Here is a guy with whom I am exploring an association because he understands the truth and dynamics of securitization of debt.
Just Because Bloomberg or ABSNet Shows The Loan In A Trust, Doesn’t Prove The Loan Has Indeed Been Securitized.
There is a common presumption that I often hear and need to explain to clients / attorneys, which is…..”the loan was obviously securitized because it shows up in (Bloomberg / ABSNet.”) The fact is, this evidence doesn’t really prove anything. It’s actually hearsay if anything at all. The data that appears in either Bloomberg or ABSNet is the internal accounting provided by the servicers / master servicers to the trust investors. BUT…are the loans really there or are they just a mirage? The proof that the loans were indeed “securitized” into the trusts requires the proper documentation (assignments / endorsements / Trustee and/or Custodian Receipts, etc.) per the trust agreements (PSA’s.) The only thing the Bloomberg or ABSNet data possibly proves is “intent” to have securitizeed the loan(s.)
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