Woodbridge pitched the idea that we have a Note (evidence of debt) and an assignment of the first mortgage against a specific piece of real estate to secure the Note, thus a secured Note.
Ordinarily, this would entitle the note holder to foreclose on the note and take some ownership of the real estate if any of the promised payments were not made. Is this actually the case with the Woodbridge loans? This video explains how the proposed bankruptcy plan handles this question.
Lessons Learned from the Woodbridge Scam 