[Moe Bedard]

He is talking about the pooling and servicing trust agreements...........but you would need to point out to him this fact............

This applies only to loans backing securities issued on or after January 1, 2009. Trust agreements for pools issued before that date do not allow for this flexibility, but as described above, Early Workout gives servicers the tools necessary to address problem loans as early as necessary, regardless of MBS pool date.