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Originally Posted by salutesoldier37
Hello, I am new to the site and this is my first posting. Please delete if I posted in the wrong forum. I just have a question on locating a court case that talks about the "original credit card application with original signature". I have searched and cannot seem to find it. I requested it but was told by the creditors that my original credit card application is not available since the account was established in 1996. Also, please correct me if I am wrong but I watched the Cornforth videos and he said once a debt is sold it no longer exist but he did not mention a case. Can someone provide me with some insight. I am not seeking legal advice, Thanks
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THE ORIGINAL APPLICATION/AGREEMENT IS NOT AVAILABLE BECAUSE IT MOST LIKELY HAS BEEN SOLD TO A TRUST WHICH HAS SECURITIZED/MONITIZED THE NOTE/AGREEMENT. I BET YOU THOUGHT THE BANK WAS GIVING YOU A LOAN OR MONEY ADVANCE FROM THEIR OWN CAPITAL STOCK.
YOU NEED TO READ THIS:
http://66.218.71.225/search/cache?p=...icp=1&.intl=us
The Process of Securitizing Credit Card Assets
The creation of credit card ABS is considered one of the most important financing
innovations in the card industry's brief history. Although the technology is relatively new to card
loans, the process of securitizing loans (e.g., conventional mortgages) has been around for over 30 years.
The process of securitizing credit card receivables is very similar to that of securitizing mortgages and other loan obligations. A card issuer sells a group of receivables to a trust. The trust then issues securities backed by those receivables. To illustrate, consider a card issuer that makes credit card loans to a group of 100 customers. Each customer maintains a card balance of
$1000. The card issuer decides to securitize these customers' receivables by grouping their balances together and creating a $100,000 "package." This package is sold to a trust, or "special
purpose entity," created solely to buy the loans from the bank. Once the package is in the trust,
the trustee creates bonds (i.e., securities) that are backed by the $100,000 of credit card loans and
sold to investors in blocks.