Now that the controversial Sarbanes-Oxley Act has taken effect and 1Q03 financial reports are due at the end of the quarter, the trustee community is banding together to clear the hurdles of single-party certification. Along with the American Banker Association, four of the largest trustees - Citibank, Deutsche Bank, JPMorgan and Wells Fargo - have approached the Securities & Exchange Commission to reduce the onus on them in certifying financial statements.

Their joint efforts seem to have resulted in the role as an arraigner of backup certifications from any third-party information providers, sources said. The role of signing on the dotted line, which is a responsibility completely foreign to the trustee community, will more likely fall to either the issuer of the securitization or the primary servicer.

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