News & Events

Litigation Partner Mike Osnato was quoted in a Bloomberg article “Big Data Tells Mortgage Traders an Amazing Amount About You,” which discusses some concerns behind how mortgage traders are receiving and using information about bonds. TheNumber, a New York-based startup that compiles data from marketing firms, public loan filings, courthouses and numerous other sources, sells its data to mortgage bond and loan traders. By using TheNumber and other similar startups, traders, in a matter of seconds, have access to information that previously took months to collect. By obtaining more intelligent data in a faster way, traders are often able to gain higher returns.

However, giving so much mortgage information to investors has raised some concerns, such as privacy, lending and securities law, according to Mike. Though Mike notes that it is not illegal to correlate public data, he suggests that regulators and market participants may not have thought through the implications of so much information being available so quickly.

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