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1. (WO2001035303) A COLLATERALLY SECURED DEBT OBLIGATION AND METHOD OF CREATING SAME

Pub. No.:    WO/2001/035303    International Application No.:    PCT/US2000/030992
Publication Date: Fri May 18 01:59:59 CEST 2001 International Filing Date: Fri Nov 10 00:59:59 CET 2000
IPC: G06Q 40/00
Applicants: KIRKSEY, William, E.
Inventors: KIRKSEY, William, E.
Title: A COLLATERALLY SECURED DEBT OBLIGATION AND METHOD OF CREATING SAME
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.