IN THE PROCESS OF SECURITIZATION, OFTEN THE ORIGINAL DOCUMENTS ARE LOST: As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away.. “Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.”

Back during the financial crisis, a desperate InstaPundit reader wrote me for help with their mortgage company, which was being quite nasty. “Demand to see the original mortgage papers,” I suggested. They did, and there was an instant change from “pay up now or else” to “how can we work with you?”