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Hat tip to Dan Edstrom, Senior Forensic analyst for livinglies.
Thomas Adams, whose name sounds like one of the founding fathers, has submitted an affidavit as an expert witness in the Glaski case in California. He is completely qualified as an expert in securitization practices and documentation. He was one of the lawyers who worked on the first pooling and servicing agreements back in 1989. For those who have given up trying to convince a judge that the securitization aspect of their case is relevant, this affidavit should help.
He concludes that the Trust did not ever come to own the subject loan, and further (like the case Patrick Giunta and I won in January in Florida) he found that nobody in the chain ever owned the loan. He is right of course, but he boils it down into…
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