The improper transfer of the promissory note - the borrower's promise to pay - to the securitization trust can create havoc in the process. However, the resolution of this problem could serve to re-start the private-label RMBS market. Are the note transfer contrarians MBS reformers or charlatans?

Recent testimony at Congressional hearings has highlighted issues that if proven true and acted upon by investors could severely impact some sponsors of MBS. However, resolving the issues might be necessary for the private MBS market's long-term viability.

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