The performance of both trustees for NCFE, J.P. Morgan Chase and Bank One Corp., has come under fire;

NOT ENOUGH!
This story has REALLY yet to be told!!!


Article Excerpt
The fall of National Century Financial Enterprises, which thoroughly rattled the asset-backed securities market in December, continues to reverberate. Moody's Investors Service has gone on the warpath over the role of ABS trustees in that scandal, and is threatening to downgrade hundreds of ABS...
existing and mortgage-backed bonds-a threat that has rankled some market players, who point a finger right back at the ratings agencies.

Sources attending the "ABS West" securitization industry conference in Phoenix, Arizona last week said that some attendees publicly berated Moody's analysts for, as one source reported, "terrorizing the market" with its new comments about trustees. (The performance of both trustees for NCFE, J.P. Morgan Chase and Bank One Corp., has come under fire; Moody's last week said it may downgrade some ABS in which trustees see their role as ceremonial rather than protective of investors.)...