TENNESSEE ATTORNEY LOOKS AT STUDENT LOANS: SECURITIZED!

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DIFFERENT LOAN SAME QUESTION: WHERE IS THE CREDITOR?

Neil,

To help the cause, I am sending this email to you. This morning, I read one of your blog posts regarding student loan securitization. In it, you stated:

“If you borrowed money directly from the Government for a student loan then it is not likely, based upon the information I have, that the loan was securitized or sold into secondary markets. But the jury is on completely in on that.”

This prompted me to check my own student loans and I found the following:

– My loans originated with the federal government (DOE).
– In 2006, Deutsche Bank, acting through Academic Loan Group (now deceased, more or less), consolidated by federal student loans on the basis of an “Eligible Lender Trust Agreement”.
– Since 2006, Great Lakes has been my “servicer”.
– Phone calls to Academic Loan Group are answered “Nimbus 1 Financial”.
– Research this morning showed several similar “Eligible Lender Trust Agreement” SEC filings that ended with the student loan being ultimately transferred to a Trust 2006-X (or something like that)
– Putting it all together, it is a very similar (though the terminology is a bit different) to the mortgage scheme.
– I don’t know all the “Depositor” or final trust — yet — but it is clear that both exist and that Great Lakes/Academic Loan Group/Nimbus 1 Financial/X is the servicer under the student loan equivalent of the pooling and servicing agreement.

It looks like jury is leaning. I hope this helps others and spurs them to look into their student loan debt as well. The more fronts the big banks must fight, the weaker their position grows (Sun Tzu, paraphrased).

Spencer Brasfield, Esquire
sbrasfield@mindsharelaw.com
mindsharelaw.com
423.967.8034 (t)
888.769.5650 (f)

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, student loans, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |