So, I guess NO lessons have been learned??? Sounds like just another way to earn more revenue. I would like to know how the loans became "performing". More than likely the borrowers were pushed into shoddy loan mods or worse - repayment plans. That makes perfect business sense - push borrowers to become current and then securitize and peddle them as performing. I'm sure you can "buy" a good rating for the securitized loans and you're good to go! Great work guys!