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Sunday, March 18, 2007


Andrew Engel

Not a good idea. Securitizers are too high on the tree to be held accountable for what the originators do, UNLESS there is some actual culpability. Funding lenders should be held accountable, but people further down the stream, if honest, should not be to answer for another's fraud or misconduct. Holder-in-due course in reality. A funding lender, however, should not be able to use HDC status to evade liability for an originator's misdeeds. Why, because they were on the scene and actually looked at the loan before it was funded. I draw the line there.

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