Personally, this right here is the crux of the problem. Debts should not be resaleable. Loans are supposed to be about risk-sharing first, profit-taking second.
However, seeing as that will never happen I would settle for no resale without a meeting of seller, buyer, and borrower, with right of refusal of transfer of service by the borrower. to ensure that any changes/terms associated with the initial debt contract are properly transferred and honored; and no resets of timers as long as your account is in good standing. I.e. your debt holder selling your balance should still qualify as the same fundamental debt you originally entered into.
I don't particularly give a damn if that ruins/misses the point of securitization.
I wish... there are people who have been on the public servant program for 8 years and had their timers reset by a resale... without any missed payments.
However, seeing as that will never happen I would settle for no resale without a meeting of seller, buyer, and borrower, with right of refusal of transfer of service by the borrower. to ensure that any changes/terms associated with the initial debt contract are properly transferred and honored; and no resets of timers as long as your account is in good standing. I.e. your debt holder selling your balance should still qualify as the same fundamental debt you originally entered into.
I don't particularly give a damn if that ruins/misses the point of securitization.