According to the article these loans got bundled and traded back and forth, just like mortgages. And just like mortgages a lot of the supporting paperwork never made it to the ultimate owner of the debt.
Which tranch do you want, A B C D? The joke on the buyer of the notes. They are all bad. There is nothing behind any tranch except worthless degrees.
Don’t they verify that they have the supporting documentation before they finalize the sale of these loans? I’m.shocked that they wouldn’t make sure all ducks were in a row before they make the payment to buy loans.