks ripped in two the the trust deeds. They kept the ownership while giving the finacial risk away. I am not a lawyer but I don’t know how the bank can go to court. They own the note but don’t have any injury because they have already sold the financial interest.
How is the bank hurt? And how does the holder of the note show ‘ownership’?
I was taught that in law that you have to have two things to have standing in court: 1) ownership and 2) injury.
The banks ripped in two the the trust deeds. They kept the ownership while giving the finacial risk away. I am not a lawyer but I don’t know how the bank can go to court. They own the note but don’t have any injury because they have already sold the financial interest.
How is the bank hurt? And how does the holder of the note show ‘ownership’?