from Lynn Szymoniak
- These Trusts were never regulated, not once by the SEC in all the years of their existence
- Many SEC and DOJ folks were former employees of the Trust makers
- Fannie and Freddie securitized many of these
- Our money was used to create this mess!
- Pooling and Servicing agreements were the rules of each trust and these were filed with the SEC
- Servicer is named in the trust
- Over time, 30 years, the number of loans in the Trusts drop off. Starts off with about 5000 loans.
- 3/4 of loans single family residence
- 70% of loans were 7-10% interest loans, most were adjustable.