The securitization of home loans may provide a new way to contest foreclosures. An Alabama court recently ruled that a trustee of a pool of home mortgages had no standing to bring a foreclosure action on one of the home mortgages allegedly in the pool despite having possession of the original Promissory Note because the transfer of the Note did not follow the express terms of the Pooling and Service Agreement governing the pooled mortgages.
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A BLOG FROM JAMES A. KNOWLTON
