Collaterally secured debt obligation and method of creating same
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United States of America Patent
Stats
-
Oct 1, 2002
Issued Date -
N/A
app pub date -
Nov 12, 1999
filing date -
Sep 28, 1993
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A debt obligation issued to a holder by an entity which obligation is backed by a group of property owners, each owning an individual property, where the entity obtains from each owner cross-collateralized lien and loan agreements in which the owners promise to pay his or her periodic payments to the entity and to pay, if defaults occur, each and every other owner's periodic payments. The method of creating and servicing such obligation includes use of calculating equipment. The system includes pre-organization effort to assemble a peer lending group of potential property owners and causing the entity to purchase the homes at a below-market price using temporary financing which is later consolidated in bond financing.
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Cited Art Landscape
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