That debt changed hands and was ultimately sold to investors through a company neither he nor his father had ever heard of: First Marblehead, once one of the biggest securitizers of private student loans. (getoutofdebt.org)
[4] Scholar Michael Simkovic argues that this relaxation of standards was due to greater competition between securitizers for loans, and greater market power for loan originators. (en.wikipedia.org)
The risk retention requirement for securitizers is worth noting. (getoutofdebt.org)