Interview with James Ackley Part 2:

THE NEIL GARFIELD SHOW

In the last show, we talked generally about how the promissory note morphs from a promise to pay a debt into a security that is simply an agreement between someone who does not own the debt and someone who will get paid because of a securities scheme. As James tells it the note is transformed into a security that is essentially irrelevant in any current foreclosure case because that certificate is not and cannot be secured by a mortgage --- at least not one from a homeowner. I would add that current law requires, as a condition precedent, that the claimant has paid value for the underlying obligation, assuming there is one. See Article 9 §203 UCC, adopted in all U.S. jurisdictions verbatim. I asked James to come back tonight because he is on the front line of litigation and as a competent trial attorney, he knows a lot about the frustrating pitched battles in foreclosure cases. Welcome back James and thanks for coming back. So just to get started, I will ask James why should everyone understand the elements of a prima facie case first, before they do anything?