Bloomberg SHUTS DOWN Loan Level Data Searching – The Attack On Securitization Audits!
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I’ve listened to a number of attorneys rant about how securitization audits are a waste of time and money. I’ll chalk up some of that ranting to using the wrong audit company that provides useless data and the rest to the attorney’s inability as a good litigator. One thing is for certain though – securitization audit reports must have struck a nerve because Bloomberg, the provider of the terminal that allows a user to engage in loan level searching, has completely eliminated the functionality from its terminal use.
The following information was provided straight from the Bloomberg Help Desk on January 29, 2013 at 1:56pm:
BLOOMBERG HELP DESK: Hi Sean, my name is Matt and I deal specifically with mtge functionality. I can confirm that LFND was permanently removed. This was a business decision and there are no workarounds.
I don’t know how that sounds to any of you but that sounds very specific and with directed intent. Software platforms thrive on functionality. The removal of functionality coupled with a statement that “this was a business decision and there are no workarounds” clearly indicates access to loan level data is a topic of discussion. Why? Because loan level data searching identifies the trust the loan was allegedly pooled into and gives access to all the players and documents associated with an alleged chain of transfer documented with the SEC.
Audits provide facts and rebuttals to alleged facts about the life of the loan. It gives one the ability to take what is filed in county public records and compare it with SEC filed public records. Properly done, the search and results themselves give the Court enough documented process information to show genuine issues of material facts when a Plaintiff provides an assignment that jumps from A to E without identifying B,C and D.
Most audit companies provide flawed audit data with more fluff about MERS and irrelevant cases that don;t apply to a specific clients state and case. The result is just what some attorneys rant about – USELESS!!!
e-Logic Group is one of the only providers of advanced securitization audits that provides audit analysis with litigation tactics and strategies and is not affected by the Bloomberg SHUT DOWN! Contact e-Logic today to learn more about their Securitization Discovery Tactics and Strategies (“SDTS”) Audits.