Bringing Up the Rear: Tom Deutsch, Executive Director, American Securitization Forum

``So, perhaps the banks didn't lose the notes in question... perhaps they just don't want to show them to anyone in court because when the judges flip them over to look at the back they will find that they were NOT ASSIGNED to the trusts as they were supposed to be. And then the investors will be something less than pleased that they were sold empty securities... mortgage-backed securities without the mortgage-backed part. And if they weren't assigned to the tax-exempt REMIC trusts... well, then someone owes quite a bit in back taxes, doesn't someone?''