Subject: File No. S7-08-10
From: ANONYMOUS ANONYMOUS
Affiliation: Retired Adjunct Professor of Economics and Finance

May 12, 2010

All updates, including Mortgage Schedules for included loans should be published. Certain banks have avoided publishing Mortgage Schedules and updating the Schedule. Many loans were repurchased and therefore no longer included in original Mortgage Schedules. Both borrowers and investors should be informed if any loan is earmarked to be included in a specific ABS/MBS trust, and informed if that loan is subsequently dropped as a "scratch and dent" - for whatever reason.

Many loans are still reported as included in original ABS/MBS securitized trusts when, in fact, the loans were long charged-off and sold as non-conforming to a debt buyer. This is fraud both to investors and borrowers. Because the SEC did not require publication and update of Mortgage Schedules, loans can not be traced without discovery in court - which will often refuse discovery by legal maneuvering on the part of powerful law firms.

SEC publications, to date, are missing,incomplete, lacking in data, and, very often, simply false. This is simply a result of deregulation that allowed such abuses to multiply.

Consumers are also investors by 401's and other investment products. Consumers must also be given notice that loans may have been removed from ABS/MBS issues and "collection rights" sold to unidentified distressed debt buyers, and the reason for removable. Distressed debt buyer must also be required to report resecuritizied default debt and non-performing loans (often this is in error as the loans were actually performing).

We cannot protect investors if we do not protect consumers. Consumers fuel investment in America. Courts must have adequate guidelines from the SEC and US Government so that cases cannot be summarily dismissed without discovery. And, the SEC must provide adequate and CURRENT disclosure - including CURRENT "Mortgage Schedules" so that there is no confusion in investments and in courts of law across the country. Such disclosure must include updated Schedules and disclosure from "debt" purchasing hedge funds/distressed debt buyers - who cannot attach themselves to the original trust via derivatives that are synthetic securities.

The SEC must require compliance and update for accurate publication of Mortgage Schedules that support ABS/MBS issues - and any and all resecuritizations and debt restructuring. In addition, the SEC should enforce compliance of reporting by hedge funds/distressed debt buyers and coordinate disclosure with the Internal Revenue Service.

The people are America - it does not belong to corporate CEOs.