It's not technical — It is very real! Securitization changed both sides of what appeared to be a loan transaction. It is now unrecognizable to lawyers.
SECURITIZATION CHANGED THE BARGAIN. ONLY THE FINANCE SIDE GOT WHAT THEY WANTED. People often criticize the points I make an appearance, articles, and pleadings because they think I am raising technical objections that won’t change anything. “You got the loan, didn’t you?” Actually no — virtually none of the transactions with homeowners resulted in anything …