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View Diary: Can a Small California City Take on Wall Street - And Survive? (298 comments)

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  •  There is NO federal law that can apply here (4+ / 0-)

    since the property is the subject of the sovereign state in which it is situated and therefore, sales and transfers must be recorded in observation and compliance with state laws.

    I don't think SCOTUS can help them legally.

    The field is ripe for some very creative arguments.  Ultimately if the bank is forced to prove that it is a legitimate holder of the obligation, I think we will see some very interesting things happen.  IF the courts follow the law, as it has been for centuries, then the banks are going to have a great deal of difficulty in establishing proof of the basic elements of contract.

    This could be the start of an amusing and hopefully useful process to set things right, finally, in favor of the humans.

    •  How did Kelo v State of CT (1+ / 0-)
      Recommended by:
      jpmassar

      make it to the SCOTUS?

      "let's talk about that"

      by VClib on Sun Sep 15, 2013 at 06:45:38 PM PDT

      [ Parent ]

      •  Marblex is talking about... (1+ / 0-)
        Recommended by:
        jpmassar

        ...who has title to the property.  That's a State affair.

        Kelo addressed if the property could or could not be taken.

      •  Because the right of the homeowner under (0+ / 0-)

        the 5th amendment to the constitution was implicated.  That involved the "takings" clause and whether eminent domain could be used to take the particular properties at issue in Kelo.

        I'm talking about the fundamental ownership and recordation of same as dictated by state law.  Without implicating a constitutional issue, it still involves the right to title of real property (and the mortgage creates a right to income stream from the equitable owner) -- but the mortgage itself is secured by property, title to which is required to be perfected according to state law.

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