I am amazed at all the foreclosures taking place in California in complete ignorance of the most basic and fundamental laws of any foreclosure proceeding under California Law. Everyone seems to just jump straight into the Article 9 security interest issues, entirely skipping its genesis in the Article 3 enforceability issues of the underlying note. Indeed, a local federal judge even said recently to our firm, “Counsel, this is an article 9 issue, not an article 3 issue.” Huh? YOU CANT GET TO ARTICLE 9 UNTIL YOU FIRST PASS ARTICLE 3!!!!!!
This just goes to show the ignorance of well educated individuals when it comes to the enforceability of foreclosure proceedings under California Law in the wake of the recent global securitization of mortgages. Perhaps this is why government is failing and has no clue on how to stop the current economic downturn we are all facing. Perhaps this is why Congress chooses to simply throw trillions of taxpayer dollars towards failing businesses in an attempt to stave off the inevitable financial armageddon. Perhaps throwing money away is all they know and what they do best, and simply do not understand the balloon effects of securitization and creation of money from nothing. Stay tuned, more on this blog to be published soon.
Written by Michael G. Doan– Michael Doan is a member of the Doan Law Firm, which consists of Chula Vista Bankruptcy Attorney locations, Escondido Bankruptcy Attorney locations, La Mesa Bankruptcy Attorney locations, and San Diego Bankruptcy Attorney locations…just to name a few. Presently, Michael is concentrating his practice solely in Bankruptcy Law and is a Board Certified Specialist in Consumer Bankruptcy Law by the American Board of Certification, one of only fourteen such attorneys in all of California. He owns and manages the Carlsbad Bankruptcy Attorney Office.
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