ABA Report: Trustee's Role Primarily Administrative

Walker, Susanne
March 2003
Bond Buyer;3/25/2003, Vol. 343 Issue 31600, p7
Trade Publication
The American Bankers Association, in response to a Moody's Investors Service Inc. report focusing on the role of the trustee in asset-backed and residential-mortgage backed securities, has issued a report stating that its role in the sector is primarily administrative. In its report in February 2003, Moody's noted that the agency and some trustees disagree on the roles trustees play in transactions. To that end, Moody's began evaluating the role of trustees in the structured finance market and said it may downgrade certain asset-backed and residential-mortgage backed securities if it finds weak provisions in overseeing sellers and servicers. Views of Mark Ferraris, senior vice president in corporate trust services at the Bank of New York, which contributed to the report, on the issue.


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