The American Securitization Forum has issued a statement defending the legality of standard industry methods of transferring residential mortgages to securitization trusts following questions that have arisen in the wake of the recent robo-signing foreclosure scandal.
ASF executive director Tom Deutsch said in a statement released by the group that it is confident the methodology is based on a well-established body of law based on consultations with several of the group’s law firms.
Questions have arisen as to whether certain methods were sufficient to establish ownership by securitization trusts. The ASF did not immediately provide the details of why it feels the process is legally sound, but promised that it would release a report on legal and market practice background regarding the process over the course of the next two weeks.
