On November 17th, a federal bankruptcy court denied a proof of claim against a bankrupt homeowner brought by the trustee for the securitization pool that owned the mortgage note. Under New Jersey UCC law, the mortgage note was not enforceable by the trustee because the note had never been transferred to it. Although Countrywide Inc. originated the loan and still possessed the note, the trustee never possessed the note and the note was never properly endorsed to the trustee. Kemp v. Countrywide Home Loans, Inc.