Securities Fraud in Contingent Outsourcing: Transactions Processing for Securitization of Asset Backed Securities
- Topics:
- Contracts and SLAs
- Tags:
- Asset,
- Security,
- Receivables,
- Payment,
- Outsourcing Law,
- Outsourcing & Subcontracting,
- Outsourcing,
- It Operations,
- Investor,
- Fraud,
- ...
- Source:
- Outsourcing Law
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Overview: Specialized outsourcing service providers manage the collection process for consumer receivables such as credit card debt, consumer installment purchases of goods from retail stores, home mortgages and other payment obligations. Securities underwriters package such receivables into collateralized mortgage obligations ("CMO's"), collateralized credit card securities, "securitized" receivables and similarly labeled special-purpose asset-backed securities. The underwriters then sell the pooled payment streams to investors, typically "qualified institutional investors." In the sales process, the underwriter makes certain representations concerning the effectiveness and predictability of the collection process. Under certain conditions, investors relying on such representations may have a securities fraud claim if the transactions processing company fails to perform, such as in bankruptcy.
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Format: HTML | Date: Apr 2003 | Pages: 1
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