A truly startling article has appeared in IFR. (Am afraid it is subscription only.)
Apparently the liquidity facilities on two securitisations vanished because of slip-ups. These are AAA notes, and are already under pressure.
It then says:
"Some investors just want to open the legal proceedings, however spurious the reason is, to get access to the full documentation. The assumption is that they will always be able to find something that is wrong in the drafting," the lawyer said."
If they can,
"This is especially the case because some hedge funds are investing in structured deals with the specific intention of finding discrepancies in documentation that they can use to launch legal action [and then force an accelerated repayment]."
59 minutes ago