NEW YORK - Acquiring a pool of loans isn't what it used to be. Mounds of sensitive consumer information moves around the structured finance market at dizzying speeds these days. Last week, the American Securitization Forum asked market participants if they have taken the right steps to protect against information breeches, and if they were aware of the legal burdens tied to consumer information. These were asked at the ASF's sunset seminar on Securitization Ethics and Professional Responsibility held here.
"You don't have to be the party that generates or services the information, you just need to be the one who caused the security breech," to trigger a host of legal consequences, pointed out ASF's Executive Director George Miller, at a forum held last week on the subject. "Every process has legal, regulatory and ethical concerns."