EXAMPLE-FORENSIC AUDIT by yangxichun

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                        Student Loan Securitization Audit

                                                        Prepared for:
                                                          John Doe


                                                       Prepared On:
                                                    December 10, 2011


                                                  Prepared on behalf of:
                                                          John Doe




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                       TRANSACTIONAL DETAILS


BORROWERS AND CO-BORROWERS


Borrower:                      Joe Bloggs


Co-Borrower:                   N/A


Current Address:               123 High Street, Beverly Hills CA 90021


Student Loan Number:           3013582006 - 1




STUDENT LOAN TANSACTION PARTICIPANTS



Loan Servicer:                 ACS Education Services, Inc


Original Lender:               College Loan Corporation


Mortgage Trustee:              Wilmington Trustee Company
                  INSTITUTIONAL SECURITIZATION PARTICIPANTS



True Lender:                       College Loan Corporation


Seller/Sponsor:                    College Loan Corporation


Depositor:                         College Loan LLC


Issuing Entity:                    College Loan Corporation Trust 1


Trustee:                           JP Morgan Chase Bank


Underwriters:                      UBS Securities LLC, Citigroup Global Markets Inc.,
                                   Goldman Sachs & Co.


Cut-Off Date:                      The date each loan is acquired.


Closing Date:                      November 2, 2006
STUDENT LOAN SECURITIZATION AUDIT

                     $ 50,000.00 (Approximate Loan)




    College Loan Corporation                   JP Morgan Chase Bank


                         College Loan LLC




                    College Loan Corporation Trust I
                             SUMMARY OF SECURITIZATION


             The following Securitization Report presents “public knowledge” information. Some of the
information is as it would appear to an actual investor, as through the reproduction of parts of the Free
Writing Prospectus. Other information is summarized for brevity, and where applicable, with associated
citations.


Title of Series:                                College Loan Corporation Trust I



Depositor:                                     College Loan LLC


Issuing Entity:                                Student Loan Asset-Backed Notes, Series 2006-1



Seller and Sponsor:                            College Loan Corporation


Originators and Servicer:                      ACS Origination Services


Trustee:                                       Wilmington Trust Company


Closing Date:                                  November 2, 2006


Cut-off Date:                                  The date each loan is acquired.


Distribution Date:                             Quarterly, on the 25th day of Month


FWP - Prospectus Filing Date                   September 25, 2006
                                               THE FUND



Approximately $1,458,286,200 of the proceeds from the sale of the series 2006-01 notes will be deposited
into the Acquisition Fund, of which approximately $1,388,601,000 will be used on the closing date by the
issuing entity, acting through the eligible lender trustee, to purchase student loans, including premiums on
the student loans, and approximately $900,000 will be used to pay costs of issuance. Until March 31,
2006, the remaining $68,785,200 of the proceeds from the sale of the series 2007-2 notes in the
Acquisition Fund, representing approximately 4.82% of the proceeds to the issuing entity from the sale of
the series 2006-1 notes and approximately 0.92% of the aggregate principal balance of the student loans,
including accrued interest, will be used by the issuing entity, acting through the eligible lender trustee, to
purchase additional student loans, including premiums on the student loans, and student loans that are
being added to the student loans the issuing entity acquired previously. The Higher Education Act permits
borrowers to add additional student loans to a consolidation loan during the 180-day period following the
origination of the consolidation loan.


Any proceeds from the issuance of the series 2006-01 notes remaining in the Acquisition Fund on the April
2006 monthly calculation date will be transferred to the Retirement Account of the Debt Service Fund. In
addition, on each monthly calculation date, to the extent that money in the Collection Fund is not
sufficient to pay amounts owed to the U.S. Department of Education or the guarantee agencies, servicing
fees, trustees' fees, administration fees and the interest then due on the notes, moneys on deposit in the
Surplus Fund, the Capitalized Interest Fund and the Acquisition Fund, in that order, will be transferred to
the Collection Fund to cover any such deficiency.


All student loans acquired with the proceeds of the series 2006-01 notes, including those student loans
acquired after the closing date, will have had their first disbursement prior to September 1, 2006.
                                   LOAN PURCHASE/ASSIGNMENT


The eligible lender trustee will hold legal title on behalf of the issuing entity to student loans originated
under the Federal Family Education Loan Program from "eligible lenders" under the Higher Education Act
and acquired by the issuing entity pursuant to the terms of a loan purchase agreement with the depositor.
The depositor will sell to the issuing entity the student loans to be acquired by the issuing entity on and
after the closing date. These student loans will have been acquired by the depositor from College Loan
Corporation and its affiliates. The loan purchase agreement will identify the portfolio of student loans to be
purchased and will specify the purchase price to be paid for those student loans. The depositor will be
obligated under the loan purchase agreement to deliver each student loan note and related documentation
to the issuer administrator or servicer as custodial agent for the indenture trustee, and to deliver the
instruments of transfer for the student loans as necessary for a valid transfer of the student loans.


The depositor and College Loan Corporation will make representations, warranties and covenants with
respect to the student loans sold pursuant to the loan purchase agreement, including the following:


     •     each student loan has been duly executed and delivered and constitutes the legal, valid and
           binding obligation of the maker and the endorser, if any, thereof, enforceable in accordance with
           its terms;

     •     the depositor is the sole owner and holder of each student loan and has full right and authority
           to sell and assign the same free and clear of all liens, pledges or encumbrances;

     •     each student loan to be sold under the loan purchase agreement is either insured or guaranteed;

     •     the depositor and any independent servicer have each exercised and shall continue until the
           scheduled sale date to exercise due diligence and reasonable care in making, administering,
           servicing and collecting the student loans; and

     •     the depositor, or the lender that originated a student loan, has reported the amount of
           origination fees, if any, authorized to be collected with respect to the student loan pursuant to
           Section 438(c) of the Higher Education Act to the Secretary of the U.S. Department of
           Education for the period in which the fee was authorized to be collected; and the depositor or
           originating lender has made any refund of an origination fee collected in connection with any
           student loan which may be required pursuant to the Higher Education Act.
                                               LOAN DEFAULT

Whenever any event of default has occurred and is continuing, the indenture trustee may (and, upon the
written request of the Acting Beneficiaries Upon Default, the indenture trustee will), by notice in writing
delivered to the issuing entity, declare the principal of and interest accrued on all notes then outstanding
due and payable and principal and interest will become immediately due and payable.


At any time after such a declaration of acceleration has been made, and before a judgment or decree for
payment of the money due has been obtained by the indenture trustee, the Acting Beneficiaries Upon
Default, by written notice to the issuing entity and the indenture trustee, may rescind and annul that
declaration and its consequences if:


           •     a sum of money has been paid to or deposited with the indenture trustee by or for the account of
                 the issuing entity, or provision for payment satisfactory to the indenture trustee has been made,
                 sufficient to pay:

           •     if senior obligations are outstanding:

           •     all overdue installments of interest on all senior notes;

           •     the principal of (and premium, if any, on) any senior notes which have become due other than by
                 declaration of acceleration, together with interest at the rate or rates borne by those senior notes;

           •     to the extent lawful, interest upon overdue installments of interest on the senior notes at the rate
                 or rates borne by the senior notes;

           •     all other senior obligations which have become due other than as a direct result of declaration of
                 acceleration;

           •     all other sums required to be credited to the Collection Fund and the Interest Account; and

           •     all sums paid or advanced by the indenture trustee under the indenture and the reasonable
                 compensation, expenses, disbursements and advances of the indenture trustee, its agents and
                 counsel and any paying agents, remarketing agents, tender agents, auction agents, market agents
                 and broker-dealers;

           •     if no senior obligations are outstanding, but subordinate obligations are outstanding:

           •     all overdue installments of interest on all subordinate notes;

           •     the principal of (and premium, if any, on) any subordinate notes which have become due other
                 than by declaration of acceleration, together with interest at the rate or rates borne by those
                 subordinate notes;

           •     to the extent lawful, interest upon overdue installments of interest on the subordinate notes at the
                 rate or rates borne by the subordinate notes;

           •     all other subordinate obligations which have become due other than as a direct result of
                 declaration of acceleration;

           •     all other sums required to be credited to the Collection Fund and the Interest Account; and

           •     all sums paid or advanced by the indenture trustee under the indenture and the reasonable
                 compensation, expenses, disbursements and advances of the indenture trustee, its agents and
                 counsel and any paying agents, remarketing agents, tender agents, auction agents and broker-
                 dealers; or

           •     if no senior obligations and no subordinate obligations are outstanding but junior subordinate
                 notes are outstanding:

           •     all overdue installments of interest on all junior subordinate notes;

           •     the principal of (and premium, if any, on) any junior subordinate notes which have become due
                 other than by declaration of acceleration, together with interest at the rate or rates borne by those
                 junior subordinate notes;

           •     to the extent lawful, interest upon overdue installments of interest on the junior subordinate notes
                 at the rate or rates borne by the junior subordinate notes;

           •     all other junior subordinate obligations which have become due other than as a direct result of
                 declaration or acceleration;

           •     all other sums required to be credited to the Collection Fund and the Interest Account; and

           •     all sums paid or advanced by the indenture trustee under the indenture and the reasonable
                 compensation, expenses, disbursements and advances of the indenture trustee, its agents and
                 counsel and any paying agents, remarketing agents, tender agents, auction agents, market agents
                 and broker-dealers; and

           •     all events of default, other than the nonpayment of the principal of and interest on notes or other
                 obligations which have become due solely by, or as a direct result of, declaration of acceleration,
                 have been cured or waived as provided in the indenture.


If an event of default has occurred and is continuing, the indenture trustee may, subject to applicable law,
pursue any available remedy by suit at law or in equity to enforce the covenants of the issuing entity in the
indenture and may pursue such appropriate judicial proceedings as the indenture trustee deems most
effective to protect and enforce, or aid in the protection and enforcement of, the covenants and agreements
in the indenture. The indenture trustee is also authorized to file proofs of claims in any equity, receivership,
insolvency, bankruptcy, liquidation, readjustment, reorganization or other similar proceedings.


If an event of default has occurred and is continuing, the Acting Beneficiaries Upon Default have requested
the indenture trustee to do so and the indenture trustee has been indemnified as provided in the indenture,
the indenture trustee is obliged to exercise such one or more of the rights and powers conferred by the
indenture as the indenture trustee deems most expedient in the interests of the beneficiaries. However, the
indenture trustee has the right to decline to comply with any such request if counsel has advised the
indenture trustee that the action requested may not lawfully be taken or if the indenture trustee receives,
before exercising that right or power, contrary instructions from the Acting Beneficiaries Upon Default.


The Acting Beneficiaries Upon Default have the right to direct the method and place of conducting all
proceedings to be taken in connection with the enforcement of the terms and conditions of the indenture,
provided that:

     •     such direction will not violate any provisions of law or of the indenture;

     •     the indenture trustee does not determine that the action so directed would be unjustly prejudicial to the
           holders of notes or other beneficiaries not taking part in the direction, other than by effect of the
           subordination of any of their interests;

     •     the indenture trustee may take any other action deemed proper by the indenture trustee which is not
           inconsistent with the direction; and

     •     the indenture trustee will be indemnified to its reasonable satisfaction as provided in the indenture.


Except as permitted in a supplemental indenture with respect to an other beneficiary, no holder of any note
or other beneficiary will have any right to institute any suit, action or proceeding in equity or at law for the
enforcement of the indenture or for the execution of any trust under the indenture or for the appointment
of a receiver or any other remedy under the indenture unless:


     •     an event of default has occurred and is continuing;

     •     the Acting Beneficiaries Upon Default have provided written request to the indenture trustee;

     •     that beneficiary or those beneficiaries have offered to the indenture trustee indemnity;
     •     the indenture trustee has failed or refused for a period of 60days after the receipt of the request and
           indemnification to exercise the powers granted in the indenture or to institute that action, suit or
           proceeding in its own name; and

     •     no direction inconsistent with such written request has been given to the indenture trustee during that
           60-day period by the holders of not less than a majority in aggregate principal amount of the notes then
           outstanding.


No one or more holders of the notes or any other beneficiary has any right in any manner whatsoever to
affect, disturb or prejudice the lien of the indenture by his, her, its or their action or to enforce any right
under the indenture except in the manner described indenture, and all proceedings at law or in equity must
be instituted, had and maintained in the manner described in the indenture and for the benefit of the
holders of all outstanding notes and other beneficiaries, as their interests may appear. Nevertheless, the
Acting Beneficiaries Upon Default may institute any such suit, action or proceeding in their own names for
the benefit of the holders of all outstanding notes and other beneficiaries under the indenture.


Unless the indenture trustee has declared the principal of and interest on all outstanding notes immediately
due and payable and has obtained a judgment or decree for payment of the money due, the indenture
trustee, will waive any event of default and its consequences upon written request of the Acting
Beneficiaries Upon Default; except that the indenture trustee is not permitted to waive:


     •     any event of default arising from the acceleration of the maturity of the notes, except upon the rescission
           and annulment of the declaration as described above;

     •     any event of default in the payment when due of any amount owed to any beneficiary (including
           payment of principal of or interest on any note) except with the consent of that beneficiary or unless,
           prior to the waiver, the issuing entity has paid or deposited with the indenture trustee a sum sufficient to
           pay all amounts owed to that beneficiary (including, to the extent permitted by law, interest upon
           overdue installments of interest);

     •     any event of default arising from the failure of the issuing entity to pay unpaid expenses of the indenture
           trustee, its agents and counsel, and any authenticating agent, paying agents, note registrars, tender agents,
           remarketing agents, auction agents, market agents and broker-dealers as required by the indenture, unless,
           prior to the waiver, the issuing entity has caused to be paid or deposited with the indenture trustee sums
           required to satisfy those obligations of the issuing entity under the indenture; or

     •     any default in respect of a covenant or provision of the indenture which cannot be modified or amended
           without the consent of each affected holder of a note.
Notwithstanding any other provisions of the indenture, if an "event of default" occurs under a swap
agreement or a credit enhancement facility and, as a result, any other beneficiary that is a party is entitled to
exercise one or more remedies under that swap agreement or credit enhancement facility, that other
beneficiary may exercise those remedies, including the termination of that agreement, in its own discretion.
Nevertheless, that party may not exercise any such remedy if it adversely affects the legal ability of the
trustee or Acting Beneficiaries Upon Default to exercise any remedy available under the indenture.


After the occurrence of a default, the indenture trustee will have a lien on the trust estate prior to the lien of
the noteholders and all other persons as security for the obligation of the issuing entity to pay the
reasonable fees of the indenture trustee and to indemnify the indenture trustee in accordance with the
provisions of the indenture.
REPORT SUMMARY DIAGNOSIS
                     PENDING AND ONGOING LITIGATION
                      AND ADDITIONAL INFORMATION



1. Type of Notice:                   NOTICE OF DEFAULT
2. Date of Notice:                   January 1, 2009
                           SECURITIZATION INFORMATION:


•   The NOTE was sold, transferred and securitized into College Loan Corporation Trust 1
•   Sponsor settled and registered with the Securities and Exchange Commission as a Wall Street Asset
Backed Investment Trust, “Student Loan Asset-Backed Notes, Series 2007-2 ” (the Trust), with College
Loan Corporation as Sponsor and Administrator therein.
•   The Trust filed its Free Writing Prospectus with the Securities and Exchange commission on October
25, 2006.
                              UNDERSTANDING SECURITIZATON


Securitization can be described as the “pooling and packaging” of loans into securities for sale to investors.
This function increases the accessibility to credit and thus lowers the costs. It also turns the available
monies over as financial institutions/intermediaries can use the total proceeds/profits gained from the
securitization process to “originate” more loans. From the investor perspective, they gain investment
diversity from the hedging/pooling process and available liquidity from the market place via the Asset-
backed securities (ABS).

According to the FED, Securitization has grown rapidly for most of this last decade, with asset backed
securities markets rising from $3.4T in 2000 to $8.4T at the peak in 2008. Now, not surprisingly, ABS
markets provided funding for 66% of residential mortgages. Included in ABS market growth is credit for
automobiles, credit card receivables and student loans; in fact, asset-backed securities financed about 25%
of non-mortgage consumer credit during the mid 2000's.



                                 Loan Securitization – Process and Structure




1. Similar income producing assets (interest paying loans) are originated and identified. The assets can be originated
right into a Conduit Program (in the mortgage industry it is referred to as a single-seller whole-loan mortgage
warehouse conduit) managed by a financial institution, which means that there is no intention other than
securitizing the loan once it is originated, and may be originated by a third party other than the lender through a
conduit program sponsored by the lender. A "dry" loan is one that has been reviewed by the lender and is actually in
the lender’s possession at the time the loan is acquired by the lender. A "wet" loan, which is riskier, is a loan provided
to a borrower by a third party before the loan note has been received and reviewed by the lender.
2. A True Sale means that the Seller of the asset(s) no longer owns the asset on-balance sheet, and if the Seller
declares bankruptcy the asset is not affected by the bankruptcy filing, and the assets are beyond the claims of
creditors of the Seller. It also means that the assets can eventually be transferred to a securitization. The Seller may
retain some legal recourse such as repurchasing an asset that ceases to perform within a specified date of the original
sale to the SPV / SPE. A synthetic securitization means that the credit risk related to a pool of assets may be
transferred but not the legal ownership of the assets as transpires in a true sale.


3. The SPV / SPE, whose only function is to purchase and securitize assets, may be set up by the financial institution
that originates the assets for securitization. However, it is a bankruptcy-remote entity, which means that it is not a
subsidiary of the originator nor would it be affected by a bankruptcy of the originator. Often the SPV has a higher
credit rating (most secure a AAA rating) than the originator.


4. The financing of the receivables held in the SPV is usually accomplished by issuing short-term commercial paper
to investors (through commercial paper dealers). The funding may also come from an investor(s), which provides a
revolving line of credit for the purpose of purchasing loans. The amount of commercial paper issued usually matches
the level of assets held by the SPV. The short-term commercial paper needs to constantly be rolled over and the
pricing to and acceptance by investors reflects the performance of the underlying receivables, and the availability,
performance an yield of alternative short-term investments. A Trustee, Collateral Agent, Custodian, and Depositary
Agent, all separate from the SPV, operate the commercial paper program on the behalf of the holders (purchasers) of
the commercial paper issued by the SPV.

            • The Trustee is responsible for the establishment and maintenance of accounts necessary to allocate
                and distribute interest payable to the commercial paper investors.

            • The Collateral Agent verifies that is in possession of, and segregated and secured (security interest), a
                fully-documented and executed loan prior to the SPV issuing commercial paper to finance the
                purchase of the loan, and verifies that any Borrowing Base condition (sufficient collateral in the form
                of cash and purchased loans exists in relation to issued commercial paper) has been satisfied. The
                Collateral Agent also controls the Collateral Account, which will be utilized to either purchase assets
                or to repay the issued commercial paper.

            • The Custodian has the responsibility to review loan files before they are purchased by the SPV, and
                then take possession of the loan documents acquired by SPV and hold them for the benefit of the
                Collateral Agent.

            • The Depository Agent is responsible for the roll over of the commercial paper on a monthly basis
                after verifying with the Collateral Agent that the Borrowing Base condition is satisfied.
5. The SPV performing the asset-backed securitization(s) also usually has a backup liquidity facility in place provided
by a stand-by commitment from a syndicate (group) of banks. This facility protects the investors who purchase the
commercial paper issued by the SPV as the assets are being purchased and pooled. If for some reason the SPV cannot
attract the same or new investors to roll over the commercial paper or there is insufficient cash flow generated by the
pool to pay off maturing commercial paper then the SPV draws on the backup liquidity facility to payoff the
investors and the bank group then become the owners of the assets held by the SPV (to either wait for the cash flow
to improve or to liquidate the portfolio).


6. Once sufficient assets have been assembled a security issued (the SPV is usually only allowed to hold assets for a
specific length of time). The proceeds received from the sale of the security to the investors is used to payoff any
outstanding commercial paper issued by the SPV.


7. A Trust is created to own the assets (loans, receivables) and the assets become the Trust Property. An Owner
Trustee is appointed as the trustee of the Trust, and manages the Trust on the behalf of investors by dispersing
payments and reporting on the status of the underlying assets / loans. The Trustee / Trust issues Certificates
(Mortgage Pass-Through Certificates or Asset-Backed Certificates) to the investors in the securitization, which is an
undivided interest in the underlying assets. Rather than setting up a new trust for each securitization issued, most
companies that generate assets that can be securitized use a single master trust for multiple subsequent issues. A
Master Trust is set up to allow for receivables to be added to the trust over time and to issue multiple "series" of
certificates identified by specific issue dates (Example: ABC Equipment Financial Receivables 2008-1) all backed by a
single pool of credit card receivables in the master trust. The cash flow generated from all of the receivables in the
master trust is used to fund debt service payments on each series


8. Credit enhancements are required in order to receive higher debt ratings and thus improve marketability and
financing costs. Credit enhancements can be either internal or external or a combination of both. The most common
external credit enhancements facilities are cash collateral accounts, collateral invested amounts, third-party letters of
credit, and reserve accounts. The most common internal credit enhancements facilities are senior/subordinated
certificates, excess finance charges, spread accounts and over collateralization. The NRSRO Credit Rating Agencies
(Moody's, S&P, Fitch) determine the amount of credit enhancements required for specific credit ratings, the amount
of the retained seller's interest, and account eligibility.


9. The credit enhancement of a securitization can also be achieved by dividing it into tranches and allowing some
tranches be exposed first to any loss from defaulting / under-performing indivdual asset or group of assets first. In
this manner, these front-line tranches almost function like an equity piece such that the investors in the other
tranches (Mezzanine tranches) are satisfied first before the lower tranches. These lower-rated (first loss) tranches
usually receive a higher yield (due to their higher risk position) when the security is first structured in order to attract
investors when first brought to market.


However, in the above example the only credit support for the senior tranche(s) are the subordinated tranches. One
of the key issues of the financial problems related to RMBS during 2007 through 2009 is that a proportion of
private-label residential MBS were not structured with subordination levels sufficient enough to absorb the volume of
delinquencies and defaults, which effectively eroded the the junior tranches at a much more rapid pace than had been
modeled, and then senior, and even super-senior securities, were subject to potential downgrades and writedowns.


There is a second, alternative structure, which is the overcollateralization structure. This means that the dollar
amount of the principal balance of the loan collateral exceeds the dollar amount of the notes / tranches being issued /
sold to investors.


Asset-backed securitizations usually have a hierarchy / priority (set out in the “pooling and servicing agreement”) of
which class of securities receives a payment first from the cash flow generated by the underlying assets and a hierarchy
/ priority of who receives repayment first in the event of the liquidation of the assets. This hierarchy of descending
payments ("flow of funds") from senior to successive subordinated investor class is known as the "waterfall" such that
those nearest to the top in the hierarchy are compensated first when assets are "liquefied":

            • Pay fees first to the Trustee, Servicer / Asset manager

            • Pay interest due to the most senior notes. If over-collateralization and interest coverage tests are not
                met, redeem notes until test is in compliance

            • Pay interest due to the next subordinated tranche. If over-collateralization and interest coverage tests
                are not met, redeem the most senior notes first and then this subordinated tranche until test is in
                compliance

            • Service all subordinate tranches in the hierarchy of investors in the securitization

            • Satisfy as many tranches according to their priority as is necessary and there are sufficient assets to
                continue to do so

            • Satisfy most subordinate equity investors if there are sufficient assets to do so


10. Surety Bonds are issued by third parties, usually a triple-A rated, mono-line insurance company. Surety bond
providers guarantee the payment of interest and principal to specified investor certificate holders. The cost of this
guarantee is a component of the trust expenses and is taken out of the cash flow generated by the underlying
receivables (a component of the excess spread calculation).
SECURITIZATION MAP
SECURITY BOND DESCRIPTION
DEAL DESCRIPTION
COLLATERAL CHARACTERISTICS
CLASS GROUP DATA
                                              AFFIDAVIT



STATE OF LOUISIANA                                )
                                                  )
COUNTY OF ST TAMMANY                              )




I, AUDITOR, a citizen of the United States and the State of Louisiana over the age of 21 years, and
declared as follows, under penalty of perjury that the facts stated herein are true, correct and complete. The
undersigns believes then to be true and admissible as evidence in a court of law.




•   That I Auditor through Inspector Audit have a subscription to Bloomberg Professional Service,
certified and licensed to use such service. I have completed the required training and engaged in the
continual education with Bloomberg- both online and direct to stay abreast with Bloomberg's stated
progress and developments. I have the requisite knowledge and the trained command to navigate and
perform effective searches on the Bloomberg terminal.


•   I am a Certified Securitization Auditor and my qualifications, expertise and experience provide me with
the background necessary to certify the audit services and to be qualified as an expert in this field. I have
produced securitized Analysis Reports in Asset-backed securities investigation.




•   The contents of this report are factual, and was requested by the Client. It shall not to be construed as
“legal advise”. The client has been strongly advised to seek legal consultation from a competent legal
professional in connection with the content of this report and how to properly use it.
•   On 01/10/2012, I researched the Bloomberg online Database at the request of Joe Bloggs whose
current address is 123 High Street, Beverly Hills CA 90021.


•   Based on the information I was provided by Joe Bloggs, signed a promissory Note in favor College
Loan Corporation.


•   Loan was identified in Student Loan Asset-Backed Notes, Series 2006-1 Trust with a Servicer being
ACS Education Services, The Sponsor/ Seller being College Loan Corporation and the Depositor being
College Loan LLC.


•   Joe Bloggs's Note was securitized/fractionalized, and deposited separately into Classes.


•   Pursuant to my extensive research, the loan is collateralized within 10 Classes of the Trust. These
classes represent scaled investment opportunities. Individuals invest in these Classes based on their desired
returns and maturities. The Trust pays interest, to investors and principal payments are paid out in the
order of the maturity.


•   The respective CUSIP bond number is 194262CJ4 which is a nine (9) character alphanumeric code
identifying any North American security for the purpose of facilitating clearing and settlement of trades.


•   There are a total of 10 classes in Student Loan Asset-Backed Notes, Series 2006-1 Trust. These classes
represent scaled investment opportunities.


•    Since the loan was sold, pooled and turned into a security, the alleged holder can no longer claim that
it is a real party of interest, as the original lender has been paid in full.


•   The Promissory Note has been converted into a stock as a permanent fixture. It is now a stock and
governed as a stock under the rules and regulations of the SEC; hence the requirement for the filing of the
registration statements, pooling and servicing agreements, form 424B-5, etc.
After careful review and examination, Inspector Audit confirms this loan has been securitized. This
identifies the real and only party to have standing: the actual investors of the certificates. Recall, to
maximize value and the lower risks of pooling payments on fixed assets allows for increased liquidity and
thus aids the total market. But, in so doing, there is NO actual individual beneficial Note owner.




                                      By:___________________________________________________
                                                                                             Inspector Audit
                                                   A Certified Mortgage Securitization Auditor/ Bloomberg
                                                                                                     Specialist

								
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