As top-shelf scandal arrives at the door of the securitization world for the first time via National Century Financial Enterprises, insiders and mainstream press are readily asking the same question: Why didn't anyone see this coming?

Of course, someone did. And that person mailed a series of three anonymous letters beginning April 26, 1999 and ending March 29, 2000 to Asset Securitization Report's editor-in-chief at that time, Adam Tempkin. Tempkin investigated the letters over a period of weeks, and on May 22, 2000, in the longest story ever published in ASR, broke the NCFE scandal under the headline "NCFE Investigated Amid Charges of Fraud."

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