The American Securitization Forum Tuesday continued to defend residential mortgage-backed securities against foreclosure-related challenges with the release of a promised study that its executive director said differs from the findings of a congressional oversight committee on the issue.
ASF’s executive director Tom Deutsch called the oversight panel’s findings—in which it said the concerns’ implications were unclear but could range somewhere between overblown and a sign of deeper systemic problems in the mortgage market—a troubling interpretation of the facts and laws surrounding securitization. He said ASF is confident the assignment and transfer process for mortgage notes and mortgages that is being challenged is valid, sound and legally binding.
The congressional panel, however, said that if document problems prove to be pervasive and raise doubts about mortgage ownership there could be severe consequences.
