Hwang (plaintiff) obtained a loan from Mortgageit in order to purchase real property. Hwang entered into a promissory note with Mortgageit, which was secured by a deed of trust on the property. Mortgageit then indorsed the promissory note and sold the note to IndyMac. IndyMac retained possession of the note and acted as the servicer on the note. However, IndyMac sold the rights under the note to Freddie Mac, presumably as part of a securitization. Freddie Mac then likely resold the note, but the purchaser is unknown. Hwang eventually defaulted on the note and filed for bankruptcy. IndyMac filed a motion in the bankruptcy court for relief from the automatic stay in order to foreclose on the property. IndyMac was in possession of the promissory note, which had been properly indorsed. IndyMac sought to assert its rights as a holder of the note.