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

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  •  first one must establish a right to the (0+ / 0-)

    income stream, which depends on their compliance with/perfection of title :D  Since the promissory note securing the mortgage is given in exchange for the "loan" (fiat EFT -- itself questionable at least challenge-able as valid consideration) which is used to secure the property, in which the bank claims a legal title.

    Because the entire transaction is linked to the underlying real estate transaction, it is all a seamless link.  I believe the bank's very right to be a party to the transaction at all, can be called into question, given their avoidance of state recordation laws, coupled with what appears to be a difficulty of proof that the bank parted with anything of value as consideration for the transaction.  It could be a very interesting case.

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