I was taught that in law that you have to have two things to have standing in court: 1) ownership and 2) injury.
The banks ripped in two the the trust deeds. They kept the ownership while giving the finacial risk away. I am not a lawyer but I don’t know how the bank can go to court. They own the note but don’t have any injury because they have already sold the financial interest.
How is the bank hurt? And how does the holder of the note show ‘ownership’?
California (and 29 other states) are “Non-judicial Foreclosure” states...the “produce the note” trick won’t currently work in CA...although the delinquents attorneys are hammering away at it:
http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp
http://rismedia.com/2010-03-15/obtaining-due-process-in-non-judicial-foreclosure-states/
http://www.foreclosureradar.com/foreclosure-guides/foreclosure-101/non-judicial-foreclosure-process