Watching this is HIGH entertainment. The SC justices keep hammering him with questions to get down to EXACT details, and you can see that the counsel for the plaintiff is in way, way over his head on the mechanics of securitization and the paper trail that SHOULD have resulted.... but doesn’t exist.
The justices are asking very reasonable questions. “Where is this written? On which document?” and so forth.
The most hilarious thing is the whole “confirmatory assignment” which the justices point out could exist only AFTER an assignment has been done, and after the written document showing the assignment has been done.
The banking industry is so screwed. They have created a paper trail that is so complicated that lawyers and judges cannot follow it. Lawyers and judges, who are professionals used to shuffling and tracing a LOT of paper....
The whole “assignment in blank” thing is the crux of the issue. The real assignment is done “in blank” (not naming an assignee) and they fill in the name in the “pooling and servicing agreement” - which is NOT recorded anywhere. Then he calls the assignments in blank “confirmatory” assignments.
They’re so screwed. I think that the banks are about to be hoisted upon their own petards.
Own goal for the bankers.