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Is Loan securitisation legally binding?

My colleague Paull Lawrence recently sent me an interesting article on the subject:

Property owners are often taken aback when, after defaulting on the loan repayment, they receive a summons from an entity other than the bank that granted the mortgage finance. In many instances this is due to securitisation, a process briefly explained in this judgment. The question that follows is whether the defaulting home owner can avoid execution against his home on the basis that he had no knowledge and gave no consent to the loan being securitised in this way?

A summary of the determination by Smith, Tabata, Buchanan and Boyce, which contains a link to the full judgment, can be downloaded here.

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