“But discovery of those documents is blocked by parties claiming the information is private and proprietary — until some enterprising and highly aggressive lawyer pierces through those specious arguments and gets an order from a judge requiring the documents to be delivered. At that point the case settles under seal of confidentiality and the public none the wiser  continues to think that securitization is real and that most foreclosures are actually properly done and result in paying down the debt of a borrower.”

Source: Fannie Mae Explains Securitization and Distribution of Ownership of Debt