Here it is folks, one of the places where all the scary data is compiled.
For those of us that have been reading subprime pooling and servicing agreements it all looks very similar….BECAUSE IT IS.
Except rather than inflating loan values and giving home loans, we’ve sold our nation’s youth into slavery.
This comes from the prospectus:
The trust will make payments primarily from collections on a pool of FFELP student loans. Interest and principal on the notes will be payable monthly
on the 25th day (or if such day is not a business day, the next business day) of each calendar month, beginning in May 2012. In general, the trust will
pay principal to the class A notes until paid in full, and then to the class B notes until paid in full. Interest on the class B notes will be subordinate to
interest on the class A notes and principal on the class B notes will be subordinate to both principal and interest on the class A notes. Credit
enhancement for the notes consists of excess interest on the trust student loans, subordination of the class B notes to the class A notes,
overcollateralization and the reserve account. In addition, the trust will deposit funds, on the closing date, into the capitalized interest account. These
funds will be available only for a limited period of time. The interest rates on the notes will be determined by reference to LIBOR. A description of how
LIBOR is determined appears under ” Additional Information Regarding the Notes””Determination of Indices””LIBOR” in the base prospectus.
